McEwen Mining Inc (MUX)

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$MUX McEwen Mining Rio Tinto invests in early stage copper project amidst next 'M&A cycle'

This showing today on MUX Linkedin page
4 hours ago

Rio Tinto invests in early stage copper project amidst next 'M&A cycle' - Naimul Karim, Financial Post

Rio Tinto can acquire 60 per cent of McEwen’s Elder Creek project in Nevada by investing US$18 million in the property over the next 7 years.

Stefan Spears, VP of Corporate Development at McEwen Mining Inc., explained that while McEwen Copper is currently focused on developing its Los Azules copper project in Argentina, the world’s eighth-largest undeveloped copper deposit, we are pleased to have Rio Tinto making a significant investment on the early stage Elder Creek project, in advancing the work for realizing its potential. Elder Creek is well placed in a gold-copper district known as the Battle Mountain-Eureka Trend, with indications of copper mineralization in some deep drill holes.

A recent Scotiabank report said that the current weakness in the market has opened the door for potential opportunistic bids by larger companies and that investors should understand how valuable these assets are in a decarbonizing world with excellent long-term demand drivers and few sources of obvious supply growth.

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https://financialpost.com/commodities/mining/rio-tinto-invests-in-early-stage-copper-project-amidst-next-ma-cycle