IFC Partners with McEwen Copper to Advance Sustainable Los Azules Project

The project has already secured Environmental Impact Declaration (EIA) approval from authorities and is advancing its feasibility study, expected to be completed by October 2025.

The International Finance Corporation (IFC), a member of the World Bank Group, has entered into a collaboration agreement with McEwen Copper Inc., a subsidiary of McEwen Inc. (NYSE: MUX) (TSX: MUX), to align the Los Azules copper project in Argentina with IFC’s rigorous environmental, social, and governance (ESG) standards. This milestone paves the way for potential future debt and equity financing, strengthening McEwen Copper’s long-term strategy to bring one of the world’s largest undeveloped copper deposits into production.

Los Azules: A World-Class Copper Resource

Located in San Juan province, Argentina, Los Azules is considered a tier-one copper asset with significant global importance. As copper demand surges worldwide—driven by renewable energy technologies, electric vehicles, and infrastructure development—the project positions Argentina as a potential leader in sustainable copper production.

The project has already secured Environmental Impact Declaration (EIA) approval from authorities and is advancing its feasibility study, expected to be completed by October 2025. In parallel, McEwen Copper has applied for benefits under Argentina’s Large Investment Incentive Regime (RIGI), which aims to attract foreign investment to large-scale strategic projects.

Pending the completion of final engineering studies and financing, construction at Los Azules could begin in the coming years, marking a transformative development for Argentina’s mining sector and San Juan’s regional economy.

Embedding IFC’s ESG Standards

The IFC-McEwen collaboration focuses on embedding IFC’s Performance Standards on Environmental and Social Sustainability into every stage of Los Azules’ design, development, and future operations. This includes:

• Minimizing environmental impacts, particularly reducing carbon emissions.

• Ensuring responsible water and land use in sensitive ecosystems.

• Creating benefits for local communities through jobs, infrastructure, and social investment.

• Promoting transparency and best governance practices to attract global investors.

The ESG framework aims to de-risk the project, making it more attractive to international financiers while setting new benchmarks for responsible mining in Argentina.

Strategic Impact for Argentina

Mining is increasingly seen as a growth engine for Argentina’s economy, particularly amid rising global demand for critical minerals like copper. By collaborating with IFC, Los Azules stands to benefit from enhanced credibility in the eyes of international investors, while Argentina gains from the project’s contributions to:

• Economic growth through foreign exchange revenues.

• Job creation in San Juan and nationwide.

• Strengthened infrastructure and supply chains linked to mining activities.

Manuela Adl, IFC’s Senior Country Manager for Argentina, underscored the project’s wider impact:

“Through this project, IFC seeks to encourage greater investment in Argentina’s mining sector and support its sustainable development. The World Bank Group is committed to helping Argentina unlock its mining potential in a way that maximizes benefits for the country, creates jobs, and drives local economic development.”

Industry Leaders Weigh In

For McEwen Copper, the collaboration is both a validation of its sustainability vision and a major step toward securing financing for project execution.

“This IFC collaboration is a game-changer for Los Azules—it will help us align with top-tier sustainability standards while paving the way for IFC as a potential lead lender and equity partner, driving value for shareholders and Argentina alike,” said Rob McEwen, Chairman and Chief Owner of McEwen Inc.

Michael Meding, Vice President and General Manager of McEwen Copper, highlighted the operational significance:

“We’re excited to collaborate with IFC experts to embed IFC’s Performance Standards into our design and operations. This proactive ESG integration, paired with a solid financing framework, bolsters Los Azules’ path to success and elevates its appeal to global investors.”

A Pathway to Sustainable Mining Leadership

The Los Azules project represents more than a mining opportunity—it is a blueprint for sustainable resource development in Argentina. By integrating IFC’s global expertise in ESG compliance and sustainability, the project could serve as a model for other mining ventures in Latin America.

If successful, Los Azules will not only supply the world with a critical resource essential for the energy transition but also demonstrate how mining, sustainability, and community development can align to deliver long-term value.