Stellantis today announced a US$155 million investment
in the acquisition of a 14.2% stake in McEwen Copper, a subsidiary of Canadian mining company McEwen Mining, owner of the Los Azules project in Argentina and the Elder Creek project in Nevada. , USA
With this stake, Stellantis will be the second largest shareholder in McEwen Copper along with Rio Tinto, through its copper leach technology company, Nuton.
Los Azules expects to produce 100,000 tons of cathodic copper per year
with a purity of 99.9% starting in 2027 and the resources can ensure operation for at least 33 years.
“Stellantis intends to lead the industry with the commitment to be carbon neutral by 2038, a goal that requires innovation and a complete redefinition of the entire business,” said
Carlos Tavares
, Stellantis Global CEO.
"We are taking important steps in Argentina and Brazil, with the aim of decarbonizing mobility and ensuring the strategic supply of raw materials necessary for the success of the company's global electrification plans," added Tavares.
Carlos Tavares, CEO of Stellantis, at a press conference from Sao Paulo.
Copper is a strategic raw material for the future
of electric mobility and it is estimated that the global demand for the conductive metal will triple in the coming years.
By making this investment in one of the 10 largest international projects under development for this commodity, Stellantis will be able to supply part of the projected copper demand from 2027.
McEwen Copper Chief Executive Rob McEwen said: “Stellantis and McEwen are ideal partners for a large project like Los Azules.
Together, we share the vision of building a mine for the future based on regenerative principles and innovative technologies that can achieve net zero carbon emissions by 2038. We are committed to sustainably delivering copper to Argentina and the world, a product that contributes to electrification.
of transport and the protection of our atmosphere”.
This announcement reinforces the participation of South America in the implementation of the Dare Forward 2030 long-term strategic plan
, committed to cutting-edge freedom of mobility.
As part of the Dare Forward 2030 strategic plan, Stellantis plans to achieve 100% share of electric vehicles (BEV) in the passenger car sales mix in Europe and 50% in the passenger car and commercial vehicle sales mix. light BEVs in the United States by 2030. In Brazil, the approximate objective is to offer 20% of LEVs in the sales mix by the end of the decade.
The plan is supported by an ambitious decarbonization strategy consistent with science-based recommendations.
Through aggressive and clear targets, by 2030(1) the plan is to cut its carbon emissions footprint in half compared to 2021 metrics, putting the company on a path to achieving net zero carbon emissions by 2038 (2).
Stellantis is the product of the merger of the automobile companies Fiat Chrysler and Peugeot worldwide.
It controls the brands Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxh.
360 McEwen Copper McEwen Cooper owns a 100% interest in the Los Azules copper project in San Juan, Argentina, and the Elder Creek project in Nevada, USA.
Los Azules was ranked among the 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022).
Its current copper resources are estimated at 10.2 billion pounds grading 0.48% Cu (indicated grade) and an additional 19.3 billion pounds grading 0.33% Cu (inferred grade).