RIO - McEwen Mining gets funding from Rio Tinto venture closes on Stellantis deal

McEwen Mining ( NYSE: MUX ) +5.3% pre-market Monday after saying it reached a binding agreement for an additional $30M investment by Rio Tinto ( RIO ) venture Nuton LLC.

The investment will consist of a private placement of 350K McEwen Copper common shares and the purchase of 1.25M common shares owned by McEwen Mining ( MUX ) in a secondary sale.

The miner said the proceeds of the private placement will be used to advance development of the Los Azules copper project in Argentina and for general corporate purposes.

McEwen ( MUX ) also said it closed on a separate $30B peso investment by automaker Stellantis , which also will be used on the development of the Los Azules copper project.

McEwen Mining ( MUX ) has been struggling in the past year due to declining revenue, rising losses and high production costs, Yani Hellebaut writes in an analysis published recently on Seeking Alpha .

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