McEwen Mining Inc
McEwen Mining Inc
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McEwen Mining’s targeted 171,000oz AuEq in FY/CY2018, rising to 206,000oz the next year has been underpinned by the Canadian’s June 2018 qtr (Q2 18) production up to 36,959oz gold from Q1 18’s 35,069oz and silver to 772,432oz from 695,651oz for 47,258oz AuEq from 44,344oz.
Americas gold-silver miner McEwen Mining has a new 2-phase, $US71M plan to extend production from its 100% owned El Gallo Complex in Sinaloa, Mexico, by an initial 10-12 years producing up to 564,000oz of gold equivalent.
Chairman and major shareholder Rob McEwen says the PEA redevelopment plan, called Project Fenix, shows El Gallo has the potential to be retooled to produce silver and gold for years into the future.
Gallo PEA envisages low cost 10-12 year LoM extension producing an average 47,000oz AuEq for a 25% project IRR and $60M NPV5%
Americas gold-silver miner McEwen Mining has cut its Mar 2018 qtr (Q1 18) net loss to $US5.2M from Q4 17’s $10.6M loss, despite a big fall in gold equivalent production to 44,344oz from 60,965oz, albeit in-line with expectations and heading for FY/CY18 output of 171,000oz AuEq.
Despite lifting gold equivalent production to 152,329oz from 2016’s 145,529oz AuEq and shooting for 171,000oz in FY/CY18, McEwen Mining has posted a Dec 2017 year (FY/CY17) $US10.6M net loss from a $21.1M profit.
Gold production rose to 109,947oz from 101,481oz and expecting 128,000oz in FY18, silver down to 3.17Moz from 3.3Moz and aiming for 3.2Moz.
The recently acquired Black Forest mine is carrying the weight of McEwen Mining’s near future expectations as its Mexican operation winds down and lifted FY17 prodn fails to offset $10.6M loss
Primero Mining has just about run out of assets to sell after agreeing to flog its Cerro del Gallo gold-silver development, in central Mexico’s state of Guanajuato, to Argonaut Gold for $US15M cash to cut outstanding debt.
Financially troubled gold-silver miner Primero Mining has seen its 9-months Sept YTD net loss blow out to $US294.47M from the 2016 period’s $44.33M loss on gold equivalent production plunging to 99,300oz AuEq from 130,345oz.
The bad result was primarily down to the delayed ramp up of the Dimas mine in Mexico, resulting in its failure to live up to the productivity increase flagged in the mine’s re-start plan after being closed following a long wages strike earlier this year.
Primero Mining’s YTD 17 loss has blown out to $294M on substantially reduced AuEq production underpinning its recent FY/CY 17 guidance cuts and sale of 1 of its 2 producing mines. By MBM’s North American correspondent
McEwen Mining is on a buying spree as the Canadian gold company aims to grow its market capitalisation by more than 5 times to achieve its ambition of listing on the S&P 500, chief owner Rob McEwen has confirmed.
The company is seeking to buy several assets, ideally distressed companies or those in financial difficulties, to help raise its market capitalization to $US5B from under $1B now, Reuters reports.