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Home/Operations/Los Azules

Los Azules

About Los Azules

Located in San Juan, Argentina

Los Azules is a large-scale advanced-stage copper development project in the San Juan province of Argentina.

Its Feasibility Study (FS) completed in 2025 demonstrates the potential for Los Azules to become a generational copper asset. It outlines a base case with a 21-year life of mine (LOM) and future growth opportunities including Nuton® leaching technology that could allow for potentially extending mine life by another 30+ years.

About Diagram About Diagram

Feasibility Study
KEY OPERATING METRICS

  • 21-year life of mine

  • Average annual production: 327 million pounds (148,200 tonnes) of copper cathode

  • C1 cash cost: $1.71/lb Cu

  • All-in sustaining cost (AISC): $2.11/lb Cu

  • Designed for heap leach processing with no conventional tailings facilities

Location & OVERVIEW

Los Azules is located approximately 80 kilometres west-northwest of Calingasta and 6 kilometres east of the Chilean border, at an elevation of approximately 3,500 metres above sea level in the Andes Mountains.

The Feasibility Study contemplates an open pit operation with heap leach processing and solvent extraction–electrowinning to produce LME Grade A copper cathodes on site. The Nuton® leaching technology for future opportunities beyond the base case could allow for economical processing of primary mineralization with the existing infrastructure.

Feasibility Study
Economic Results

Robust Economics, High Margins, Rapid Paybacks


Base case using a copper price assumption of $4.35/lb:

  • After-tax NPV (8%): $2.9 billion
  • After-tax IRR: 19.8%
  • Payback period: 3.9 years

Sensitivity case at a copper price assumption of $5.80/lb:

  • After-tax NPV (8%): $6.3 billion
  • After-tax IRR: 30%
  • Payback period: 2.7 years

Designed for
Low Impact

The base case development strategy selected in the 2025 Feasibility Study is distinctly different from that presented in the 2017 Preliminary Economic Assessment, by replacing a mine with a conventional mill and flotation concentrator with a heap leach project using solvent extraction-electrowinning to produce high-purity copper cathodes.

Principal reasons for the change in implementation strategy to leach in the 2025 Feasibility Study:

Environmental Footprint - reduction of fresh water and electricity consumption and of GHC emissions;

Reduced Permitting Risk - the Project uses heap leach technology, which is in operation in San Juan. This also eliminates tailings and tailings dams, conserves water resources, optimizing the permitting process;

Production of Cathodes - the leach process produces LME Grade A copper cathodes, which can be directly used in industry. This eliminates reliance on 3rd party foreign smelters for processing concentrates and eliminates significant GHG emissions associated with transportation, and pollution associated with smelting.

 

Environmental Performance Highlights

DEVELOPMENT & PERMITTING

MILESTONES ACHIEVED

  • Dec 2024: Environmental Impact Assessment (EIA) approved
  • Sep 2025: Admitted to Argentina’s Large Investment Incentive Regime (RIGI), providing long-term fiscal and regulatory stability
  • Oct 2025: Feasibility Study completed

Sectoral permit applications are in process, including water concessions and infrastructure-related permits.

Strategic
Agreements

  • Nuton (Rio Tinto venture): evaluation of leaching technology
  • Stellantis: equity investment and copper purchase rights
  • YPF Luz: renewable power supply agreement
  • International Finance Corporation (IFC): alignment with environmental and social performance standards

 

Los Azules
Resources & Reserves

The 2025 Feasibility Study for Los Azules contains updated Reserves and Resources estimates, providing an update on the work done for the 2023 Preliminary Economic Assessment (PEA). More than 120,000 meters were drilled in the following three seasons, with more than 2.3 million man-hours worked. This included a campaign during the 2023-2024 season with 70,000 meters drilled and up to 23 rigs operating simultaneously at site. This work has upgraded the resource categories to allow us to include Mineral Reserves.

The 2025 Reserves and Resources estimates incorporate the results of the drilling programs with a cutoff date of September 3, 2025.

Los Azules has Reserves: 10.2 B lbs. copper (0.45%) Proven & Probable and Resources: 5.4 B lbs. copper (0.26%) Indicated and 20.0 B lbs. copper (0.21%) Inferred, where Resources are presented exclusive of Reserves.

Los Azules

966 Million Tonnes
5.4
BILLION LBS

0.26
% COPPER
MEASURED & INDICATED
26.6
MILLION OZ

1.11-1.17
gpt SILVER
MEASURED & INDICATED
1
MILLION OZ

0.04-0.05
gpt GOLD
MEASURED & INDICATED

EXPLORATION

 Exploration Targets

Exploration has shown that there are porphyry targets near the Los Azules deposit that could provide further extension to the mine life. Porphyry exploration targets near Los Azules include Tango, Porfido Norte, Franca, and Mercedes and are a priority for the next exploration program. These targets are not included in the current Feasibility Study mine plan and may support future resource growth and life-of mine extension, subject to further exploration, evaluation and applicable technical studies.

The Franca target, with high-grade intercepts, shows the potential to extend the Los Azules resource to the northeast. The Mercedes target west of Los Azules has hydrothermal alteration and similar surface geology to Los Azules and has the indication to be another hidden porphyry, like Los Azules. Porfido Norte is a target that is located along the main Los Azules structural corridor with indications of a suitable intrusive suite of rocks with hydrothermal alteration. Finally, the Tango target will be mapped in detail to better understand the potential drill targets.

McEWEN COPPER

McEwen Copper Inc. holds a 100% interest in the Los Azules project. Since 2021, McEwen Copper has completed multiple private placement financings raising $453 million, with the most recent financing implying a market value of $987 million for its 32.9 million shares outstanding.

McEWEN COPPER Share Ownership Structure

McEwen 46.3%
Stellantis 18.2%
Nuton/ Rio Tinto Venture 17.2%
Rob McEwen 13.0%
Victor Smorgon Group 3.0%
Other Shareholders 2.3%

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