- TNR Gold Corp. (TNR) has announced that its partner McEwen Mining Inc. (TSX:MUX) has created McEwen Copper Inc. and is organizing a private placement for up to US$80 million
- McEwen Copper will use proceeds from the private placement to advance the Los Azules Copper Project in Argentina
- TNR holds a 0.36 per cent NSR royalty on the project, which is now being developed by McEwen Mining
- McEwen Mining Inc. (MUX) is down 5.92 per cent, trading at $1.59 per share
- TNR Gold Corp. (TNR) is steady, trading at $0.045 per share
McEwen Mining (TSX:MUX) has created McEwen Copper Inc and is organizing a private placement for up to US$80 million.
McEwen Copper will use proceeds from the private placement to advance the Los Azules Copper Project.
The Los Azules Project is an advanced large-scale porphyry copper exploration project located in the Andean Cordillera copper belt in Argentina.
TNR holds a 0.36 per cent NSR royalty on the project, which is now being developed by McEwen Mining. In 2017, McEwen completed a positive Preliminary Economic Assessment (PEA) on the project.
Rob McEwen, chair and chief owner of McEwen, commented on this recent announcement.
“This is a significant and exciting moment for McEwen Mining because of the value it should release,” he remarked, adding, “we believe that by putting our copper assets, Los Azules and Elder Creek, into a separately listed company exclusively focused on copper, we can create an attractive copper investment vehicle.”
Kirill Klip, TNR’s executive chair, expressed the company’s excitement about this development.
“It’s very encouraging,” he said, “to see the personal commitment from Rob McEwen to advance the rapid development of this giant copper, gold and silver deposit in an appropriate corporate structure which will allow financing and further development of the Los Azules Copper Project.”
“The essence of our business model,” he added, “is to have industry leaders like McEwen Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
McEwen Mining Inc. (MUX) is down 5.92 per cent, trading at $1.59 per share as of 11:21 am ET.
TNR Gold Corp. (TNR) is steady, trading at $0.045 per share as of 9:34 am ET.
