The maker of Jeep SUVs, Ram pickup trucks and other vehicles on Monday said it has invested $155 million into a copper mining project in Argentina for critical electric-vehicle battery minerals.
Stellantis NV is acquiring a 14.2% equity stake in McEwen Copper, becoming its second largest shareholder behind mining corporation Rio Tinto's Nuton, a copper leaching technology venture. McEwen Copper is a subsidiary of Canada-based McEwen Mining, which owns Los Azules in Argentina and the Elder Creek project in Nevada.
Los Azules is one of the world's largest copper development deposits. It plans to produce 100,000 tons per year of cathode copper at 99.9% purity starting in 2027, supplying some of Stellantis' projected demand starting that year. The resources are projected to make the operation viable for at least 33 years.
