McEwen Mining Inc
McEwen Mining Inc
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Covid-19 virus-hit gold-silver miner McEwen Mining has completed its increased $US10.4M ($C$13.7M) bought deal, 6.3M shares at $1.65ps ($2.18ps) private placement exclusively for exploration on its properties in Canada’s Timmins region, centred on the Black Fox Mine operations.
The Covid-19 virus has pushed McEwen Mining’s June 2020 qtr (Q2 20) net loss out to $US19.8M from Q1 20’s $13M loss, with temporary mine suspensions at all 4 of the company’s Americas operations sending gold plunging to 15,700oz from 29,200oz, silver to 359,400oz from 553,200oz for gold equiv output down to 19,200oz from 36,100oz.
Temporary mine suspensions at all 4 of McEwen Mining’s Americas operations have seen June 2020 qtr (Q2 20) gold production plunge to 15,700oz from Q1 20’s 29,200oz and silver to 359,400oz from 553,200oz, sending gold equiv output down to 19,200oz from 36,100oz.
An $US83.8M impairment slug and the COVID-19 pandemic inspired temporary closure of 3 mines has seen McEwen Mining plunge to a consolidated net loss of $99.2M for the Mar 2020 qtr (Q1 20) from Q4 19’s $21M loss.
The bottom line was on gold production down to 29,200oz from 36,119oz, silver to 553,200oz from 864,957oz and gold equiv to 35,100oz AuEq from 46,295oz.
McEwen Mining’s Q1 20 loss has blown out to $99.2M, hit by an $84M impairment and 3 COVID-19 mine shutdowns
Americas gold and silver miner McEwen Mining has joined the growing number abandoning their production and costs guidance due to operational restrictions and market uncertainty about the potential impacts of the world-wide COVID-19 coronavirus pandemic.
UK-based Hochschild Mining has followed up the closure two days ago of its two Peruvian mines by placing its San Jose silver-gold mine in Argentina’s Santa Cruz province on care and maintenance. Hochschild holds 51% of the project to the 49% of McEwen Mining.
Lower gold production, sparked by a series of “largely unique events” Americas gold-silver miner McEwen Mining says won’t happen again, along with $47.3M invested in advanced projects/exploration, has seen the company’s Dec 2019 year (FY/CY19) net loss blow out to $US59.7M from previous year’s $44.9M loss.
Cash from operations was a negative $39.5M from a positive $500,000 on gold equiv output down to 174,420oz AuEq from 175,561oz, albeit within twice downwardly revised guidance of 169,000oz-176,000oz AuEq.
A series of “largely unique events,” McEwen Mining says will not happen again, has seen the company’s Dec 2019 year (FY/CY19) gold equivalent production ease to 174,420oz AuEq from the previous year’s 175,561oz, albeit within a twice downwardly revised guidance of 169,000oz-176,000oz AuEq.
Americas gold-silver miner McEwen Mining has had a steady Sept 2019 qtr (Q3 19) despite gold production from its 4 mines easing to 35,043oz from Q2 19’s 36,216oz, but silver up to 947,146oz from 850,525oz for gold equivalent a little to 45,930oz from 45,881oz AuEq.