Canada’s McEwen Mining has announced the establish-ment of a new subsidiary, McEwen Copper, which is to raise US$80 million through a private placement and become a public company within 12 months of the placement’s closing.
“McEwen Copper will hold a 100% interest in the Los Azules copper project in San Juan, Argentina, and a 100% interest in the Elder Creek exploration property in Nevada, subject to a 1.25% net smelter return (NSR) royalty on both assets payable to McEwen Mining,” the miner said in a statement.
Earlier this year, the company unveiled its plans to boost its produc-tion this year by between 20 and 40 percent compared with 2020. For the first quarter of 2021, McEwen Mining reported gold production of 23,300 oz and 493,200 oz of silver, or 30,600 gold equivalent oz.
McEwen Mining says it is focused on gold, silver and copper mining.