McEwen Mining Inc (MUX)

[JD400]

Argentina power supplier Central Puerto eyes stake in McEwen’s copper project
Bloomberg | May 6, 2024 | 6:47 am Latin America Copper
Two of McEwen Mining top execs step down

Central Puerto SA, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter.


After recently signing a deal for a stake in the Diablillos silver-gold project in Salta province, Central Puerto is committed to getting involved in a second mining venture, according to one person, who like others didn’t want to be named discussing private negotiations. The company is eyeing Los Azules as well as other gold and silver sites.

Los Azules, in San Juan province, is one of several Argentine copper projects in different stages of development that could turn the country into a major supplier of the wiring metal in a decade. McEwen wants to start construction of its open pit in 2026, but first it is seeking a capital injection of $130 million to keep exploration work on track.

Billionaire Eduardo Eurnekian’s group, Corporacion America SA, has also been looking at Los Azules, according to people familiar.

Central Puerto produced 15% of all of Argentina’s electricity last year, more than any other company, according to its annual report. It continues to spend on new power plants, but has also been diversifying its commodities portfolio with investments in forestry and, now, mining. About 27% of the company is owned by a handful of wealthy Argentines — Guillermo Pablo Reca and Eduardo Jose Escasany, from the banking industry, and the Miguens Bemberg family led by Carlos Jose Miguens, who already has mining interests.

The power supplier’s incursion into mining comes amid a broader push by local outfits. Recent investment activity by Argentines includes real-estate mogul Eduardo Elsztain’s purchase last month of a stake in a gold project; Jose Luis Manzano’s winning offer to revive a former Vale SA potash site, a tender in which Corporacion America also bid; and moves into lithium by three national oil drillers.

Argentina shares vast mineral resources in the Andes with Chile, the world’s biggest copper exporter. But a mix of unpredictable politics and environmental opposition has prevented Argentina from unearthing many resources on its side of the mountains.

President Javier Milei, who took office in December on a platform to open up business, is seeking legislative approval for tax, currency and customs benefits for big, long-term investments like mining projects. Milei also wanted to scale back protections for glaciers, which impede some exploration in the Andes, but scrapped the plans as part of a bid to make his aggressive reforms more palatable.

https://www.mining.com/web/argentina-power-supplier-central-puerto-eyes-stake-in-mcewens-copper-project/

Two top McEwen Mining execs step down
Cecilia Jamasmie | May 6, 2022 | 6:05 am Careers News Canada Copper Gold
Two of McEwen Mining top execs step down
The Los Azules copper project sits in the Andes Mountains at an elevation of 3,500 metres. Credit: McEwen Mining.
Canada’s McEwen Mining (TSX, NYSE: MUX) on Friday announced that two of its top suite executives were leaving the company for personal reasons.


Chief financial officer Anna Ladd-Kruger will retire to focus on her health and family, the company said. She will depart after reporting is complete and an “orderly transition” is in place.

Perry Y. Ing, former McEwen CFO who had the same role at Kirkland Lake Gold and Mountain Province Diamonds, will assume the post on an interim basis.

Chief operating officer Peter Mah is also stepping down for personal reasons effective June 3, McEwen said. His responsibilities will be assumed on an interim basis by William (Bill) Shaver, currently the company’s director.

The Toronto-based miner said that transition plans and a search for candidates for both roles are underway.

“The focus of the company going forward is on stabilizing its operations after a challenging period, divesting certain assets, and advancing our most significant value driver, the giant Los Azules copper project,” McEwen said in a statement.

https://www.mining.com/two-of-mcewen-mining-top-execs-step-down/