Stellantis, the world’s third-largest automotive group by sales, announced on Monday that it had invested $155 million to purchase a 14.2% minority stake in McEwen Copper, a subsidiary of Canada’s McEwen Mining, which owns the Los Azules copper mine in Argentina. The move is part of Stellantis’ global strategy to secure raw materials for its electric vehicle (EV) batteries.
With this investment, Stellantis becomes the second-largest shareholder in McEwen Copper, along with Rio Tinto. The Los Azules project is expected to produce 100,000 tons per year of cathode copper with 99.9% purity, a crucial component in EV batteries, starting in 2027.
Stellantis’ ambitious goal is to have 100% of its European passenger car sales and 50% of its U.S. passenger car and light-duty truck sales be battery electric vehicles by 2030. To achieve this, the company has been actively seeking to secure a stable supply of raw materials for its EV batteries.
In recent months, Stellantis has been striking deals to procure various raw materials for EV batteries. Last month, the company signed a nickel sulphate supply deal with Finland’s Terrafame, demonstrating its commitment to achieving its electrification goals.
This strategic move to secure a minority stake in McEwen Copper represents Stellantis’ continued efforts to ensure a reliable supply of critical raw materials, including copper, for its EV batteries. The company’s commitment to electrification and sustainability is clear, and its investments in raw materials procurement are critical steps towards achieving its goals.
