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 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.
McEwen Mining reported its Q3 2022 results, highlighting a significant reduction in cash costs at the Fox Complex, now at $774 per GEO, the lowest since 2018. Despite a decrease in total production to 35,700 GEOs compared to 42,900 in Q3 2021, the company aims to enhance throughput and reduce costs further. The acquisition of a process plant is expected to lower capital costs for the Fenix project. However, the company reported a net loss of $10.5 million, largely due to investments in the Los Azules project. Production guidance for 2023 is set at 150,000 to 170,000 GEOs.
McEwen Mining Inc. (NYSE: MUX) will announce its Q3 2022 operating and financial results on November 4, 2022. A conference call is scheduled for November 7, 2022, at 11:00 am EST, where management will discuss these results along with project developments. Participants can engage in a Q&A session during the call. The webcast will be available for later viewing on the company's website.
McEwen Mining focuses on gold, silver, and copper production and exploration in the Americas, with operations in Nevada, Canada, and Argentina.
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has signed a binding term sheet with Kennecott Exploration Company (KEX), a subsidiary of Rio Tinto, to earn a 60% interest in the Elder Creek property in Nevada. KEX will invest US$18 million over seven years to achieve this stake, becoming the project's operator. Upon completion, a 60:40 joint venture will be formed between KEX and McEwen Copper. The Elder Creek project comprises 577 unpatented mining claims and is considered to have potential for porphyry copper mineralization.
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has successfully closed the third tranche of its private placement, raising a total of $81.85 million through the issuance of 8,185,000 common shares at US$10.00 each. The latest tranche included a significant $25 million investment from Rio Tinto's Nuton venture. With this funding, McEwen Copper is positioned to progress its Los Azules Project and conduct critical drilling and economic assessments in the coming months.
McEwen Mining reported Q2 results, achieving production of 36,100 GEOs at cash costs of $1,169 and AISC of $1,549 from 100%-owned mines. The Fox Complex produced 11,200 GEOs at cash costs of $985 and AISC of $1,290, while the Gold Bar Mine produced 5,100 GEOs with AISC rising to $2,108. The company incurred a net loss of $12.4 million primarily due to investments in the Los Azules copper project. Cash and equivalents stand at $47.8 million. A 1-for-10 reverse share split occurred on July 28, 2022.
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