Los Azules Requests Admission to Argentina's Incentive Regime for Large Investments

Core Viewpoint - McEwen Copper Inc. has applied for the Los Azules copper project to be admitted to Argentina's Large Investment Incentive Regime (RIGI), which is expected to provide significant financial benefits and stability for the project [1][3]. Investment Details - The Los Azules Project involves an estimated total investment of USD 2.7 billion, with USD 227 million already committed under the RIGI for feasibility studies and preliminary work [2]. - An additional investment of USD 2.5 billion is projected for the construction of the mine and production facilities as part of the RIGI project [2]. Benefits of RIGI - Upon approval for RIGI admission, the Los Azules project will benefit from a reduced corporate income tax rate from 35% to 25%, relief from value-added tax during construction, exemption from export duties, and a 30-year stability guarantee [3]. Project Progress - The Los Azules project is recognized as one of the top 10 copper projects by resource size and has made significant progress, including the recent approval of an environmental permit for construction [4]. - The project is expected to begin construction in early 2026, following the upcoming feasibility study scheduled for the first half of 2025 [5]. Company Overview - McEwen Mining Inc. operates in multiple countries and holds a 46.4% interest in McEwen Copper, which is developing the Los Azules copper project [6][7]. - The Los Azules project aims to be Argentina's first regenerative copper mine, focusing on sustainability by consuming less water and aiming for carbon neutrality by 2038 [8]. Economic Impact - The introduction of RIGI is seen as a catalyst for large-scale infrastructure investments in Argentina's mining sector, which is expected to improve the standard of living for Argentinians and provide reasonable returns for investors [4].