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McEwen Mining Records Loss In Second Quarter

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(Kitco News) - McEwen Mining Inc. (NYSE, TSX: MUX) posted a net loss in the second quarter of $1.7 million, or a penny per share, compared to a net income of $8.4 million, or 3 cents, for the same period in 2016. The loss was mainly due to a $2.8 million increase in production costs at the El Gallo mine, a $4.4 million decrease in income from the San José mine, and a $1.4 million increase in exploration expenditures mainly tied to a campaign at the Los Azules project, compared to the same period during 2016, McEwen says. The company achieved production of 32,584 gold-equivalent ounces, down from 39,555 in the same period a year ago. The company anticipates full-year output of 144,000 gold-equivalent ounces. The grade at the El Gallo mine in Mexico is expected to increase in the second half of the year.

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