Mining giant Rio Tinto is studying whether to expand its ownership in a massive copper development in Argentina, according to two industry insiders familiar with the situation.
The company currently holds a 17.2% interest in the Los Azules copper project through its technology division Nuton LLC, and is now examining the financial prospects of potentially acquiring a larger portion of the venture owned by McEwen Copper.
Los Azules ranks among the globe’s ten biggest undeveloped copper deposits, making it an attractive target as mining companies race to secure copper resources needed for expanding data centers and the worldwide shift toward renewable energy.
Following failed merger discussions with Glencore, Rio Tinto has shifted its strategy toward expanding through investments in promising undeveloped mineral sites. The company’s technical experts are currently assessing Los Azules’ economic viability while simultaneously testing Nuton’s specialized extraction technology at the location, the knowledgeable sources revealed.
When contacted for comment, Rio Tinto representatives chose not to respond.
Michael Meding, who serves as managing director for Canadian mining company McEwen Copper, confirmed ongoing discussions during a Thursday interview. “We are obviously discussing with our existing partner Nuton because their technology makes so much sense,” Meding stated.
“Now that Rio Tinto is building their copper pipeline, they basically have a mandate to add copper for their production profile. So we are having fruitful conversations,” he added.
Obtaining a greater ownership position in Los Azules would strengthen Rio Tinto’s copper development portfolio during a period when new mineral discoveries remain limited and competition for high-quality mining assets has intensified.
According to McEwen’s February investor materials, Nuton invested approximately $100 million to acquire its current stake in McEwen Copper, which operates as a subsidiary of McEwen Mining.
A comprehensive feasibility analysis published in October 2025 projects an after-tax net present value of $2.9 billion for the project, with mining operations expected to begin by 2030. The study forecasts average annual production of roughly 204,800 metric tons of copper cathode during the initial five-year period.
Beyond Nuton’s involvement, automotive manufacturer Stellantis maintains an 18.3% ownership stake in McEwen Copper, having contributed around $275 million as part of its global strategy to secure essential materials for electric vehicle battery production.
McEwen Copper is currently pursuing approximately $4 billion in startup funding to construct the mining facility. Company officials previously announced plans for a public stock offering worth about $300 million scheduled for later this year.
