Michael Meding, general manager of the project, gave details about the new acquisition of Nuton (Río Tinto company) in the Los Azules copper project.
The Rio Tinto mining companythrough its technology subsidiary Nuton, confirmed a new investment from US$35 million after closing with McEwen Copper at the Los Azules projectlocated in Calingasta, San Juan.
With the funds from the acquisition, the second largest mining company in the world will promote the work being carried out in the feasibility study of the San Juan copper project, whose publication is scheduled for the first half of 2025. It is the fourth injection of capital, where had already invested US$100 million.
This acquisition of Nuton is added to the purchase of Arcadium for US$6.7 billion carried out by Río Tinto at the beginning of October, where the Anglo-Australian mining company takes over all of Arcadium’s operations in Argentina. showing a strong commitment to the development of national mining.
“We are advancing at the pace of Formula 1,” highlighted the general manager of the project.
Michael “Mike” Meding, vice president of McEwen Copper and general manager of the Los Azules project, said in a conversation with Energy Report “That with this purchase, Nuton has already invested 100 million dollars so far, confirming the growth in the value of the Los Azules project, which has gone from US$250 to US$984 million (implicit value) in the last three years,” situation that for shareholders represents “a confirmation of your investment and value creation”.
Regarding the development of the project, Meding reported that “it is developing at a dizzying pace, similar to that of Formula 1”aiming to obtain environmental approval “in the coming weeks and feasibility as soon as the first half of next year.”
The general manager of Los Azules highlighted that “this fourth investment by Rio Tinto It is an expression of confidence in the projecttheir leadership and development, in a project, which, measured in resources (according to Mining Intelligence), it is the eighth worldwide in terms of resources.”
This investment allows the company to continue advancing with the same pace of development and investment in San Juan and Argentina, where “until now, we have raised more than 450 million dollarsthe vast majority of which has been invested in the province, generating value, development and jobs.”
Regarding the objectives that were set for Los Azules, Meding stated that “we dream of building from 2026 and entering production from 2029, producing fine copper in plates in San Juan, leveraging the industry in Argentina and its contribution to the energy transition worldwide”.
Source: Ambito
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