Stellantis invests in copper production in Argentina

By Redação AutoIndústria |2/27/23 | Translated by Jorge Meditsch

Stellantis strengthens its commitment to become carbon-neutral up to 2038, announcing a US$ 155 million investment to buy 14.2% of McEwen Mining Argentina, a subsidiary of the Canadian company McEwen Mining, which owns the projects Los Azules, in Argentina, and Elder Creek, in the state of Nevada, United States.

With this investment, the global automotive giant becomes the second largest shareholder of the company located in Argentina together with Rio Tinto through Nutton, its copper leaching technology joint venture. Los Azules plans to produce 100 thousand tons of 99.9% pure cathode copper a year from 2027. The reserves can grant the operation for at least 33 years.

“Stellantis intends to lead the industry with the commitment to be carbon-neutral by 2038 – a goal that demands innovation and a full redefinition of the whole business”, said Carlos Tavares, Stellantis’ CEO. “We are taking important steps in Argentina and Brazil to decarbonize mobility and assure strategic supplies of raw materials needed for the company’s electrification plans’ success”.

A strategic raw material for electric vehicle production, copper demand should triple in the next few years.

“Stellantis and McEwen are the ideal partners for a great project as Los Azules”, said Rob McEwen, McEwen Copper’s chief executive. “Together, we share the vision to build a mine for the future based on regenerative principles and innovative technologies that can enable zero-carbon net emissions by 2038. We are committed to delivering sustainably to Argentina and the world a product contributing to transport electrification and protecting our atmosphere.