McEwen Copper closes $240 million term loan at 12% interest for Los Azules project
McEwen Inc.'s 46.3%-owned subsidiary, McEwen Copper, closed a $240 million senior secured four-year term loan on August 27, 2026, to fund engineering and early works at the Los Azules copper project and for general corporate purposes. The loan bears 12.0% annual interest, and lenders also received 5-year warrants exercisable at $40 per share, which could dilute holders of McEwen Copper shares. A final investment decision and full project financing are expected in mid-2027.
Key points
- Lenders include Sprott Natural Resource Investment Partners ($112 million), Rob McEwen, Chairman and Chief Owner ($85 million), and other lenders ($43 million).
- Interest is 12.0% per annum, payable monthly; prepayment in full or part carries a fee of 5% of remaining principal.
- Lenders received 15,000 5-year McEwen Copper warrants for each $1 million of principal, with an exercise price of $40 per share.
- Final investment decision and full project financing are expected in mid-2027; commercial copper cathode production is targeted for 2030.
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 01, 2026.
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