Argentina’s authorities have included the Los Azules copper project, fully owned by McEwen Copper, in its Large Investment Incentive Regime (RIGI), endorsing a $2.7-billion investment to advance the mine.
The project is set to become the first in Argentina to produce high-purity copper cathodes. It is a large high-grade open pit mine with significant further growth potential, the company states. Los Azules is projected to produce an average of 148,200 tonnes of copper cathode annually over a 21-year life of mine.
The RIGI provides tax incentives, including a reduced corporate rate of 25%, a 50% cut in dividend withholding tax, accelerated depreciation, early value-added tax recovery, and long-term stability. Customs and foreign exchange procedures are also streamlined under the regime.
“This approval reinforces McEwen Copper’s long-term commitment to Argentina and the province of San Juan, advancing a model of modern, responsible, and sustainable mining,” said McEwen Copper vice president Michael Meding.
“The integration of Los Azules into the RIGI under a single strategic investment plan enhances operational predictability and establishes a clear framework for engagement with the State and future partners.”
Los Azules is expected to generate more than $30 billion in export revenues over its mine life, according to the project’s June 2023 preliminary economic assessment.
Theodor Lisovoy, Managing Editor, Rough&Polished
