McEwen Copper Inc., a subsidiary of McEwen Mining Inc., announced on October 24, 2024, the closing of an additional US$35 million investment from Nuton LLC, a Rio Tinto Venture. This investment is part of a non-brokered private placement offering.
Nuton purchased 1,166,666 common shares of McEwen Copper, contributing to a total of US$56 million raised in the offering's first two tranches. Following these investments, McEwen Mining's ownership in McEwen Copper stands at 46.4%, and the post-money market value of McEwen Copper reached US$984 million.
The proceeds from this financing are designated to advance ongoing work on the feasibility study for the Los Azules copper project in Argentina. The feasibility study is scheduled for publication in the first half of 2025, marking a critical step in the project's development.
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