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 Inc. (NYSE: MUX) has announced a 1-for-10 reverse stock split effective July 26, 2022. This decision was approved by shareholders during the annual meeting on July 7, 2022. The reverse split will reduce the outstanding shares from approximately 474 million to 47 million. Additionally, shareholders authorized a reduction in the total shares available for issuance from 675 million to 200 million. Mr. Ian Ball was elected to the Board of Directors, enhancing the company's leadership in the mining sector.
McEwen Copper Inc. has announced the latest drilling results from its Los Azules copper project in Argentina. The recent drilling program has shown promising copper mineralization with highlights including 330.0 m of 0.83% Cu in hole AZ22146 and 298.0 m of 0.55% Cu in hole AZ22149. This 59,000-meter drilling effort aims to upgrade Inferred resources to Indicated and assess high-value exploration targets. The construction of new lower-altitude road access has also improved year-round accessibility to the site, enhancing operational efficiency.
McEwen Copper Inc., a subsidiary of McEwen Mining (MUX), has closed the second tranche of its private placement offering, raising $15 million. This offering, which includes a $10 million investment from the Victor Smorgon Group and $5 million from other investors, brings total gross proceeds to $55 million. The funds will support the updated preliminary economic assessment and upcoming drilling season, as well as a planned IPO in the first half of 2023. The offering remains open until July 6, 2022.
McEwen Mining Inc. (NYSE: MUX) reported its Q1 2022 results, producing 25,100 gold equivalent ounces (GEOs), down from 30,600 GEOs in Q1 2021. Average cash costs were $1,696 per GEO, below guidance. The company incurred a net loss of $19.3 million for the quarter. Fox Complex saw improved production while Gold Bar faced operational challenges due to labor turnover and equipment issues. The company is focusing on exploration and the Los Azules project while managing costs and addressing operational efficiencies.
McEwen Mining (NYSE: MUX) announces senior management changes as Anna Ladd-Kruger retires as CFO for health and family reasons, with Perry Y. Ing appointed as interim CFO. Peter Mah, COO, also resigns, effective June 3, with William Shaver stepping in as interim COO. The company is focused on stabilizing operations, divesting certain assets, and advancing the Los Azules copper project. The board is actively searching for new candidates for both executive roles.
McEwen Mining Inc. (NYSE: MUX) invites stakeholders to a conference call on May 13, 2022, at 12:00 pm EDT, discussing its Q1 2022 financial results and project developments. Participants can ask questions during the call, which will also be archived for later access on the company's website. McEwen Mining operates mines in the Americas and holds the Los Azules copper deposit through its McEwen Copper subsidiary.
McEwen Copper Inc., a subsidiary of McEwen Mining (MUX), reports significant advancements in the Los Azules copper project in Argentina. With improved road access and ongoing drilling confirming substantial copper mineralization, the project aims to capitalize on growing copper demand, projected to outstrip supply by 5-8 million tons by 2030. The upcoming updated Preliminary Economic Assessment (PEA) could reveal enhanced project economics, with copper prices currently above $4/lb, compared to the $3/lb assumption in 2017. Community engagement initiatives are also underway.
McEwen Mining (MUX) updated its exploration efforts for 2022 at the Fox Complex in Canada and Gold Bar properties in Nevada, aiming to expand mineral resources. At the Fox Complex, significant targets include the Stock West and Stock East deposits, currently hosting 239,000 ounces of gold indicated. The Gold Bar exploration focuses on the Pick and Atlas pits, revealing potential for new mineralization. Key drill results indicate promising grades, with Stock West achieving up to 27.20 g/t gold. Both properties indicate a strong potential for future production enhancements and resource expansions.
McEwen Mining (NYSE: MUX) announced significant financial maneuvers to manage challenges posed by reduced cash flow in Q1 2022. The company amended its $50 million senior secured term loan to gain flexibility, removing certain security interests and extending the maturity to March 31, 2025. Additionally, it entered a $15 million unsecured promissory note to enhance working capital. Production targets were met at Gold Bar, but challenges at the Fox Complex and San José, coupled with COVID-19 impacts and equipment failures, hindered overall financial performance.
McEwen Mining Inc. (NYSE: MUX) announces production and cost guidance for 2022, projecting a production of 153,000 to 172,000 gold equivalent ounces (GEOs). Cash costs are estimated between $1,310 and $1,410 per GEO, while all-in sustaining costs (AISC) are between $1,570 and $1,690. The San José mine in Argentina anticipates production of 69,500 to 77,500 GEOs with an AISC of $1,330 to $1,370.
This guidance suggests stable operations, although production costs will be closely monitored.
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