Mining giant Rio Tinto is exploring the possibility of expanding its presence in the Los Azules project in Argentina. Through its technology division Nuton, the company currently owns a 17.2% stake in the project developer, Canada’s McEwen Copper. Two industry sources said Rio Tinto is assessing the economic potential of the deposit, which ranks among the world’s ten largest undeveloped copper projects.
The move to strengthen its position in Los Azules is driven by the global race for copper assets. Demand for the metal is rising rapidly due to data centers and the global transition to clean energy. After failed merger talks with Glencore, Rio Tinto is focusing on organic growth through stakes in promising undeveloped deposits.
Rio Tinto’s technical team is already testing Nuton’s patented heap leaching technology at the site. The technology makes it possible to recover copper from low-grade ore. At the same time, specialists are evaluating the overall economics of the future mine.
McEwen Copper CEO Michael Meding confirmed that the company is engaged in “productive discussions” with its existing partner. Nuton previously invested around $100 million for its stake. Another major shareholder is automaker Stellantis, which owns 18.3% of the company and has invested about $275 million as part of its strategy to secure raw materials for electric vehicle batteries.
According to the feasibility study published in October 2025, the project’s after-tax net present value is estimated at $2.9 billion. First production is expected by 2030, while average annual copper cathode output during the first five years is projected at around 204,800 tonnes. Initial capital expenditures for mine construction are estimated at approximately $4 billion. McEwen Copper also plans to launch an initial public offering worth around $300 million before the end of 2026.
For Rio Tinto, increasing its stake in Los Azules would strengthen its copper project portfolio at a time of limited new discoveries and fierce competition for high-quality mining assets.
Source: Reuters
Image: MiningWeekly
