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McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Subsidiary McEwen Copper Expects New Preliminary Economic Assessment for Los Azules Copper Project During Q1 2023

  • Copper demand is rising worldwide, attributed to the renewable energy market and, recently, the re-emergence of China after its lift of pandemic restrictions
  • McEwen Copper’s Los Azules project is positioned to help offset some deficit that is currently being experienced due to losses recorded by Peru and Chile mines coupled with high demand
  • The 2017 Preliminary Economic Assessment (“PEA”) estimated a 36-year mine life for the Los Azules Copper Project – and only covered 55% of the known copper resources to be mined
  • Additional drill holes have shown strong copper mineralization extending below the initial PEA bottom, providing an additional basis for Los Azules to become an even larger and longer-lasting mine

The renewable energy market is rising, expected to grow at a CAGR of 8.4% and reach a value of nearly $2 trillion by 2030, from $881.7 billion in 2020 ( A key component to achieving the growth of renewable energy is copper, a sector currently facing a supply deficit, which is expected by some analysts to last until 2030 due to rising demand related to renewable energy transition, as well as the ongoing political unrest in Chile and Peru. Together these two countries produce 37% of the world’s annual production of copper.  Peru, which accounts for 10% of the global copper supply, has already reported Glencore’s suspension of its Antapaccay copper mine after protestors looted and set fire to the location. Additionally, Chile, which accounts for 27% of the global supply, recorded a 7% year-on-year decline in November 2022. Goldman Sachs predicted that Chile’s copper production will continue to decline (

The rising demand for copper is thus having a magnified effect on the price of this metal. Since the beginning of 2023, copper prices have risen around 10% due to its’ demand as part of the transition away from traditional fossil fuels ( The rise in price has also been attributed, at least in…

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