100% Renewable Energy for Los Azules
McEwen Mining (NYSE: MUX) (TSX: MUX) has announced that its 48%-owned subsidiary, McEwen Copper Inc., has secured an agreement with YPF Luz to power the Los Azules copper project with 100% renewable energy. The exclusive agreement includes the development and financing of a high-voltage transmission line by YPF Luz to connect the project to the Argentine Interconnection System (SADI).
The energy will be sourced from YPF Luz's renewable assets connected to SADI. This partnership aims to contribute significantly to decarbonization efforts and position San Juan province as a key player in the energy transition. The agreement strengthens the alliance between McEwen Copper and YPF Luz, which began in early 2023, focusing on sustainable copper production and comprehensive energy solutions.
McEwen Mining (NYSE: MUX) (TSX: MUX) ha annunciato che la sua controllata al 48%, McEwen Copper Inc., ha stipulato un accordo con YPF Luz per alimentare il progetto copper Los Azules con energia 100% rinnovabile. L'accordo esclusivo include lo sviluppo e il finanziamento di una linea di trasmissione ad alta tensione da parte di YPF Luz per collegare il progetto al Sistema di Integrazione Argentino (SADI).
L'energia sarà fornita dagli asset rinnovabili di YPF Luz collegati al SADI. Questa partnership mira a contribuire in modo significativo agli sforzi di decarbonizzazione e a posizionare la provincia di San Juan come attore chiave nella transizione energetica. L'accordo rafforza l'alleanza tra McEwen Copper e YPF Luz, iniziata all'inizio del 2023, concentrandosi su una produzione di rame sostenibile e soluzioni energetiche complete.
McEwen Mining (NYSE: MUX) (TSX: MUX) ha anunciado que su filial al 48%, McEwen Copper Inc., ha asegurado un acuerdo con YPF Luz para alimentar el proyecto de cobre Los Azules con 100% de energía renovable. El acuerdo exclusivo incluye el desarrollo y financiamiento de una línea de transmisión de alta tensión por parte de YPF Luz para conectar el proyecto al Sistema de Interconexión Argentino (SADI).
La energía se obtendrá de los activos renovables de YPF Luz conectados al SADI. Esta asociación tiene como objetivo contribuir significativamente a los esfuerzos de descarbonización y posicionar a la provincia de San Juan como un actor clave en la transición energética. El acuerdo refuerza la alianza entre McEwen Copper y YPF Luz, que comenzó a principios de 2023, centrada en la producción sostenible de cobre y soluciones energéticas integrales.
맥유엔 마이닝 (NYSE: MUX) (TSX: MUX)이 48% 자회사인 맥유엔 구리 주식회사가 YPF 루즈와의 협약을 통해 로스 아술레스 구리 프로젝트에 100% 재생 가능 에너지를 공급하기로 했다고 발표했습니다. 이 독점 계약은 YPF 루즈가 프로젝트를 아르헨티나 통합 시스템 (SADI)에 연결하기 위한 고전압 전송선 개발 및 자금 조달을 포함합니다.
에너지는 SADI에 연결된 YPF 루즈의 재생 가능 자산에서 조달됩니다. 이 파트너십은 탈탄소화 노력에 상당히 기여하고 산후안 주를 에너지 전환의 핵심 주체로 자리 매김하는 것을 목표로 하고 있습니다. 이 협약은 2023년 초 시작된 맥유엔 구리와 YPF 루즈 간의 동맹을 강화하며, 지속 가능한 구리 생산 및 종합 에너지 솔루션에 집중하고 있습니다.
McEwen Mining (NYSE: MUX) (TSX: MUX) a annoncé que sa filiale à 48%, McEwen Copper Inc., a sécurisé un accord avec YPF Luz pour alimenter le projet cuivre Los Azules avec 100% d'énergie renouvelable. Cet accord exclusif inclut le développement et le financement d'une ligne de transmission haute tension par YPF Luz pour connecter le projet au Système d'Interconnexion Argentin (SADI).
L'énergie sera issue des actifs renouvelables de YPF Luz connectés au SADI. Ce partenariat vise à contribuer de manière significative aux efforts de décarbonisation et à positionner la province de San Juan comme un acteur clé dans la transition énergétique. L'accord renforce l'alliance entre McEwen Copper et YPF Luz, qui a débuté début 2023, en se concentrant sur la production de cuivre durable et des solutions énergétiques intégrées.
McEwen Mining (NYSE: MUX) (TSX: MUX) hat angekündigt, dass ihre 48%-Tochtergesellschaft, McEwen Copper Inc., eine Vereinbarung mit YPF Luz getroffen hat, um das Los Azules Kupferprojekt mit 100% erneuerbarer Energie zu versorgen. Die exklusive Vereinbarung umfasst die Entwicklung und Finanzierung einer Hochspannungs-Übertragungsleitung durch YPF Luz, um das Projekt mit dem Argentinischen Interkonnektionssystem (SADI) zu verbinden.
Die Energie wird aus den erneuerbaren Anlagen von YPF Luz bezogen, die mit SADI verbunden sind. Diese Partnerschaft zielt darauf ab, erheblich zu den Dekarbonisierungs Bemühungen beizutragen und die Provinz San Juan als Schlüsselakteur in der Energiewende zu positionieren. Die Vereinbarung stärkt die Allianz zwischen McEwen Copper und YPF Luz, die Anfang 2023 begann und sich auf nachhaltige Kupferproduktion und umfassende Energielösungen konzentriert.
