The Los Azules copper mine, which is located in Argentina, has been granted approval for inclusion in the strategic development program of the Milei government, according to a statement released by McEwen Copper Inc. This implies that the company is now in a position to proceed with the developmental stages of its business, which is currently worth 2.67 billion United States dollars.
Following the announcement made by Economy Minister Luis Caputo on the social media platform X, formerly known as Twitter, that the project had been approved under Argentina’s Large Investment Incentive Regime, the firm released a statement. The exploration, construction, and operational phases of the project in San Juan Province are all included in the scope of the RIGI project, according to a statement that McEwen Copper issued on Friday.
Chairman Rob McEwen made the following statement “It represents a significant step forward for Los Azules, as it allows us to continue with the development and unlock the potential of a copper deposit that is important on a global scale.” The company has received the environmental license necessary for Los Azules, and it is anticipated that they will be able to finish a critical feasibility evaluation in October. Earlier this week, McEwen Copper inked an agreement with the International Finance Corporation (IFC) in anticipation of a financing arrangement. The IFC is the investment arm of the World Bank, and it focuses on the private sector.
The purpose of the agreement is to raise environmental, social, and governance standards at the project site. Through the establishment of a program that offers incentives in the form of advantages connected to taxes, currency, and commerce, Argentina’s President Javier Milei is working to reestablish the trust of mining firms.