McEwen forecasts higher output in 2022
Toronto-headquartered McEwen Mining has narrowed its full-year loss and stated that its production should increase in 2022.
The company, which operates mines in the Americas, on Tuesday reported a loss of $56.7-million for 2021, compared with a loss of $152.3-million the previous year. Its fourth-quarter loss reduced to $21-million, from $23.5-million in the corresponding quarter.
McEwen explained that the consolidated net loss relates primarily to investment of $35-million in advanced projects and exploration, general and administrative costs of $11.4-million, and a gross loss of $6.5-million from its operations.
McEwen’s operations delivered 154 410 gold-equivalent ounces (GEOs), which was in line with its guidance and 34% higher than 2020’s output. The company stated that its production would increase to between 153 000 GEOs and 172 000 GEOs in 2022.
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