McEwen Copper Inc., a subsidiary of McEwen Mining Inc.
(NYSE: MUX) (TSX: MUX), is pleased to announce the closing of an
additional ARS $42 billion investment by Stellantis, one of the
world’s leading automakers and mobility providers with iconic
brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS
Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, RAM,
Vauxhall, Free2Move and Leasys.
Stellantis N.V. (“Stellantis”), which in
February 2023 invested ARS $30 billion, has today invested an
additional ARS $42 billion in Argentina to acquire
shares of McEwen Copper in a private placement of 1,900,000 common
shares. The proceeds of the private placement will be used to
advance development of the Los Azules copper project in San Juan,
Argentina, and for general corporate purposes.
Giving effect to the pending investment by Nuton
LLC, also announced today, Stellantis increases its ownership to
19.4% of McEwen Copper and McEwen Mining owns
47.7% on a fully diluted basis. The Transaction
values McEwen Copper at approximately US$800
million.
In connection with the Transaction, McEwen
Copper and certain of its affiliates amended the Investor Rights
Agreement with Stellantis (the "Stellantis IRA”) and the Copper
Cathodes and Concentrates Purchase Rights Agreement (the “CCCPRA”),
further described below.
The Stellantis IRA was amended
to make the Carbon Neutral Commitment by 2028 not contingent on
Stellantis maintaining a certain minimum ownership percentage in
McEwen Copper. McEwen Copper intends to implement this commitment
independent of Stellantis’ involvement in the Los Azules
project.
The CCCPRA was amended to
provide for a minimum 10,000 tonne per annum copper cathode
offtake, subject to certain restrictions and exclusions, and
further defined ‘market price’ to be paid by Stellantis on future
copper cathode purchases pursuant to the CCCPRA.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About McEwen Copper
McEwen Copper Inc. holds a 100% interest in the
Los Azules copper project in San Juan, Argentina and the Elder
Creek project in Nevada, USA.
Los Azules was ranked in the top 10 largest
undeveloped copper deposits in the world by Mining Intelligence
(2022). Its current copper resources are estimated at 10.9
billion pounds at a grade of 0.40% Cu (Indicated category) and
an additional 26.7 billion pounds at a grade of 0.31% Cu
(Inferred category). A PEA published in June 2023 estimated a $2.7
billion after-tax NPV8% at $3.75/lb Cu and a 27-year mine life.
After closing the Nuton LLC investment, also
announced today, McEwen Copper will have 30,937,615 common shares
outstanding, and its shareholders are McEwen Mining Inc. 47.7%,
Stellantis 19.4%, Nuton 14.5%, Rob McEwen 12.9%, Victor Smorgon
Group 3.2%, and other shareholders 2.3%.
About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext
Paris: STLAP) is one of the world’s leading automakers and a
mobility provider. Its storied and iconic brands embody the passion
of their visionary founders and today’s customers in their
innovative products and services, including Abarth, Alfa Romeo,
Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia,
Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys.
Powered by our diversity, we lead the way the world moves –
aspiring to become the greatest sustainable mobility tech company,
not the biggest, while creating added value for all stakeholders as
well as the communities in which it operates. For more information,
visit www.stellantis.com.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
This news release contains certain
forward-looking statements and information, including
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this news
release, McEwen Mining Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and
results. Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties, risks
and contingencies, and there can be no assurance that such
statements and information will prove to be accurate. Therefore,
actual results and future events could differ materially from those
anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, fluctuations in the market price of precious metals,
mining industry risks, political, economic, social and security
risks associated with foreign operations, the ability of the
corporation to receive or receive in a timely manner permits or
other approvals required in connection with operations, risks
associated with the construction of mining operations and
commencement of production and the projected costs thereof, risks
related to litigation, the state of the capital markets,
environmental risks and hazards, uncertainty as to calculation of
mineral resources and reserves, and other risks. Readers should not
place undue reliance on forward-looking statements or information
included herein, which speak only as of the date hereof. The
Company undertakes no obligation to reissue or update
forward-looking statements or information as a result of new
information or events after the date hereof except as may be
required by law. See McEwen Mining's Annual Report on Form 10-K for
the fiscal year ended December 31, 2022 and other filings with the
Securities and Exchange Commission, under the caption "Risk
Factors", for additional information on risks, uncertainties and
other factors relating to the forward-looking statements and
information regarding the Company. All forward-looking statements
and information made in this news release are qualified by this
cautionary statement.
The NYSE and TSX have not reviewed and do not
accept responsibility for the adequacy or accuracy of the contents
of this news release, which has been prepared by management of
McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with
operations in Nevada, Canada, Mexico and Argentina. In addition, it
owns approximately 47.7% of McEwen Copper which owns the large,
advanced stage Los Azules copper project in Argentina. The
Company’s goal is to improve the productivity and life of its
assets with the objective of increasing its share price and
providing a yield. Its Chairman and Chief Owner has personally
provided the company with $220 million and takes an annual salary
of $1.
WEB SITEwww.mcewenmining.comCONTACT
INFORMATION150 King Street West Suite 2800, PO Box
24 Toronto, ON, Canada M5H 1J9 Relationship with
Investors: (866)-441-0690 Toll
free (647)-258-0395 Mihaela
Iancu ext. 320 info@mcewenmining.com |
SOCIAL MEDIA |
|
|
McEwen Mining |
Facebook:LinkedIn:Twitter:Instagram: |
facebook.com/mcewenmininglinkedin.com/company/mcewen-mining-inc-twitter.com/mcewenmininginstagram.com/mcewenmining |
|
McEwen Copper |
Facebook:LinkedIn:Twitter:Instagram: |
facebook.com/
mcewencopperlinkedin.com/company/mcewencoppertwitter.com/mcewencopperinstagram.com/mcewencopper |
|
Rob McEwen |
Facebook:LinkedIn:Twitter: |
facebook.com/mcewenroblinkedin.com/in/robert-mcewen-646ab24twitter.com/robmcewenmux |
McEwen Mining (TSX:MUX)
Historical Stock Chart
From Sep 2024 to Oct 2024
McEwen Mining (TSX:MUX)
Historical Stock Chart
From Oct 2023 to Oct 2024