McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Lays Gro
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Posted On: 02/27/2023 4:13:01 PM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Lays Groundwork to Capitalize on Opportunities in the Copper Industry Through Subsidiary McEwen Copper
- Copper is well known for its growing demand in many industries, including renewable energy sources required for net-zero carbon emission goals implemented by over 70 countries
- The copper market is now expected to reach $446.7 billion by 2030, growing from $291.1 billion in 2021
- McEwen Mining is a 68% shareholder in McEwen Copper’s Los Azules project, giving it 100% interest in what could soon become the world’s next copper unicorn
More than 70 countries worldwide, including the United States, China, and the European Union, have set goals to reach net-zero carbon emissions – with promises of cutting current emissions in half by 2030. With the current energy sources responsible for greenhouse gas emissions, replacing traditional fossil fuels with renewable energy sources is key to reducing carbon emissions (https://nnw.fm/2Qw8l ). Traditionally used in construction projects, copper now plays a vital role in this initiative due to its versatile use across multiple industries, including renewable energy, electric car components, and numerous technological applications, all of which is combining to drive demand. The global copper market is expected to reach $446.7 billion by 2030, growing from $291.1 billion in 2021 (https://nnw.fm/7HlMd ).
McEwen Mining (NYSE: MUX) (TSX: MUX), an asset-rich, diversified gold and silver producer in the Americas with large exposure to copper through its subsidiary, McEwen Copper, owns and operates mines in some of the world’s most prolific mineral producing regions in the Americas. Most significantly, McEwen Copper owns the Los Azules copper deposit in Argentina, believed to be the 9th largest undeveloped copper resource in the world. The company is currently laying the groundwork to capitalize on the opportunities presenting themselves in the minerals markets.
Copper is a leading barometer of global economic health due to its many uses in numerous industries worldwide. Due to a convergence of market events, including the gradual reopening of China, investors expect to see a surge in demand. Already, short-term supply issues have surfaced alongside the rebound in demand due in part to the protests in Peru, which accounts for 10% of the global copper supply.
“Copper typically is used as a construction metal for wiring for building, wiring for machinery and whatnot, but if we look at the decarbonization net zero energy transition trend, copper is the new oil,” commented Al Chu, BNY Mellon’s Lead Portfolio Manager (https://nnw.fm/FzcY7 ). “Is it solar power, is it wind, is it EVs, is it any form of renewable energy? Every renewable energy pretty much needs copper because if you’re talking about electrifying something and transmitting electricity, you need copper.”
McEwen Copper’s Los Azules copper deposit aligns with the company’s vision of creating a regenerative mine that is profitable with a long life and environmentally sensitive. As a 68% shareholder in McEwen Copper, McEwen Mining holds a 100% interest in the Los Azules copper project, which is expected to be an industry game-changer, turbocharging the company by creating the world’s next copper unicorn.
In addition to Los Azules, McEwen Copper’s Elder Creek Project in Nevada is a prospective for porphyry copper and gold mineralization. It is well situated in a district hosting several large copper and gold mines, including Marigold, Lone Tree, and Phoenix. Kennecott Exploration will be the operator of the exploration, with McEwen Mining holding a 1.25% net smelter return royalty on the project.
“We completed an $82 million financing for McEwen Copper in a very tough equity market. Rio Tinto, the second largest mining company in the world, through its subsidiary Nuton, now owns 9.7% of McEwen Copper, a result of its investment of $25 million,” Rob McEwen, CEO of McEwen Mining, stated in a news release. Nuton is also testing the Los Azules copper mineralization to see if it can accelerate and increase copper recoveries. Another of Rio Tinto’s subsidiaries, Kennecott Exploration, signed an option to earn a 60% interest in McEwen Copper’s other copper project, Elder Creek, by spending $18 million on exploration, he explained.
For more information, visit the company’s website at www.McEwenMining.com.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://nnw.fm/MUX
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
- Copper is well known for its growing demand in many industries, including renewable energy sources required for net-zero carbon emission goals implemented by over 70 countries
- The copper market is now expected to reach $446.7 billion by 2030, growing from $291.1 billion in 2021
- McEwen Mining is a 68% shareholder in McEwen Copper’s Los Azules project, giving it 100% interest in what could soon become the world’s next copper unicorn
More than 70 countries worldwide, including the United States, China, and the European Union, have set goals to reach net-zero carbon emissions – with promises of cutting current emissions in half by 2030. With the current energy sources responsible for greenhouse gas emissions, replacing traditional fossil fuels with renewable energy sources is key to reducing carbon emissions (https://nnw.fm/2Qw8l ). Traditionally used in construction projects, copper now plays a vital role in this initiative due to its versatile use across multiple industries, including renewable energy, electric car components, and numerous technological applications, all of which is combining to drive demand. The global copper market is expected to reach $446.7 billion by 2030, growing from $291.1 billion in 2021 (https://nnw.fm/7HlMd ).
McEwen Mining (NYSE: MUX) (TSX: MUX), an asset-rich, diversified gold and silver producer in the Americas with large exposure to copper through its subsidiary, McEwen Copper, owns and operates mines in some of the world’s most prolific mineral producing regions in the Americas. Most significantly, McEwen Copper owns the Los Azules copper deposit in Argentina, believed to be the 9th largest undeveloped copper resource in the world. The company is currently laying the groundwork to capitalize on the opportunities presenting themselves in the minerals markets.
Copper is a leading barometer of global economic health due to its many uses in numerous industries worldwide. Due to a convergence of market events, including the gradual reopening of China, investors expect to see a surge in demand. Already, short-term supply issues have surfaced alongside the rebound in demand due in part to the protests in Peru, which accounts for 10% of the global copper supply.
“Copper typically is used as a construction metal for wiring for building, wiring for machinery and whatnot, but if we look at the decarbonization net zero energy transition trend, copper is the new oil,” commented Al Chu, BNY Mellon’s Lead Portfolio Manager (https://nnw.fm/FzcY7 ). “Is it solar power, is it wind, is it EVs, is it any form of renewable energy? Every renewable energy pretty much needs copper because if you’re talking about electrifying something and transmitting electricity, you need copper.”
McEwen Copper’s Los Azules copper deposit aligns with the company’s vision of creating a regenerative mine that is profitable with a long life and environmentally sensitive. As a 68% shareholder in McEwen Copper, McEwen Mining holds a 100% interest in the Los Azules copper project, which is expected to be an industry game-changer, turbocharging the company by creating the world’s next copper unicorn.
In addition to Los Azules, McEwen Copper’s Elder Creek Project in Nevada is a prospective for porphyry copper and gold mineralization. It is well situated in a district hosting several large copper and gold mines, including Marigold, Lone Tree, and Phoenix. Kennecott Exploration will be the operator of the exploration, with McEwen Mining holding a 1.25% net smelter return royalty on the project.
“We completed an $82 million financing for McEwen Copper in a very tough equity market. Rio Tinto, the second largest mining company in the world, through its subsidiary Nuton, now owns 9.7% of McEwen Copper, a result of its investment of $25 million,” Rob McEwen, CEO of McEwen Mining, stated in a news release. Nuton is also testing the Los Azules copper mineralization to see if it can accelerate and increase copper recoveries. Another of Rio Tinto’s subsidiaries, Kennecott Exploration, signed an option to earn a 60% interest in McEwen Copper’s other copper project, Elder Creek, by spending $18 million on exploration, he explained.
For more information, visit the company’s website at www.McEwenMining.com.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://nnw.fm/MUX
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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