- Secured 100% renewable energy supply for Los Azules copper project
- YPF Luz to develop and finance high-voltage transmission line
- Strategic partnership to support sustainable copper production
- Potential to position San Juan province as a key player in energy transition resources
- None.
Insights
This agreement marks a significant milestone in sustainable mining practices. By powering the Los Azules copper project with 100% renewable energy, McEwen Copper is setting a new industry standard. This move aligns perfectly with the global push towards decarbonization and could potentially enhance the project's appeal to environmentally conscious investors and stakeholders.
The partnership with YPF Luz for the development and financing of a high-voltage transmission line is a strategic masterstroke. It not only ensures a reliable power supply but also offloads the infrastructure costs from McEwen Copper. This could significantly improve the project's economic viability and accelerate its development timeline.
From an environmental perspective, this initiative could substantially reduce the carbon footprint of copper production at Los Azules, potentially making it one of the greenest copper mines globally. This could be a major selling point in a market increasingly focused on sustainably sourced materials.
The Los Azules project's commitment to 100% renewable energy is a game-changer for the mining sector. It addresses two critical industry challenges: energy security and environmental sustainability. By securing a dedicated power supply, McEwen Copper mitigates one of the biggest operational risks in remote mining projects.
The agreement with YPF Luz is particularly shrewd as it outsources the power infrastructure development, potentially reducing capital expenditure and project complexity for McEwen Copper. This could accelerate the project's path to production and enhance its overall financial attractiveness.
Moreover, the focus on renewable energy could position Los Azules as a premium copper supplier in a market increasingly demanding 'green' metals. This could potentially command better prices or secure preferential offtake agreements, boosting the project's long-term profitability.
This renewable energy agreement is a strategic financial move for McEwen Copper. By outsourcing the power infrastructure to YPF Luz, the company likely reduces its upfront capital expenditure and shifts some project risk. This could improve the project's financial metrics, potentially making it more attractive to investors and lenders.
The commitment to 100% renewable energy could also open doors to green financing options, which often come with more favorable terms. Additionally, it may attract ESG-focused investors, potentially expanding the company's investor base and improving its capital raising capabilities.
While the financial terms aren't disclosed, the long-term nature of renewable energy contracts often provides predictable energy costs, which can enhance the project's economic modeling and risk profile. This stability in a major operational cost could be viewed very favorably by the market.
TORONTO, Aug. 26, 2024 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce that its
YPF Luz and McEwen Copper have signed a Memorandum of Understanding (MOU) that allows the companies to negotiate the exclusive energy supply for the Los Azules project in the San Juan province using renewable energy sources. The agreement also includes connecting the project to the Argentine Interconnection System (SADI) via a high-voltage transmission line, the design, construction, and financing of which will be carried out by YPF Luz. The energy to be supplied will be sourced from YPF Luz’s renewable assets connected to SADI.
Michael Meding, VP of McEwen Copper and General Manager of the Los Azules project, stated: “Los Azules will play a critical role for Argentina and the world by significantly contributing to decarbonization. The geological potential of the project will position San Juan on the international map of resources for the energy transition, and in this context, YPF Luz is a strategic ally to help us achieve our goal of being
Martín Mandarano, CEO of YPF Luz, added: “We are happy to take this new step with McEwen Copper and contribute to enabling sustainable copper production, which is fundamental for the energy transition. This agreement demonstrates our commitment to providing comprehensive energy solutions tailored to the needs of each client, in this case with electrical works that allow the project to be powered by reliable and renewable energy.”
The MOU strengthens the alliance between the two companies, which began in early 2023 with an initial agreement to explore solutions for ensuring the power supply to Los Azules.
ABOUT YPF LUZ
YPF Luz (YPF Energía Eléctrica S.A.) is an Argentine company, a leader in power generation, operating since 2013. It currently has more than 15 assets in 7 provinces, with an installed capacity of 3.2 GW, from which it generates energy for the wholesale and industrial markets. It is building an additional 418 MW of solar and wind energy in projects located in the provinces of Córdoba, Mendoza, and Buenos Aires. YPF Luz’s mission is to generate profitable, efficient, and sustainable energy, optimizing natural resources for the production of thermal and renewable energy.
ABOUT MCEWEN COPPER
McEwen Copper is a well-funded, private company that owns
Los Azules is being designed to be distinctly different from a conventional copper mine by consuming significantly less water, emitting much lower carbon, progressing towards carbon neutral by 2038, and being powered by
Los Azules is one of the largest and most promising copper projects globally, with significant production potential that will position McEwen Copper as a leader in providing critical metals for the global energy transition. The project is being developed in partnership with strategic partners such as Stellantis, a global leader in vehicle manufacturing, and Nuton, a subsidiary of Rio Tinto specialized in advanced technologies for efficient and sustainable copper extraction.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico, and Argentina. McEwen Mining also owns a
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, effects of the COVID-19 pandemic, 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, 2023, 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.
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FAQ
What renewable energy agreement has McEwen Mining (MUX) secured for its Los Azules project?
How will the Los Azules project be connected to the Argentine power grid?
What is the significance of the Los Azules project for Argentina's energy transition?
When did the partnership between McEwen Copper and YPF Luz begin?
