McEwen Copper Secures $240M Loan to Advance TNR Gold's Los Azules Project
TNR Gold has announced that McEwen Copper, a subsidiary of McEwen Inc., secured a $240 million senior term loan to advance the development of the Los Azules copper-gold-silver project in Argentina. The funding will support engineering and early works at the site where TNR holds a 0.4% net smelter returns royalty (NSR). A final investment decision is expected by mid-2027, with production targeted for 2030. The Los Azules project has seen positive geotechnical results from recent drilling campaigns and is progressing ahead of schedule in engineering planning. Key equipment contracts have been awarded to Metso, while the EPCM contractor selection remains pending until late 2026. TNR Gold's royalty portfolio includes exposure across multiple metals such as lithium, copper, gold, and silver. TNR has achieved a strong performance with a total shareholder return of 775% over five years compared to industry benchmarks. The company emphasized that it will not need to contribute capital for the Los Azules project development.
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Topics: copper gold project financing royalty term loan