Business
TNR Gold NSR Royalty Update on McEwen Los Azules Copper, Gold & Silver Project - Rio Tinto's Nuton and Stellantis now Shareholders of McEwen Copper
Vancouver, British Columbia--(Newsfile Corp. - March 16, 2023) - TNR Gold Corp. (TSXV: TNR) (...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold NSR Royalty Update on McEwen Los Azules Copper, Gold & Silver Project - Rio Tinto's Nuton and Stellantis now Shareholders of McEwen CopperVancouver, British Columbia--(Newsfile Corp. - March 16, 2023) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that McEwen Mining Inc. (\"McEwen Mining\") provided an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty (\"NSR Royalty\") (of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules Copper Project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.The news release issued by McEwen Mining on March 14, 2023 through GlobeNewswire, stated:\"McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported fourth quarter and full year results for the period ended December 31, 2022.Commented Rob McEwen, Chairman and Chief Owner:'Our McEwen Copper subsidiary reached several milestones during 2022 and early 2023, including, building a seasoned Argentine management team, improving critical access to Los Azules with the completion of a second route to site, advancing technical studies, cementing our commitments to government and local stakeholders, and welcoming two strategic investors: Nuton (a Rio Tinto Venture and part of the world's 2nd largest mining company) and Stellantis, the world's 4th largest automobile manufacturer and mobility provider.'McEwen Copper (52% Interest)On August 31, 2022, McEwen Copper completed a US$81.9 million offering including a $25 million investment by Nuton, a Rio Tinto Venture.On October 24, 2022, McEwen Copper signed an option agreement with Kennecott Exploration Company (\"Kennecott\"), a subsidiary of Rio Tinto. By spending $18 million over up to seven years, Kennecott can earn a 60% interest in the Elder Creek property and form a 60:40 joint venture with McEwen Copper.Subsequent to December 31, 2022, we announced the closing of an ARS $30.0 billion investment by FCA Argentina S.A., a subsidiary of Stellantis N.V. (\"Stellantis\") to acquire shares of McEwen Copper and of a second investment of $30 million by Nuton that increases their investment to $55 million. The Stellantis transaction consisted of a private placement of 2,850,000 common shares, and the purch...