Stellantis taking 14.2% equity stake in McEwen Copper

Stellantis (STLA) announced a $155M investment in a project located in Argentina, which will make a major contribution to the company’s plan to become carbon net zero by 2038. The company is acquiring a 14.2% equity stake in McEwen Copper, a subsidiary of Canadian mining company McEwen Mining (MUX), which owns the Los Azules project in Argentina and the Elder Creek project in Nevada, USA. With this stake, Stellantis will become McEwen Copper’s second largest shareholder, along with Rio Tinto (RIO), through its copper leaching technology venture, Nuton. Los Azules plans to produce 100,000 tons per year of cathode copper at 99.9% purity starting in 2027 and the resources can secure the operation for at least 33 years. "Stellantis intends to lead the industry with the commitment to be carbon net zero by 2038 – a goal that requires innovation and a complete redefinition of the entire business," said Carlos Tavares, Stellantis CEO. "We are taking important steps in Argentina and Brazil, with the aim of decarbonizing mobility and ensuring strategic supplies of raw materials necessary for the success of the Company’s global electrification plans."