- McEwen Mining, an asset-rich diversified gold and copper producer that owns a 52% stake in McEwen Copper, recently released the results of an updated Preliminary Economic Assessment (“2023 PEA”)
- The 2023 PEA documented, among others, an updated independent mineral resource estimate and a base case development strategy that is distinctly different from that proposed in the 2017 PEA
- The recent PEA proposes the development of an open pit mine with crushing, heap leaching, and solvent extraction and electrowinning (“SW/EW”) facilities to process the mined materials, producing copper cathodes that meet LME Copper Grade A quality standards
- The updated development strategy is expected to reduce fresh water consumption by ~75%, electricity consumption by ~75%, and greenhouse gas emissions by ~57%
- McEwen Mining is confident that once implemented, the proposal will make the Los Azules copper cathodes attractive to end users looking to measurably reduce their upstream environmental impacts
As industries seek to decarbonize and transition toward net zero, electrification ranks among the top strategies being considered and implemented. A cornerstone of these efforts, copper is garnering interest, with forecasts showing that demand will double to 50 million tons by 2050 from 2020 levels (https://ibn.fm/xprgL). Chief among the drivers is that copper is an essential raw material used to manufacture components and equipment for energy generation and transmission, digital applications, and electronics. In fact, according to Shehzad Bharmal, Chairman of the International Copper Association (“ICA”), “Copper is the catalyst at the heart of the energy transition, with two-thirds of the technologies for decarbonization requiring coppers as a core component” (https://ibn.fm/HcmPs).
In line with the decarbonization efforts and amid the surging demand, some copper producers are working to reduce the environmental impacts of their activities to potentially make themselves and/or their products attractive to environmentally-conscious downstream customers and/or…
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX
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