Market Chatter: McEwen Mining Mulls Sale of Los Azules Project; Shares Rise 7%

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Bloomberg is reporting that Rob McEwen, founder of Goldcorp ( GG ) said his McEwen Mining Inc. ( MUX ) may sell the Los Azules copper project and use the proceeds to help finance its plan to become one of the world's biggest gold producers.

Selling Los Azules would free up cash for McEwen Mining's precious-metals exploration projects in Argentina, Mexico and the U.S. as producers find it difficult to raise funds.

MUX shares are up 7.4% to $3.79, amid a 52-week range of $1.96 - $6.17. GG shares are up 0.2% to $41.24.

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This article appears in: Investing , Commodities
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