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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 Copper Inc., a 52%-owned subsidiary of McEwen Mining (NYSE: MUX), announced significant drilling results from the Los Azules Project in Argentina. Highlights include:
- 0.50% Cu over 502 m, including 0.87% Cu over 172 m (AZ22181).
- 1.00% Cu over 282 m, including 1.40% Cu over 172 m (AZ22186).
- 0.66% Cu over 500 m, including 0.92% Cu over 276 m (AZ22184A).
The ongoing drilling program aims to upgrade resource classifications and provide data for a feasibility study by late 2024. McEwen Copper is utilizing 13 drills with local supplier engagement to enhance operational efficiency.
McEwen Mining (NYSE: MUX) reported its Q4 and full year results for 2022, marking a transition year with a 22% increase in gold production at the Fox Complex. The company incurred a consolidated net loss of $81.1 million, primarily due to investment in advanced projects. McEwen Copper secured investments from Stellantis and Nuton, raising its valuation to approximately $550 million. For 2023, production guidance is set at 150,000 to 170,000 GEOs. The Fox Complex's production efficiency improved, while Gold Bar faced a production decrease of 39% due to ore challenges. The company plans aggressive exploration to enhance production and reduce costs.
McEwen Mining Inc. (NYSE: MUX) has scheduled a conference call to discuss its Q4 and year-end 2022 financial results on March 14, 2023, at 11:00 AM EST. Participants can ask questions during the live event, which will cover financial outcomes and project developments. An archived replay will be accessible shortly after the event. McEwen Mining is a producer of gold and silver with operations in Nevada, Canada, Mexico, and Argentina, and holds about 52% of McEwen Copper. The company aims to enhance its asset productivity to boost share value, backed by significant personal investments from its Chairman.
McEwen Copper, 52%-owned by McEwen Mining (NYSE: MUX), announced promising copper exploration results from its Los Azules Project in Argentina. Drill hole AZ22174 showed a significant 1,052 meters of 0.29% Cu, including 480 meters averaging 0.42% Cu. Additional results from hole AZ23191 highlighted 236 meters of 1.39% Cu and 0.19 g/t Au, with 42 meters at 2.78% Cu. Over 25,000 meters of drilling is planned for 2023, aimed at upgrading resource classifications for a 2024 Feasibility Study. The positive assay results bolster the project's potential, demonstrating continuity in mineralization and de-risking geological models.
On February 27, 2023, McEwen Copper Inc., part of McEwen Mining (MUX), announced a binding agreement for a US$30 million investment from Nuton LLC, a venture of Rio Tinto. This investment includes a private placement of 350,000 shares and a secondary sale of 1,250,000 shares, with proceeds allocated to the Los Azules copper project in Argentina. Following the transaction, Nuton will own 14.2% of McEwen Copper, valuing the company at US$550 million. The agreement enhances collaboration on new technologies for sustainable copper production, contributing to the electrification of transport.
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has completed a significant ARS $30 billion investment from Stellantis, one of the world's major automakers, aimed at advancing the Los Azules copper project in Argentina. The investment includes a private placement of 2,850,000 common shares and a secondary sale of 1,250,000 common shares. Post-investment, Stellantis holds 14.2% of McEwen Copper, which is valued at approximately US$550 million. This partnership supports both companies' vision for sustainable mining practices, focusing on net-zero carbon emissions by 2038.
McEwen Copper, 68% owned by McEwen Mining (NYSE: MUX), announced significant copper drill intercepts at its Los Azules project, indicating strong growth potential. Key highlights include:
- 237.2 m of 1.05% Cu, with 108 m at 1.71% Cu in hole AZ22173.
- 373.9 m of 0.76% Cu, including 96 m of 1.13% Cu in hole AZ22176.
The ongoing drill program aims to enhance resource classification and explore deeper extensions of the deposit. With 11,900 m already drilled, the project supports Argentina’s role in critical metals production for global electrification.
McEwen Mining Inc. reported an increase in production and a decrease in costs per ounce for October and November 2022. They forecast production of approximately 135,700 gold equivalent ounces (GEOs) for the full year 2022, with guidance for 2023 set between 150,000 to 170,000 GEOs. Cash costs are expected to decrease to $1,200 per ounce, alongside a reduction in all-in sustaining costs to $1,500 per ounce. Key operations include Gold Bar, Fox Complex, and San José Mine, with improvements projected due to better mining strategies and exploration efforts.
McEwen Mining (NYSE: MUX) announced promising exploration results from its Stock property, indicating potential for resource expansion. Recent drill results from area 1 showed high-grade gold with 264.5 g/t Au over 2.4 m uncapped and 12.6 g/t Au capped. The discovery of multiple intercepts in shallow and deeper areas near existing mine workings suggests the possibility of further mineralization. The Stock property, historically a gold producer, currently holds 265,000 ounces of indicated and 119,000 ounces of inferred gold resources, all within 500 meters of surface.
McEwen Mining Inc. (NYSE: MUX) announced significant findings from its Grey Fox exploration program, revealing four new gold veins in sedimentary rocks. These veins show promising gold grades, including near-surface intersections of 13.1 g/t Au over 7.3 m and deeper intercepts of 29.1 g/t Au over 1.8 m. This discovery indicates a potential for significant resource additions to Grey Fox, which currently houses 1.2 million ounces of indicated gold resources. The geological characteristics and historical data suggest the site's strong viability for future mining operations.
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