Canada’s McEwen Mining has announced its offshoot McEwen Copper recently closed the first tranche of a pri-vate placement under which it raised some US$40 million.
“Proceeds from the Offering will be used exclusively by McEwen Cop-per to advance the Los Azules project to a pre-feasibility study, con-struction of a new year-round access road to the project, infill and exploration drilling at Los Azules and Elder Creek, environmental per-mitting and community relations, and general corporate purposes,” McEwen Mining said in a statement.
Earlier this year, McEwen Mining disclosed the establishment of a new subsidiary, McEwen Copper.
“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.