McEwen Mining gets into stride with record production at lower costs
TORONTO (miningweekly.com) – Gold and copper miner McEwen Mining on Friday reported record gold-equivalent production of 35 955 oz, comprising 20 988 oz of gold and 778 308 oz of silver, in the second quarter of the year.
Production was up 44% year-on-year and 20% higher than in the first quarter.
The company, under the leadership of chief owner Rob McEwen, said it was on track to meet its 130 000 gold-equivalent-ounce production target for the year.
Total cash costs were $744/oz of gold equivalent, 9% lower year-on-year and 22% lower quarter-on-quarter, while all-in sustaining costs were $1 108/oz of gold equivalent, 33% lower than in the first quarter.
The company said the decline in metal prices and potential costs associated with a proposed mineral reserve tax in the Santa Cruz province, in Argentina, had prompted the company to perform an impairment test on its 49% interest in the San José mine and other mineral property interests in the country.
This resulted in the company recording an after-tax noncash charge of $123.6-million. Of that amount $95.9-million was related to the carrying value of the San José mine and $27.7-million to mineral property interests in the province.
During the quarter, the El Gallo 1 and 2 measured and indicated gold-equivalent resources increased by 34% to 2.1-million ounces, comprising 48.2-million tonnes grading 1.37 g/t gold equivalent.
At June 30, McEwen had $39.3-million in liquid assets and no debt.
“Our two mines performed well in the second quarter. Production was up and costs were down. We are expecting similar performance during the second half of the year and remain on target to reach our 2013 production goals,” McEwen said.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
