McEwen Mining (MUX) expects to finish a feasibility study for its Los Azules copper mine in Argentina within two months, McEwen Copper Vice President Michael Meding said in an interview Monday.
The Canadian miner plans to seek $600 million in financing next year to start building roads, power lines, and an expanded camp at the site, he said.
McEwen has already spent $300 million on the Andes Mountains project, a venture which will eventually need around $3 billion to be fully built, Meding added.
The company hopes $277 million of the funding will qualify for Argentina's Incentive Regime for Large Investments program, started under the leadership of President Javier Milei, according to the executive.
Mine construction is expected to begin in 2027, with copper production starting in late 2029 or early 2030, while McEwen will produce cathodes using a heap leach process that drastically reduces water usage when compared with traditional methods, thus limiting the environmental impact, Meding said.
Shares of the company were up about 3.2% in recent trading.
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