McEwen Mining Inc
McEwen Mining Inc
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McEwen Mining’s Gold Bar Mine in Nevada, US, has reached commercial production and is on track for Dec 2019 year (FY/CY19) gold production of 50,000oz at an AISC of $US975oz.
The mine is operating at 125% of the planned 7,200tpd production rate, with recoveries from the heap leach tracking well compared to the FS, following 1st gold on Feb 16th.
McEwen Mining has seen Mar 2019 qtr (Q1 19) gold equivalent production fall to 36,166oz AuEq from Q4 18’s 40,296oz, with gold down to 26,789oz from 29,369oz and silver to 703,217oz from 819,439oz.
Growing 210,000oz pa gold equivalent producer McEwen Mining is raising an expansion-focused $US25M via definitive agreements for units in a direct offering with an institutional investor, company directors and officers.
Each $1.55 unit consists of a share of common stock and ½ a warrant to purchase common stock. It’s expected to close Mar 29, 2019.
McEwen Mining is expecting another record 210,000oz gold equivalent in the current year after best-ever Dec 2018 year (FY/CY18) production of 175,640oz AuEq.
However, the FY/CY18 record wasn’t enough to avoid a net loss blow-out to $45M from 2017’s $10.6M loss after spending $35M on exploration, $66M on construction at the Gold Bar Mine in Nevada, US (100%), and $10M to advance McEwen’s Fenix nickel project in Guatamala and Los Azules copper operation in Argentina.
With its new Gold Bar Mine in the US hitting its straps, McEwen Mining is flagging record FY19 output of 210,000oz following FY18’s 175,640oz record
Americas gold-silver miner McEwen Mining expects its new $US81.4M capex Gold Bar Mine in Nevada, US’ prolific Battle Mountain-Cortez Trend, to add 55,000oz of gold to its Dec 2019 year (FY/CY19) total at AISC of about $US975oz starting with 1st gold later this month.
Commercial production is expected to follow by the end of Q1 FY/CY19, with 150,000t already on the heap leach pad since starting in Dec 2018. 2018 exploration drilling has extended the estimated LoM to 7.4 years.
A good result from the recently fully acquired Black Fox mine, in Timmins, Canada, has lifted McEwen Mining’s Dec 2018 year (FY/CY18) gold production to 135,124oz from 2017’s 109,947oz, but with silver easing to 3.03Moz from 3.17Moz for gold equivalent up to 175,561oz AuEq from 152,329oz.
Americas gold-silver miner McEwen Mining has launched a $US15M ($C20M) raising specifically to accelerate ongoing exploration at its Timmins operations in Ontario, Canada.
McEwen’s Timmins projects include its 100%-owned Black Fox Mine, which produced 37,751oz AuEq Sept 18 YTD, in line with FY/CY18 expectations of 48,000oz.
McEwen Mining has cut its net loss for the 1st 9-months 2018 (YTD18) to $US12.8M from YTD 17’s $23.9M loss on the back of gold equiv production up 48% to 135,344oz AuEq.
The jump was led by gold production at its Americas operations up to 105,834oz from 61,338oz and heading for a FY/CY18 128,000oz, albeit with silver easing to 2.21Moz from 2.25Moz for 3.22Moz, taking AuEq to an expected 171,000oz.
McEwen finished Sept 2018 with $US51M in liquid assets and $53M debt.
Americas gold-silver miner McEwen Mining has lifted 9-months Sept 2018 (Sept 18 YTD) gold equiv production 48% on the previous year to 135,344oz AuEq.
The jump was led by gold production up to 105,834oz from 61,338oz and heading for a FY/CY18 128,000oz, albeit with silver easing to 2.21Moz from 2.25Moz for 3.22Moz, taking AuEq to an expected 171,000oz.