McEwen Mining Touts Copper Assets as Shares Languish

McEwen Mining made its case for recognizing the value of its copper assets at the Mining Forum Americas 2026. The company's management argued that investors are overlooking both the copper business and the gold and silver segment.

The Los Azules copper project in Argentina is a key part of McEwen Mining's strategy, which includes responsible mining practices such as solar power and closed-loop heap leaching. The project has strong margins at current metal prices, with a gross margin of about 75% on copper production and a C1 cash cost of $1.71 per pound.

The company believes that its copper-related interests are worth around $1.1 billion, including its 46.3% stake in McEwen Copper and a 1.25% net smelter royalty on Los Azules. Management also highlighted the potential for the gold and silver business to be worth about $2.2 billion by the end of 2028, based on projected production and asset-level free cash flow.

McEwen Mining's shares are trading at around $10,000 in enterprise value per gold equivalent ounce, below a peer average of $23,000. The company projects that its stock price could triple by the end of 2028 if gold and copper prices stay near current levels.