Stellantis today announced a $155 million investment to acquire a 14.2% stake in McEwen Copper, a subsidiary of Canadian mining company McEwen Mining, which owns the Los Azules project in Argentina and the Elder Creek project in Nevada. , USA
With this stake, Stellantis will be the second largest shareholder in McEwen Copper alongside Rio Tinto, through its copper leaching technology company, Nuton. Los Azules plans to produce 100,000 tons of cathode copper annually with a purity of 99.9% starting in 2027, and the resources can guarantee operation for at least 33 years.
“Stellantis intends to lead the industry with a commitment to be carbon neutral by 2038, a goal that requires innovation and a complete redefinition of the entire business,” said Carlos Tavares, CEO of Stellantis Global. “We are taking important steps in Argentina and Brazil, with the aim of decarbonising mobility and ensuring the strategic sourcing of the raw materials necessary for the success of the company’s global electrification plans,” added Tavares.
Copper is a strategic raw material for the future of electric mobility and global demand for the conductive metal is estimated to triple in the coming years. By making this investment in one of the 10 largest international projects under development for this commodity, Stellantis will be able to supply part of the expected copper demand from 2027.
McEwen Copper Chief Executive Rob McEwen said, “Stellantis and McEwen are ideal partners for a large project like Los Azules. Together, we share the vision of building a mine for the future based on regenerative principles and innovative technologies capable of achieving net zero carbon emissions by 2038. We are committed to supplying copper sustainably to Argentina and the world, a product that contributes to electrification. of transport and the protection of our atmosphere”.
This announcement reinforces South America’s participation in the implementation of the long-term Dare Forward 2030 strategic plan, committed to cutting-edge mobility freedom.
As part of the Dare Forward 2030 strategic plan, Stellantis plans to achieve 100% electric vehicle (BEV) share in the passenger car sales mix in Europe and 50% in the passenger car and commercial vehicle sales mix. by 2030. In Brazil, the rough goal is to offer 20% LEV in the sales mix by the end of the decade. The plan is supported by an ambitious decarbonisation strategy consistent with scientific recommendations.
Through aggressive and clear targets, by 2030(1) the plan plans to halve its carbon footprint compared to 2021 metrics, putting the company on track to achieve net-zero carbon emissions by 2038(2).
Stellantis is the product of the merger of the worldwide automakers Fiat Chrysler and Peugeot. Check out the brands Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxh.
360 McEwen Copper McEwen Cooper owns a 100% interest in the Los Azules copper project in San Juan, Argentina and the Elder Creek project in Nevada, USA.
Los Azules was ranked among the 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). Its current copper resources are estimated at 10.2 billion lbs with a 0.48% Cu rating (indicated grade) and an additional 19.3 billion lbs at a 0.33% Cu rating (inferred grade).
Source: Clarin
