12:48 PM EST, 11/29/2024 (MT Newswires) -- McEwen Mining's ( MUX ) McEwen Copper unit is seeking to raise $2.5 billion from potential investors to move forward with construction of the Los Azules copper mine in Argentina, Reuters reported Thursday, citing an interview with Vice President Michael Meding.

The Los Azules project is due to obtain a key environmental permit in four to six weeks, Meding said, adding that the company has invested over $400 million to date in the project, which is expected to produce about 175,000 metric tons of copper per year.

The company is hoping to begin planning for construction by the end of 2025, according to the report.

Shares were 1.6% higher in recent Friday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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