MUX:CC - McEwen Mining Inc.'s (NYSE: MUX) (TSX: MUX) Commitment to Electrifying Transport Receives Boost Following Subsidiary's Closure of ARS $30 Billion Investment by Automotive Multinational Stellantis
- McEwen Mining is an asset-rich diversified gold and silver producer in North and South America and has a large exposure to copper through its subsidiary, McEwen Copper
- McEwen Copper recently closed an investment by FCA Argentina S.A., a subsidiary of multinational automotive juggernaut Stellantis
- Valued at about USD 152.149 million, at the current official exchange rate of 0.0051 ARS/USD, the investment will help McEwen Copper advance the development of its 100% owned Los Azules copper project in Argentina
- McEwen Copper hopes to electrify and decarbonize mobility by quenching the growing demand for copper within the electric vehicle industry; thus, earning the attention of and investment by an automotive company may go a long way in making this a reality
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX) (TSX: MUX), recently closed an ARS 30 billion (approximately USD 152.15 million at the prevailing 0.0051 ARS/USD official exchange rate) investment by FCA Argentina S.A., a subsidiary of Stellantis N.V. (NYSE: STLA). Stellantis is a renowned multinational automotive corporation and owner of such iconic brands as Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, Jeep, Fiat, Maserati, Peugeot, and more (https://ibn.fm/h6SsQ).
The investment was closed on February 24, 2023, in a two-part transaction that consisted of a private placement of 2,850,000 common shares of McEwen Copper and the purchase of 1,250,000 common shares of...
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