McEwen Copper Secures $240M Term Loan to Fund Los Azules Copper Project
MUX has more than doubled off its 52-week low of $10.81.
Summary
McEwen Copper, 46.3%-owned by McEwen Inc., closed a $240 million senior secured 4-year term loan to advance the Los Azules copper project in Argentina. The loan carries a 12% interest rate and includes warrants for 15,000 shares per $1 million principal at $40 per share. Lenders include Sprott Natural Resource Investment Partners ($112M), Chairman Rob McEwen ($85M), and others ($43M). Proceeds fund engineering and early works ahead of a final investment decision expected mid-2027, with commercial production targeted for 2030. This financing de-risks the project's near-term funding needs and signals lender confidence in Argentina's improving investment climate under President Milei. The company continues to prepare for a potential IPO of McEwen Copper.
At the time of this announcement, MUX was trading at $21.66 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $10.81 to $29.70. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.