McEwen Mining (NYSE: MUX; TSX: MUX) Executive Chair and Chief Owner Rob McEwen joins Kitco Mining’s Paul Harris at Future Minerals Forum 2026 in Riyadh as copper trades near $6 per pound.
McEwen says copper’s surge is being driven by excitement around future uses and a growing shortage of supply. He points to AI, electrification, energy infrastructure, long lead times, and the scarcity of major discoveries as structural forces reshaping the market, noting that for new copper projects, “it might take you 15 years” to move from discovery to production.
He highlights McEwen Copper’s Los Azules project in Argentina, where a feasibility study completed last fall showed an after-tax NPV of $2.94 billion at a $4.35 per pound copper price. With copper trading near $6 per pound, McEwen says the project’s economics strengthen significantly, adding, “at current prices, we’d have a gross margin in excess of 71%.” He outlines a mine life of more than 20 years with expansion potential, capital costs of about $3.2 billion plus working capital, and a timeline targeting construction in late 2026 or early 2027, with production around 2030.
McEwen also discusses financing pathways, including strategic partners, sovereign funds, equipment suppliers, and a potential public listing for McEwen Copper. He closes by explaining how copper, alongside gold and silver, positions the company to build long-term value as demand rises and supply remains constrained.
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00:26 – Copper Near $6 as Supply Tightens
01:09 – Geopolitics and Copper as a Critical Mineral
01:46 – Industry Restructuring and Copper M&A
02:54 – McEwen Copper’s Los Azules Project Economics
04:39 – Financing Strategy and IPO Options
06:47 – Gold, Silver, and Portfolio Strategy
08:57 – Copper Cycles, Supply Risks, and Sustainability
10:48 – AI, Data Centers, and Rising Copper Demand
14:53 – Outlook and McEwen’s Goals Ahead
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