McEwen Copper Inc., a 46.3%-owned subsidiary of McEwen Inc., has secured a $240 million senior secured term loan facility to advance the Los Azules copper project in San Juan, Argentina.
The facility, structured as a four-year loan, includes $112 million from Sprott Natural Resource Investment Partners, $85 million from company Chairman and Chief Owner Rob McEwen, and $43 million from other lenders. Interest is set at 12% per annum, payable monthly, with the principal due at maturity. Early repayment triggers a 5% fee on the remaining principal, while lenders received 15,000 five-year warrants for each $1 million of principal, exercisable at $40 per McEwen Copper share.
Proceeds will fund engineering and early works at Los Azules, alongside general corporate purposes. The company expects to finalize a full project financing and make a final investment decision by mid-2027, with commercial copper cathode production slated for 2030. An engineering, procurement, and construction management contractor is expected to be selected by the fourth quarter of 2026.
Field activities completed 5,600 meters of drilling during the 2025–2026 campaign, with peak employment exceeding 500 people, nearly 90% of whom were hired locally in San Juan. McEwen Copper continues preparations for a potential initial public offering, though no timeline has been disclosed.
