Rio Tinto’s Nuton Invests $35 Million in McEwen Copper’s Los Azules Project

Rio Tinto’s

Rio Tinto’s Nuton venture, known for its innovative leaching technology to enhance copper recovery, has invested $35 million in McEwen Copper, a subsidiary of McEwen Mining, to advance the Los Azules copper project in Argentina. The funds will support a feasibility study for Los Azules, slated to commence in the first half of 2025.

Key Details on the Los Azules Project

• Location: San Juan Province, Argentina.
• Production Goal: 100,000 t/yr of copper cathode with 99.9% purity starting in 2027.
• Project Duration: Expected to operate for at least 33 years.

Investment Breakdown

This funding forms part of a $70 million financing round for Los Azules:

• First Tranche: Included $14 million from McEwen Mining and $5 million from CEO Rob McEwen.
• Second Tranche: Featured Nuton’s $35 million investment and $2 million from two other investors.

Following this second tranche, McEwen Copper has raised a total of $56 million, with Nuton acquiring a 17.2% stake in the company on a fully diluted basis.

Strategic Importance

The investment underscores Rio Tinto’s growing focus on leveraging leaching technology to improve copper recovery efficiency, addressing rising global demand for high-purity copper. The Los Azules project is set to play a pivotal role in bolstering sustainable copper production, essential for renewable energy systems and electric vehicles.