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    Los Azules copper project nears FID: production, cost and design notes for engineers

    August 11, 2026|

    Reviewed by Joe Ashwell

    Los Azules copper project nears FID: production, cost and design notes for engineers

    First reported on MINING.com

    30 Second Briefing

    Argentina’s Los Azules copper project in San Juan province is moving towards a final investment decision as McEwen Copper completes 27% of its FID work programme and targets construction from early 2027 and first cathode production in 2030. A 2025 feasibility study outlines average output of 205,000 tonnes of copper cathode per year for the first five years at cash costs of US$1.71/lb over an initial 22-year life, placing the project in the second-lowest global cost quartile. Current work covers processing plant engineering, mining fleet selection, power supply, access road and camp construction, with Société Générale advising on debt and an IPO under consideration.

    Technical Brief

    • Current scope includes detailed engineering for processing facilities, mining fleet evaluation and power supply options.
    • Site development works already underway comprise access road construction and establishment of a permanent camp.
    • Los Azules is configured to produce copper cathode on site, bypassing third-party smelters and concentrate logistics.

    Our Take

    The 22-year initial mine life, with potential extension to 33 years, aligns Los Azules with the handful of large-scale copper projects in our coverage that are being framed as multi-decade district plays rather than standalone mines, which can support more aggressive infrastructure and financing structures.

    Eric Sprott’s separate investments in MAX Power Mining and American Eagle Gold, both copper–gold plays in the TSXV space, suggest that the royalty exposure to Los Azules via TNR Gold fits into a broader strategy of leveraged positions on long-life copper assets rather than direct operatorship.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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