Welcome to our dedicated page for McEwen Mining news (Ticker: MUX), a resource for investors and traders seeking the latest updates and insights on McEwen Mining stock.
McEwen Mining Inc. (symbol: MUX) is a mining and minerals production and exploration company with a focus on precious and base minerals in Argentina, Mexico, and the United States. The company's principal assets include a 49% interest in the San José mine in Santa Cruz, Argentina; the wholly-owned El Gallo 1 mine in Sinaloa, Mexico; the Gold Bar project in Nevada, U.S.; the Los Azules project in San Juan, Argentina; and a substantial portfolio of exploration properties across Argentina, Mexico, and Nevada.
McEwen Mining aims to qualify for inclusion in the S&P 500 by becoming a high-growth gold producer in the Americas. The company's revenue primarily stems from the production of gold and silver, with more than half of its gold output produced by the El Gallo 1 mine, while the San José mine contributes significantly to both gold and silver production.
As of August 7, 2014, McEwen Mining had 297,417,091 shares issued and outstanding. Rob McEwen, the Chairman, President, and Chief Owner, holds 25% of the shares, assuming all outstanding exchangeable shares are converted. On June 30, 2014, the company held cash and liquid assets worth approximately US$16.6 million.
The company has recently shown notable progress, including a net income of $1.15 per share for 2023, compared to a net loss of $1.71 per share in 2022. McEwen Mining's latest exploration initiatives at the San José mine cover the El Retiro and Liv Este targets adjacent to Newmont’s Cerro Negro mine. Further development includes ongoing geophysics and trenching, with future plans for drilling in these areas.
Noteworthy updates include technical advancements and detailed drilling results for the Los Azules project, aimed at expanding the deposit's potential. The company's strategic vision and continuous exploration efforts underline its commitment to achieving significant growth and establishing itself among leading gold producers.
McEwen Mining reported its Q1 2021 results, producing 23,300 gold ounces and 493,200 silver ounces, totaling 30,600 gold equivalent ounces. The company had $52.5 million in cash and liquid assets and net proceeds of $42 million from financings. A net loss of $12.5 million was reported, improved from $99.2 million in Q1 2020. Exploration investments totaled $6.8 million, with production expected to increase by 20-40% in 2021. Key developments include the completion of the first development horizon at the Froome deposit and an upcoming Preliminary Economic Assessment.
McEwen Mining Inc. (NYSE: MUX) announces a conference call on May 10, 2021, at 11:00 am EDT to discuss its Q1 2021 financial results and project updates. Participants can join the call via a provided registration link and the event will be archived on their website. McEwen Mining operates mines in the Americas and holds a copper deposit in Argentina. The company cautions that forward-looking statements in the release are subject to various risks and uncertainties, which may cause actual results to differ.
McEwen Mining (NYSE: MUX) reported consolidated production of 23,300 gold ounces and 493,200 silver ounces for Q1 2021, totaling 30,600 gold equivalent ounces (GEOs), down from 35,100 GEOs in Q1 2020. The company anticipates a production increase of 20-40% over the current year compared to 2020. Key operations include Black Fox with 5,200 GEOs, San José with 16,700 GEOs, Gold Bar at 7,400 GEOs, and El Gallo at 1,300 GEOs. Exploration budgets for 2021 are set at $9 million, $10 million, $5 million, and operations at El Gallo are under a new agreement.
McEwen Mining (NYSE: MUX) has announced two significant senior management appointments: Stephen McGibbon as Executive Vice President of Exploration and Ruben Wallin as Vice President of Environment, Health, Safety & Sustainability. Both individuals have proven track records in the mining industry, with McGibbon previously contributing to Goldcorp’s success at the Red Lake mine and revitalizing the Hardrock Project. Wallin brings over 30 years of global experience in environmental and sustainability practices, having worked with major mining operations in Canada and internationally.
McEwen Mining (NYSE: MUX) announced the restoration of activities at its El Gallo Project in Mexico after resolving community concerns. A new 10-year agreement has been established, ensuring enhanced support for local communities and increased operational stability. This development is expected to contribute positively to the long-term viability of the El Gallo operation, benefitting both the company and the surrounding communities.
McEwen Mining (NYSE: MUX) has temporarily suspended operations at its El Gallo Project in Mexico due to an illegal blockade by local community members, who are demanding increased payments and infrastructure improvements. The company has maintained a good relationship with the local communities since mining began in 2012. Minimal staff remains on-site to secure the area and environmental systems as negotiations for a peaceful resolution continue. El Gallo is expected to contribute 3-4% to the company’s gold equivalent production in 2021.
McEwen Mining Inc. (NYSE: MUX) announced its fourth quarter and full year results for 2020, highlighting a consolidated net loss of $152.3 million, or $0.38 per share. The company removed the 'Going Concern Note' from its financials and released feasibility studies projecting an extension of its Mexican operations by 9.5 years. With a liquid asset total of $49 million, McEwen anticipates 2021 gold equivalent production between 141,000 and 160,400 GEOs, a 23% to 40% increase from 2020. Key developments include advancement at the Froome deposit and a potential spin-off of silver and copper assets to capitalize on rising market demand.
McEwen Mining has filed an updated technical report for the Gold Bar Mine, prepared per NI 43-101 standards. The Feasibility Study (FS) estimates a discounted after-tax NPV of $55.2 million at a $1,500/oz gold price, with production projected at 302,000 oz over a 6-year mine life. While reserves decreased by 16% from 430,000 oz to 302,000 oz due to more accurate geological modeling, the updated resource estimates reflect significant drilling efforts totaling 110,500 feet. The FS indicates average annual cash flow of $14.4 million, highlighting the project's potential profitability.
McEwen Mining (NYSE: MUX) has filed a technical report for its Fenix Project, located in Sinaloa, Mexico, in accordance with NI 43-101 standards. The report reveals a 9.5-year mine life, with an attractive after-tax IRR of 28% at $1,500/oz gold, scaling up to 51% at $1,800/oz. The project plans to produce an average of 26,000 oz of gold annually in Phase 1 and 4.5 million oz of silver equivalent in Phase 2. Permits for Phase 1 are secured, and detailed engineering and financing evaluations are underway. The project proposes innovative tailings management methods to enhance safety and lower costs.
McEwen Mining (MUX) announces its involvement with the XPRIZE Foundation's $100 million Carbon Removal challenge, funded by Elon Musk. This initiative aims to combat climate change by encouraging innovative ideas to reduce CO2 emissions. Rob McEwen, Chairman of McEwen Mining and XPRIZE board member, encourages global participation in this competition.
McEwen Mining operates in the Americas, focusing on gold, silver, and copper production. The company emphasizes environmental responsibility and innovation in mining.
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