McEwen Copper secures funding through to Los Azules FID
TSX- and NYSE-listed miner McEwen's 46.3%-owned subsidiary McEwen Copper has closed a $240-million senior secured four-year term loan facility with a syndicate of lenders.
McEwen Copper will use the proceeds to advance engineering and early works at the Los Azules copper project, in Argentina, which has a final investment decision (FID) and full project financing package expected in mid-2027.
McEwen targets commercial copper cathode production from the project in 2030, subject to project financing and customary approvals.
The term loan, which had participants such as Sprott Natural Resource Investment Partners ($112-million) and McEwen chairperson Rob McEwen, provides funding while McEwen Copper advances the broader project debt financing for Los Azules.
In connection with the term loan, the lenders also received 15 000 five-year McEwen Copper common share purchase warrants for each $1-million of principal, with an exercise price of $40 apiece.
