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 (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.
McEwen Mining (MUX) has successfully closed a registered direct offering of common shares, generating US$31.5 million in gross proceeds. This financing, despite being below perceived value, is crucial for funding the Froome deposit into production and strengthening the company's balance sheet. The offering received over US$120 million in demand, indicating investor confidence. McEwen Mining operates in the Americas and is focused on gold and silver production.
McEwen Mining (MUX) announced an oversubscribed registered direct offering of 30,000,000 shares at $1.05 each, aimed at financing the Froome deposit's production and strengthening its balance sheet. This funding is critical for the Fox Complex's growth, projected to enhance gold production while reducing costs. The offering is set to close on February 9, 2021, following necessary approvals. The shares are offered under an effective shelf registration statement with the SEC, ensuring compliance and transparency in the process.
McEwen Mining Inc. (MUX) provided a 2021 update highlighting significant operational progress across its projects. The Fox Complex, with 3 million ounces of gold resources, aims to boost production from 30-40,000 oz to 100-150,000 oz annually. The Black Fox Mine's Froome deposit is ahead of schedule for commercial production by Q4 2021. Financing closing of $12.7 million will support development activities. Additionally, the San José mine resumed operations, while preliminary assessments at the Gold Bar Mine noted a 16% reserve reduction.
McEwen Mining (NYSE: MUX) reported a strong production rebound in Q3 2020, with a total of 23,100 gold ounces and 575,000 silver ounces, equating to 30,400 gold equivalent ounces (GEOs). This growth followed the restart of operations after COVID-19 related shutdowns. Key developments include progress at the Black Fox mine, producing 5,800 GEOs, and advancements on the Froome development, aiming for commercial production by Q4 2021. The company also initiated a Preliminary Economic Assessment for further growth in the Fox Complex, projecting significant future production increases.
McEwen Mining (NYSE: MUX) announced the appointment of Anna Ladd-Kruger as Chief Financial Officer effective immediately. Anna brings over 20 years of mining industry experience, having previously served as CFO at Excellon Resources and Trevali Mining. Her leadership was pivotal in financial transformations and successful acquisitions. She has raised over $1 billion in debt and equity and holds a CPA designation along with advanced degrees. Rob McEwen, Chairman, expressed confidence in her ability to lead the finance team amidst industry challenges.
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