Reimagining the Future of Mining: How McEwen (MUX) is Building for the Future.

Junior Resource Investing

Time Stamps Below

Substack: https://juniorresourceinvesting.substack.com/

Rob McEwen is of course one of the biggest names in mining. He has a record that combines success and pursuit of mining best practices in a way that is unique among his peers. McEwen Mining (MUX.TO) in effect is two different metal companies come together - a collection of smaller-but-producing gold mines and a huge, world-class, copper project at the PEA level.

The gold mines are theoretically meant to aid in funding the development of the Los Azules copper project to minimise dilution. However, it has recently not worked out that way. Cost overruns have eroded profit margins, and MUX is in the process of bringing them under control, as Rob discusses with me.

Gold mine production aside, the Los Azules project really needs no help standing on its own. World-leading tonnage - to the tune of over 10 billion pounds of indicated Cu, and nearly triple that (26.7 B lbs) in the inferred category. Extremely cheap cost-per-pound. Good jurisdiction. This one is an obvious winner.

But Los Azules is so much more than that. Rob has a vision for what the mining industry needs to be, and is working to realise it with Los Azules. Green energy power plants, electrified mining, carbon neutral, environmentally friendly extraction (and without toxic byproduct, low water usage, integrated community infrastructure projects, education initiatives, the list goes on. Rob is trying to create a model for an essential industry with a lot of baggage in some communities.

Rob joins me to discuss all this, his company, and offers thoughts and advice to listeners on how to navigate the difficult waters of resource exploration companies.

Time Stamps:

01:30: Rob’s Start in the Industry

03:50: What continues to draw you to this industry

05:40: Reflections on lessons learned from his career and discussions on current economic conditions

McEwen Mining Discussion

08:00: Discussion of cost overruns in MUX’s gold mines

13:00: How do you marry Los Azules and MUX’s producing gold mines?

18:30: How and Why does MUX plan to achieve its renewable and green energy goals?

21:10: His vision for Los Azules

26:30: How does mining improve its approach to local stakeholders?

28:45: Los: Azules, how do you manage exploration and development with such a large project?

31:00: When will Los Azule IPO? What are the factors?

35:00: What is Stellantis’ level of involvement in the project?

36:40: Advice from Rob on how to assess developers

41:10: What are dealbreakers for Rob?

44:15: What role does jurisdiction play for Rob?

48:15: Final thoughts from Rob

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