LosAzules Gaps (IFC-609772)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Argentina
Geographic location where the impacts of the investment may be experienced.
Specific Location
San Juan province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Andes Corporacion Minera SA, McEwen Copper Inc, McEwen Inc, Nuton LLC, RIO TINTO PLC, Stellantis NV
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Mining
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 10, 2026

Disclosed by Bank Oct 27, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated on the project disclosure page, the IFC entered into a collaboration agreement with McEwen Copper Inc., and Andes Corporacion Minera S.A. (ACMSA) whereby IFC will collaborate with McEwen Copper Inc. and ACMSA to enhance the standard of the Regulatory Local Environmental Impact Assessment of the Los Azules project (as further described below) and guidance on preparing an Environmental and Social Impact Assessment (ESIA) for the Los Azules project aligned with the IFC Performance Standards.

The Los Azules project is a feasibility stage copper project located in the San Juan province, Argentina, aiming to produce high-purity copper cathodes. It is regarded as one of the largest undeveloped copper projects globally. Once in operation, the Project aims to differ from conventional copper mining projects by using less water, emitting lower carbon, and being 100% powered by renewable energy.

McEwen Copper Inc. aims to create one of the first major copper projects to be designed around regenerative principles from the ground up by employing modern low-emission technologies, renewables energy and prioritizing solutions that enhance the environment and communities. McEwen Copper Inc. is a private mining company primarily engaged in the development of the Project and the Elder Creek exploration project in Nevada, USA. McEwen Copper Inc.’s interest in the Project is held through ACMSA, a wholly owned subsidiary, which owns 100% of the Project’s development rights and associated holding and mineral concessions and easements.

The environmental and social scope of work for the Collaboration Project includes:
 
(i) an E&S site visit and a high-level E&S risk screening of the Project by the IFC E&S team aiming to better understand the mining Project's potential environmental, health, safety and social impacts on the natural environment and surrounding communities;
(ii) the assessment of McEwen Copper Inc.’s plans and strategies to properly derisk the Project and determine if there are any gaps with respect to IFC requirements, E&S actions and conditions for investment;
(iii) development of an implementation plan by providing an initial set of E&S suggestions to reduce uncertainties around the main E&S risks of the Project, ensuring adequate prioritization of actions;
(iv) preparation of terms of reference and support in the identification and selection process of a consultancy firm to prepare a bankable ESIA;
(v) support during baseline data collection and intermediary review of impact studies and mitigation plans. IFC’s role in the Collaboration Project explicitly excludes the preparation of the IFC-compliant Environmental, Social, Impact Assessment report and/or any other Environmental and Social documentation.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Information on the investment amount not provided at the time of disclosure.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, McEwen Inc. is a mineral mining company. The Company focuses on the production, development, and exploration of gold and silver assets. McEwen operates in North America and South America.

As stated on the company's website, Nuton, a Rio Tinto venture, is deploying nature-based bioleach technologies set to unlock copper resources.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Stellantis NV Investor Industry and Trade
McEwen Inc. Parent Company Mining owns Andes Corporacion Minera SA Client Mining
Rio Tinto PLC Parent Company Mining owns Nuton LLC Investor Mining

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts provided at the time of disclosure.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works