Energy Efficiency, GHG Emissions, Industrial - February 28, 2023
Stellantis Invests in Copper Project to Advance Net Zero Goals
Stellantis announced a $155 million investment in a project located in Argentina, which will make a major contribution to the company’s plan to become carbon net zero by 2038.
The company is acquiring a 14.2% 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, U.S.
With this stake, Stellantis will become McEwen Copper’s second-largest shareholder, along with Rio Tinto, through its copper leaching technology venture, Nuton. Los Azules plans to produce 100,000 tons per year of cathode copper at 99.9% purity starting in 2027 and the resources can secure the operation for at least 33 years.
“Stellantis intends to lead the industry with the commitment to be carbon net zero by 2038 – a goal that requires innovation and a complete redefinition of the entire business,” said Carlos Tavares, Stellantis CEO in a statement. “We are taking important steps in Argentina and Brazil, with the aim of decarbonizing mobility and ensuring strategic supplies of raw materials necessary for the success of the Company’s global electrification plans.”
Copper is a strategic raw material for the future of electric mobility. Stellantis will be able to supply some of the projected copper demand starting in 2027.
The announcement reinforces South America’s participation in the implementation of the Dare Forward 2030 long-term strategic plan. As part of the Dare Forward 2030 strategic plan, Stellantis expects to achieve a 100% passenger car battery electric vehicle (BEV) sales mix in Europe and a 50% passenger car and light-duty truck BEV sales mix in the U.S. by 2030. In Brazil, it is targeting approximately 20% low emission vehicle (LEV) sales mix by the end of the decade.