Make Kitco Your Homepage

McEwen Mining Lists 1Q Loss With Drilling At Los Azules

Kitco News

McEwen Mining Inc. (NYSE, TSX: MUX) reports a net loss of $3 million, or a penny per share, in the first quarter, compared to a net income of $13 million, or 4 cents, for the same period in 2016. The loss was mainly due to a $6.4 million decrease in sales of gold and silver by the El Gallo mine, coupled with a $6.7 million increase in exploration costs, mostly related to the drilling campaign performed at the Los Azules project, the company says. During the quarter McEwen Mining achieved consolidated production of 29,733 gold-equivalent ounces, compared to 37,958 in the same period a year ago. The El Gallo mine produced 9,808 gold-equivalent ounces and reported earnings from mining operations of $8.2 million, while the San José mine produced 19,925 gold-equivalent ounces and reported earnings from mining operations of $5.7 million, the company says. McEwen also says it remains on track to meet production and cost guidance for 2017. Output is expected to be 49,700 ounces of gold and 24,000 ounces of silver from the El Gallo mine, and 50,000 ounces of gold and 3.3 million ounces of silver from the San José mine. Using a silver to gold ratio of 75:1, this represents projected consolidated production of 144,000 gold-equivalent ounces, McEwen says.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News