MILAN (Reuters) – Stellantis (BIT:) announces a $155 million investment in a project in Argentina, which will make a major contribution to the company’s plan to become net-zero carbon by 2038 and help the group meet demand for expected from 2027.
The firm will acquire a 14.2 percent equity stake in McEwen Copper, a subsidiary of Canadian mining company McEwen Mining, which owns the Los Azules project in Argentina and the Elder Creek project in Nevada, the United States, according to a statement.
With this stake, Stellantis will become the second largest shareholder in McEwen Copper, along with Rio Tinto (LON:).
Los Azules plans to produce 100,000 tons of cathode copper with a purity of 99.9% per year starting in 2027 and with a reserve capable of guaranteeing operation for at least 33 years, the release adds.
Cathode copper is a strategic raw material for the production of electric vehicle batteries.
(Giancarlo Navach, editing Stefano Bernabei)