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Argentina
Los Azules Project

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 Location:
164 km NW from San Juan, Argentina

  Project Contacts:
Toranzo Sur 255
San Juan
Argentina
J5400
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WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Copper
  • Gold
  • Molybdenum
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life37 years (as of Jan 1, 2017)
Los Azules – 9th Largest Undeveloped Copper Project in the World.
Latest NewsMcEwen Copper: Los Azules – Initial Exploration and Solid Delineation Results     March 6, 2023


Owners

Source: p. 6,9
CompanyInterestOwnership
McEwen Mining Inc. 51.9 % Indirect
McEwen Mining owns 51.9% of McEwen Copper which owns 100% of Los Azules.

As of February 27, 2023, Stellantis Closes ARS$30 Billion Investment in McEwen Copper Nuton, a Rio Tinto Venture, to Invest Additional US$30 Million

Post Investments Ownership in McEwen Copper:
MUX 51.9%
Stellantis 14.2%
Nuton / Rio Tinto Venture 14.2%
Rob McEwen 13.8%
Victor Smorgon Group (Australia) 3.5%
Others 2.4%.

Contractors

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Deposit Type

  • Porphyry
  • Hydrothermal


Summary:

Mineralization at Los Azules is Andean-Cordilleran, late Miocene, (quartz-) diorite-hosted, oxidized porphyry copper style with a well-developed leached cap and supergene chalcocitecovellite blanket.

Los Azules has been geologically mapped on at least four separate occasions (Rojas, 2007; Zurcher, 2009; Almandoz, 2010; Pratt, 2010). The resulting geological maps and interpretations are in general agreement but differ in detail, and Jemielita (2010) reconciled most of the differences. The entire area comprising the Los Azules deposit is covered by thick scree or valley fill, so none of the rocks or structures are exposed in outcrop, although some near-surface exposures have been exposed in shallow trenching at the crest of the La Ballena ridge. Consequently, the interpretation of the structures and intrusive bodies is based almost entirely upon drill hole data.

In many respects the Los Azules deposit is a classic Andean-style porphyry copper deposit. In the bedrock below the surface cover a barren leached zone overlies a zone of secondary supergene enrichment of variable copper grades and thickness, and primary hypogene mineralization extends to at least 1,000 m below the present surface. The Los Azules hydrothermal alteration system is at least 5 km long and 4 km wide and is elongated in a NNW direction along a major structural corridor. The system disappears below volcanic cover to the north, so the ultimate extent is unknown. The altered zone surrounds ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Los Azules deposit and the disseminated nature of the mineralization indicates that hard rock, large-scale, open pit mining methods are the most appropriate using large electric rope shovels and mine haul trucks. Mining operations are planned to be staffed to enable continuous operations throughout the year.

Pit walls were smoothed to minimize or eliminate, where possible, noses and notches that could affect slope stability. Internal haulage ramps were included in the slope design to allow for truck access to working faces on each level.

Overburden/alluvium material was limited to an inter-ramp angle of 28°, while rock – oxide, secondary sulfide, and primary sulfide – slopes were designed to an inter-ramp angle of 40°. Bench face angles were constant for all rock types at 65°. The same slope design parameters were used for the internal phases as for the ultimate pit.

The designed ultimate pit is approximately 3.8 km long N-S and 2.5 km wide E-W at the crest. Elevations range from 3115 meters at the bottom to 4080 meters at the highest crest on the east wall. The maximum overall benched pit wall height is 965 meters. The surface area of the ultimate pit is approximately 970 hectares, while the lateral area is nearly 690 hectares.


Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Copper M lbs 33712,170
Gold M oz  ......  Subscription required
Silver M oz  ......  Subscription required
All production numbers are expressed as payable metal.

Operational Metrics:

Metrics
Stripping / waste ratio 1.01 *
Daily mining rate 330,000 t *
Daily milling capacity 120,000 t *
Waste tonnes, LOM 1,510 Mt *
Ore tonnes mined, LOM 1,488 Mt *
Total tonnes mined, LOM 2,932 Mt *
Tonnes milled, LOM 1,488 Mt *
Annual milling capacity 43.2 Mt *
Annual mining rate 119 Mt *
* According to 2017 study.

Reserves at June 1, 2017:
Mineral resources are determined using a base case cut-off grade of 0.20% copper.

CategoryTonnage CommodityGradeContained Metal
Indicated 962 Mt Copper 0.48 % 10.2 B lbs
Indicated 962 Mt Gold 0.06 g/t 1.7 M oz
Indicated 962 Mt Molybdenum 0.003 % 57.3 M lbs
Indicated 962 Mt Silver 1.8 g/t 55.7 M oz
Inferred 2,666 Mt Copper 0.33 % 19.3 B lbs
Inferred 2,666 Mt Gold 0.04 g/t 3.8 M oz
Inferred 2,666 Mt Molybdenum 0.003 % 194 M lbs
Inferred 2,666 Mt Silver 1.6 g/t 135.4 M oz

Commodity Production Costs:

CommodityUnitsAverage
Credits (by-product) Copper USD -0.2 / lb *  
C1 cash costs Copper USD 1.28 / lb *†  
Assumed price Copper USD 3 / lb *  
Assumed price Silver USD 17 / oz *  
Assumed price Gold USD 1,300 / oz *  
* According to 2017 study / presentation.
† Net of By-Product.

Operating Costs:

Units2017
OP mining costs ($/t milled) USD 3.63 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2017 study.
Subscription required - Subscription is required.

2017 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 5,774
Transportation (haulage) costs $M USD 2,587
G&A costs $M USD 1,620
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of October 16, 2017:
HME TypeSizeQuantity
Dozer 635 kW ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Mar 20, 2022
....................... Subscription required ....................... Subscription required Subscription required Mar 20, 2022
....................... Subscription required ....................... Subscription required Subscription required Mar 20, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2023
Corporate Presentation 2022
Fact Sheet 2022
Form 10-K 2022
Preliminary Economic Assessment 2017
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News:

NewsDate
McEwen Copper: Los Azules – Initial Exploration and Solid Delineation Results March 6, 2023
McEwen Copper Closes ARS $30 Billion Investment by Stellantis February 27, 2023
McEwen Copper: Los Azules – Robust Assay Results January 26, 2023

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