McEwen Copper Inc., the copper miner controlled by Rob McEwen, is in discussions with Rio Tinto Group and other potential investors to raise a total of $4 billion to build a mine in Argentina.
The company is negotiating with Rio Tinto to secure approximately $600 million in equity from existing shareholders as one financing option, Managing Director Michael Meding said in an interview. Another $600 million could come from new equity investors, such as trading houses or industrial groups from Europe or Asia, as well as specialist mining funds, he added.
“We are talking to Rio, but we are also talking to other parties,” Meding said, declining to comment on the terms under discussion.
Rio Tinto, which already holds about 17% of McEwen Copper through its Nuton venture, declined to comment.
McEwen Copper aims to bring one of Argentina’s largest undeveloped copper deposits into production around 2030. Meanwhile, Chairman Rob McEwen is preparing for an initial public offering as early as the fourth quarter. In the same interview, McEwen said the IPO is targeting roughly $300 million, with timing subject to market conditions, and added that he has narrowed the list of potential IPO advisers.
The remaining funds will be covered through debt, including export credit agencies, conventional project lenders, and possible mezzanine financing. The company signed an agreement with the International Finance Corp. last year.
With global copper supply tightening and prices hovering near record highs, urgency is mounting to develop the vast deposit in San Juan province, intensifying competition for increasingly scarce large-scale undeveloped projects. For Argentina, copper mining promises billions in investment and a significant new source of export revenue for an economy that has long struggled to attract capital.
Beyond convincing investors that Argentina’s improved investment framework under President Javier Milei will endure over the mine’s multi-decade operating life, the Los Azules project still needs to complete detailed engineering and obtain remaining permits.
Meding said the timing of the final investment decision depends in part on the board’s confidence in the financing plan. The company expects to carry out some early construction and procurement work, including reserving equipment manufacturing slots, before full construction begins.
One consideration in bringing in a major partner is to ensure the project schedule remains on track. Meding noted that Rio Tinto’s years of involvement give it an edge, as it already has deep knowledge of Los Azules. The project is designed to produce an average of about 205,000 tonnes of copper cathode annually in its first five years of operation.
Even if Rio Tinto funds the entire $600 million, it would remain a minority shareholder in a company valued at over $2 billion, Meding said. McEwen Inc. is the largest shareholder with 46%, Rob McEwen personally holds 13%, and automaker Stellantis NV owns 18%.
Post time: Sep-04-2026
