Categoría: Copper

According to data presented by the Group of Exploration Companies of Argentina (GEMERA) at the "Argentina Gold, Silver and Copper" seminar, organized last week by Panorama Minero, foreign investment in mining exploration reached US$493.4 million in 2024, representing a 15.7% increase compared to the previous year. This progress positions Argentina as the sixth global destination for mining investments, surpassing countries such as Peru and Brazil.

With a broad majority, the Mendoza Senate has approved the environmental impact declarations for 34 copper exploration projects in the Western Mining District of Malargüe, opening the door to mining activities in the southern part of the province. This decision, already endorsed by the Chamber of Deputies, was ratified with 33 votes in favor and only 3 against, reflecting political consensus on the importance of this initiative for the regional economy.

The ambitious mining project located in San Juan, key to Argentina’s future copper supply, welcomed representatives from the European Union and the automotive sector.

The Canadian company sees revenue growth and commits to copper development in the country.

Canadian company McEwen Copper, a subsidiary of McEwen Mining with operations in San Juan, has closed a new US$35 million investment made by Nuton LLC, a company led by Rio Tinto. "This investment is part of a previously announced financing offer, consisting of a private placement of up to 2,333,333 common shares at a subscription price of US$30 per share, for a total of up to US$70 million."

The province of Salta will host a technical and scientific meeting and joint inspection regarding the Taca Taca Project, one of Argentina's five major copper initiatives. Various departments within the Ministry of Production and Sustainable Development, together with the Argentine Geological and Mining Service (SEGEMAR), will assess the project's Environmental and Social Impact Assessment (ESIA), while also conducting on-site oversight and monitoring activities.

The agreement between the companies opens the door to the potential launch of different projects in the Vicuña district, with economic and social impact measurable in several decades.

Formerly known as Fortuna Silver Mines, the company who rebranded itself as Fortuna Mining in early July reported a production of 22,874 ounces of gold at the Lindero mine, located in Salta and operated by its local subsidiary Mansfield Minera SA, as part of its productive and operational results for the second quarter. The performance was similar to Q1, where production volume reached 23,262 ounces with an average gold grade of 0.61 g/t and 0.60 g/t respectively in each period.

In a significant strategic move and one of the biggest transactions in the copper sector this year, Lundin Mining Corporation and BHP have agreed to acquire Filo Corp. in a deal valued at C$4.500 billion.

Barrick Gold Corporation has announced the production and sales volume of its iconic Veladero mine, located in the province of San Juan, in which it holds a 50% stake alongside its Chinese partner Shandong Gold. During the last quarter, the mine produced 56,000 ounces of gold, reaching a total of 113,000 ounces year-to-date. In terms of sales, Barrick reported the commercialization of 68,000 ounces of gold produced at Veladero during the second quarter (Q2), bringing the total to 101,000 ounces sold in 2024.

McEwen Mining Inc. announced a new investment of up to $70 million in its subsidiary McEwen Copper Inc. This investment will be made through a private sale of up to 2,333,333 common shares of McEwen Copper at a price of $30.00 per share, and will be mainly focused on the growth of the Los Azules copper project, one of the five megaprojects located in the province of San Juan.

The Altar Copper-Gold Project, operated by Aldebaran Resources Inc. (TSX V.ALDE), continues to stand out with significant exploration results.

McEwen Copper, the company developing the Los Azules copper project, announced that it has reached the milestone of US$230 million in investment over the nearly three years it has been exploring the mega-project located in San Juan, Argentina.

Genneia, the country's leading renewable energy company, is partnering with Aldebaran Resources Inc., a mineral exploration company, to offset its carbon emissions generated in Argentina through the issuance of 848 Verified Carbon Units (VCUs).

Canadian junior Latin Metals announced that it has signed a binding agreement with Golden Arrow Resources Corp. to acquire up to a 100% interest in the Huachi property, covering an area of 3,500 hectares and located in the province of San Juan. Huachi borders the Esperanza copper project, majority-owned by the company, allowing the firm to expand the exploration horizons of the venture.

Juan Donicelli, Country Manager of Glencore Copper Argentina, presented the overview of MARA and El Pachón, as well as the expectations of the communities surrounding two of Argentina's major copper projects.

The governor of Mendoza addressed the economic and mining situation of Argentina and his province, which has had a restrictive law for mining development since 2007, a scope that could be modified in the next period. Analyzing this scenario, the provincial leader stated that he will speed up the production of copper in the territory since, with the current law and the procedures used in modern copper production, no article of Law 7.722 related to the use of prohibited substances is violated. He did so in the context of the PDAC 2024, at an event for investors promoted by the Argentine Chamber of Mining Companies (CAEM). The province will seek to capitalize on its potential around the red metal and will form a local industrial hub while working together with its counterparts from San Juan, Catamarca, and Salta. From May 21 to 23, the governors of these provinces will formally establish the "Copper Task Force" at the San Juan Mining Expo 2024, an event organized by Panorama Minero since 2006.

The provincial governor is participating in the main global mining fair with the aim of seeking projects and investments in the mining hub. Canada is once again hosting the PDAC, the sector's most emblematic exhibition.

Canadian company McEwen Mining, developing the Los Azules project through its subsidiary McEwen Copper, in the province of San Juan, reported that twenty drilling rigs are on-site, with over 36,000 meters of drilling completed to date as part of the season. The goal is to advance in all areas contributing to the upcoming Feasibility Study (FS), expected to be published in the first quarter of 2025.

AbraSilver Resource Corp., in partnership with Teck Resources Limited, has announced the commencement of drilling activities at the La Coipita copper-gold porphyry, located in San Juan. This project is situated in a region renowned for hosting world-class deposits such as Josemaría, Altar, Filo del Sol, and Los Azules.