Argentina's Economy Minister Luis Caputo participates in a business event, in Buenos Aires, Argentina, May 13, 2025.
The Los Azules project, located in San Juan province, will contribute approximately $1.1 billion annually to exports, Caputo stated in a post on X. McEwen Copper, a subsidiary of McEwen Mining, is leading the effort. The project marks the first copper mining proposal approved in San Juan, a region known for gold mining and untapped copper potential. It is anticipated to create over 3,500 direct and indirect jobs.
This approval is the eighth under the RIGI scheme, bringing total investments under the program to $15.7 billion. The initiative is supported by the administration of President Javier Milei to encourage large-scale investments. Company sources indicated to Reuters that the total investment for Los Azules, situated 3,500 meters above sea level in the Andes, could reach $3 billion over the next three to four years. McEwen Copper is now seeking financing to support this development.
Production of copper cathodes is planned to begin in 2029. McEwen Copper is preparing to release a feasibility study detailing operations for the next 20 years while securing necessary permits. The project will employ a leaching method for copper extraction, which is expected to use significantly less water—approximately five-sixths less than traditional methods—reducing the environmental impact on local communities.
McEwen Copper holds a 46.4% stake in Los Azules, with Stellantis owning 18.3% and Nuton/Rio Tinto holding 17.2%. The project is seen as a step toward positioning Argentina as a significant player in the global copper market, especially since copper production ceased in the country after the Alumbrera mine closed in 2018.
