McEwen Mining (NYSE:MUX) +5.3% pre-market Monday after saying it reached a binding settlement for an extra $30M funding by Rio Tinto (RIO) enterprise Nuton LLC.

The funding will include a non-public placement of 350K McEwen Copper widespread shares and the acquisition of 1.25M widespread shares owned by McEwen Mining (MUX) in a secondary sale.

The miner mentioned the proceeds of the personal placement will probably be used to advance improvement of the Los Azules copper venture in Argentina and for normal company functions.

McEwen (MUX) additionally mentioned it closed on a separate $30B peso funding by automaker Stellantis, which additionally will probably be used on the event of the Los Azules copper venture.

McEwen Mining (MUX) has been struggling previously yr attributable to declining income, rising losses and excessive manufacturing prices, Yani Hellebaut writes in an evaluation printed lately on Searching for Alpha.