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 successfully closed a private placement offering of 14,500,000 flow-through common shares at US$1.04 each, raising total gross proceeds of US$15,080,000 (Cdn$19,212,500). The funds will be allocated exclusively for Canadian Exploration Expenditures on properties in the Timmins region. Cantor Fitzgerald Canada Corporation acted as the sole bookrunner, with PearTree Canada structuring the flow-through donation placement. The shares are not being offered in the U.S. due to regulatory requirements.
McEwen Mining reported its Q4 and full-year results for 2021, highlighting a 154,410 gold equivalent ounces (GEOs) production, a 34% increase from 2020. Cash costs per GEO sold dropped to $1,453, an 18% reduction year-over-year. The company faced a consolidated net loss of $56.7 million, reflecting high investments in exploration and general expenses. Operational efficiency improved significantly at the Gold Bar Mine, with production increasing 66% in Q4. For 2022, production guidance is set between 153,000 to 172,000 GEOs.
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has appointed Michael Meding as Vice President of Andes Corporacion Minera SA in Argentina. He will oversee the Los Azules copper project, directing its technical studies, upcoming IPO, and development into a model for environmentally responsible mining. Meding brings over 20 years of international experience in mining, including significant roles at Barrick Gold and Trafigura, and is trilingual with two MBAs.
McEwen Mining Inc. (NYSE: MUX) announced a private placement financing of US$15,080,000 (Cdn$19,212,500) for exploration activities at the Fox Complex in Ontario. The offering involves 14,500,000 flow-through common shares priced at US$1.04 (Cdn$1.325) per share. The expected closing date is March 1, 2022, pending regulatory approvals. Proceeds will be strictly allocated to qualifying Canadian Exploration Expenditures. The shares will not be available for sale in the United States without proper registrations.
McEwen Mining (NYSE: MUX) announced the results of its Fox Complex Preliminary Economic Assessment (PEA), showing a projected mine life exceeding 12 years with an average annual gold production of 71,980 ounces. The average cash costs are estimated under $800 per ounce, while all-in sustaining costs are projected at $1,225. The peak production period is expected between years 6-10, reaching around 100,000 ounces annually. Despite promising results, the company emphasizes the need for continued exploration and economic improvements before proceeding with the project.
McEwen Mining Inc. (NYSE: MUX) reported a 34% increase in consolidated production for 2021, achieving 154,410 gold equivalent ounces (GEOs), comprising 118,500 gold ounces and 2,572,000 silver ounces. Q4 production also rose by 29% year-over-year to 40,150 GEOs, with notable contributions from its San José and Black Fox mines. The production guidance for the year was met successfully.
McEwen Mining Inc. (NYSE: MUX, TSX: MUX) announced that CFO Anna Ladd-Kruger is temporarily on leave for health reasons. She is expected to return soon, and during her absence, Segun Odunuga, Vice President and Corporate Controller, will serve as the acting principal financial officer. The company emphasizes this transition will not disrupt financial operations. McEwen Mining is focused on gold and silver production in the Americas and has significant copper exposure through its subsidiary McEwen Copper.
McEwen Mining (NYSE: MUX) has fallen below the NYSE's continued listing requirement, as its stock price averaged below $1.00 per share over the last 30 trading days. On January 5, 2022, the company received notification of this status. McEwen Mining has six months to correct the situation, during which time its stock will still trade on the NYSE, pending compliance with other requirements. If it fails to meet the price threshold by the end of the remedy period, the stock may face suspension and delisting. However, its listing on the Toronto Stock Exchange remains unaffected.
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), is advancing its Los Azules copper project in San Juan, Argentina. Key objectives include moving from a Preliminary Economic Assessment (PEA) to a Pre-Feasibility Study (PFS) and constructing the Northern Access Road for year-round access. The $80 million private offering is underway, with McEwen Mining retaining a 69% stake. The project aims to enhance copper mining's sustainability while employing advanced technologies. Exploration drilling is set to start on January 4, 2022, with plans for 174,000 feet of drilling to upgrade mineral resources.
On December 20, 2021, McEwen Mining (NYSE: MUX) reported promising drilling results at the Fox Complex, with significant widths and grades of gold. Key highlights include:
- Hole S21-202 revealed 21 meters of 4.29 g/t gold, extending the Stock mineralized zones.
- Visible gold was noted in Stock Main, with hole SM21-024 returning 9.1 m of 7.43 g/t gold.
- 317 underground drill holes completed at Froome Mine, showing good ore quality and extended deposit confidence.
The upcoming Preliminary Economic Assessment (PEA) for the Fox Complex is anticipated.
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