Rio Tinto Eyes 60% Stake in Argentina’s Los Azules Copper Project
RIO•Rio Tinto is negotiating with McEwen Mining to raise its interest in the Los Azules copper deposit in San Juan province, Argentina from 50% toward 60% by funding additional feasibility work. The move could accelerate Rio’s resource development timeline at one of the world’s largest undeveloped copper projects.
1. Negotiation Details
Rio Tinto has entered discussions with McEwen Mining to boost its current 50% interest to roughly 60% by funding further feasibility and exploration work on the Los Azul es project.
2. Project Background
The Los Azules deposit in San Juan province holds an estimated 10 billion pounds of copper in measured and indicated resources, making it one of the world’s largest undeveloped copper sites.
3. Strategic Implications
A larger stake would enhance Rio’s exposure to copper with growing demand for electrification, potentially accelerating project development and streamlining capital allocation within its portfolio.
4. Next Steps
Rio and McEwen aim to finalize investment terms over the next months, including cost-sharing arrangements and a revised feasibility study schedule with a view to reaching binding agreements by year-end.
