Rio Tinto Group is negotiating a potential investment in the Los Azules copper project in Argentina.
Project owner McEwen Copper seeks a total of $4 billion in financing for the development. The company aims to raise $600 million in equity from existing shareholders. An additional $600 million may come from a new equity investor such as Rio Tinto.
Surging global copper demand for the energy transition is driving the urgency for new large-scale mines. The Los Azules project could provide Argentina with billions of dollars in investment and a significant new source of export revenue.