McEwen Mining Trims 2019 Gold-Output Guidance By 6%
(Kitco News) - McEwen Mining Inc. (NYSE, TSX: MUX) reported Wednesday that gold production that was roughly in line with the same quarter a year ago, but trimmed its full-year guidance for output of the yellow metal.
Silver output rose year-over-year and guidance was left unchanged.
The company reported April-June production of 36,216 gold ounces, compared to 36,959 in the second quarter of 2018. Silver output was 850,525 ounces, up from 772,432 a year ago. Gold-equivalent production was 45,881 ounces using an average gold-silver price ratio of 88:1.
The company said the San José and El Gallo mines, which accounted for 62% McEwen’s total gold and silver production in the second quarter, exceeded targets. The other two operations, the Gold Bar and Black Fox mines, performed better than in the first quarter, but below forecast, McEwen said.
The company said its production guidance for 2019 has been reduced by 6% for gold but is unchanged for silver.
“The big events in Q2 were achieving commercial production at Gold Bar in late May and the high-grade exploration results from the Black Fox properties,” said Rob McEwen, chairman and chief owner.