McEwen Mining's Copper Unit Secures $240 Million Loan to Advance Los Azules Project
McEwen Mining (MUX.TO. MUX) after trade Thursday said its McEwen Copper unit secured a $240-million senior secured loan with a four-year term from a group of lenders.The funding includes $112 million from Sprott Natural Resource Investment Partners, $85 million from Rob McEwen, and $43 million from other lenders, according to the statement.The company said the proceeds will fund engineering and early work on the Los Azules copper project in San Juan, Argentina, as well as general corporate needs.A final investment decision and full project financing are expected in mid-2027, with commercial copper production targeted for 2030, subject to financing and approvals, the company said, adding that McEwen Copper is also preparing for a potential initial public offering.The term loan carries 12% annual interest, paid monthly, with the principal due at maturity. Lenders also received 15,000 five-year warrants for every $1 million borrowed, with an exercise price of $40 per share, the company said.
