McEwen Copper closes ARS $42B investment by Stellantis

McEwen Copper, a subsidiary of McEwen Mining (MUX), announces the closing of an additional ARS $42B investment by Stellantis (STLA). Stellantis, which in February 2023 invested ARS $30 billion, has invested an additional ARS $42 billion in Argentina to acquire shares of McEwen Copper in a private placement of 1,900,000 common shares. The proceeds of the private placement will be used to advance development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes. Giving effect to the pending investment by Nuton LLC, also announced today, Stellantis increases its ownership to 19.4% of McEwen Copper and McEwen Mining owns 47.7% on a fully diluted basis. The Transaction values McEwen Copper at approximately US$800 million.