William Shaver retires as COO and director of McEwen

Rob McEwen, chairman of McEwen Inc., reiterated his long-term bullish stance on gold, citing monetary expansion, government debt, and central bank buying. He noted gold's production growth lags inflation and highlighted increased demand from entities like Tether. McEwen Inc. reported Q2 net income of $9.6M, revenue up 27% to $59.2M, and raised exploration spending. The company also updated production guidance and announced a $240M loan for its copper subsidiary.

McEwen Copper, 46.3% owned by McEwen, secured a $240m loan for its Los Azules copper project. The four-year loan, arranged with a lender syndicate, includes contributions from Sprott and McEwen. Funds will support engineering, early works, and corporate activities. The company aims for a final investment decision by mid-2027 and commercial production by 2030, subject to approvals and financing.

Argentina and Chile approved protocols to integrate three copper projects, unlocking $20.7B in investment. The projects, including Vicuña (Lundin Mining, BHP), NexoAndino, and Filo Sur, span the Andes. Chile's mining council highlights opportunities for suppliers and infrastructure. Argentina aims to boost copper production, with Morgan Stanley forecasting 1.2M tons annually by 2035, generating $26B in exports.

Chile and Argentina revived a 1997 treaty to integrate three copper projects, unlocking over $20.7B in investment. The Vicuña project, involving Lundin Mining and BHP, will share infrastructure. Argentina aims to boost copper production, with Morgan Stanley forecasting $44B in investments and 1.2M metric tons annually by 2035. McEwen Mining and Glencore are also involved in cross-border projects.

McEwen Copper, a subsidiary of McEwen Inc. (MUX), secured a $240M loan for its Los Azules copper project in Argentina. The financing advances the project toward a 2027 final investment decision and 2030 production target. McEwen Inc. operates gold and silver assets and expects long-term price growth for both metals. Analysts have Buy ratings with price targets ranging from $28 to $37.

McEwen Copper secured a $240M credit line for its Los Azules copper mine in Argentina. Funds will finance engineering, construction, and corporate needs. Lenders include Sprott, McEwen, and other investors. The loan has a 12% annual interest rate and warrants for McEwen Copper shares. Production is expected to start in 2030, pending approvals.