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Author Topic: MUX - McEwen Mining, Inc. - NYSE  (Read 4168 times)
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« on: January 28, 2012, 01:09:09 PM »


Daily Chart: http://stockcharts.com/h-sc/ui?s=MUX&p=D&b=5&g=0&id=p86447914099

Weekly Chart: http://stockcharts.com/h-sc/ui?s=MUX&p=W&b=5&g=0&id=p87525245369

News: http://finance.yahoo.com/q/h?s=MUX+Headlines

McEwen Mining was formed January 2012 following completion of a merger, which has been in the works since last summer, between Minera Andes Inc. and US Gold Corp. McEwen proposed the merger as the chairman, chief executive and largest shareholder in both companies. Minera had an income stream from a 49% passive ownership in the San Jose Mine in Argentina, US Gold had a development pipeline of projects, and both companies had exploration assets.

Web Site: http://www.mcewenmining.com/
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« Reply #1 on: May 21, 2012, 01:10:10 PM »

Share Owners Conference Call Announced for May 22nd 10 am ET

May 21, 2012

Dear Fellow Share Owners,

At our Annual General Meeting (AGM) held last Thursday, I spoke about recent developments in Argentina that could impair our ability to internally fund our growth plans. Immediately following the meeting, we issued a news release with the word “cautions” in the headline to ensure all of you would be aware of this possibility. For the many of you who could not attend the AGM last week and have questions about our future, we invite you to take part in a conference call scheduled for tomorrow (Tuesday May 22nd) at 10 am eastern. Details for the conference call can be found at the bottom of this news release.

As the company’s largest share owner, holding 67 million shares, I want you to understand we do have options. This is not the end of the road but rather a possible nasty bump along our path of building MUX. I say possible because at the moment we do not have a clear picture of the consequences of these developments on our cash flow, but it is always prudent to plan for the worse.

Fortunately, we have some special assets and we have time to plan for the best way to replace a possible interruption in our cash flow. Our treasury has adequate funds to cover our operations and development until Q2 2013. By that time if conditions have not changed we expect to have explored and executed on one or all of the following steps to provide the necessary development funding: the sale or partial sale of the Los Azules copper project, the sale of a royalty, debt financing, a rights issue and equity issue or a combination with another company.

My goal is to see your investment and mine multiply many times. I have invested $110 million dollars because I believe MUX has some world class assets and that over time it will be worth considerably more than today.

http://www.kitco.com/pr/1267/article_05212012091845.pdf
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« Reply #2 on: July 16, 2012, 09:23:36 PM »

McEwen Mining Announces Good Second Quarter 2012 Production Results

July 16, 2012

McEwen Mining Inc. is pleased to announce good Second Quarter production results for the San José mine. Production of gold and gold equivalent ounces was up 9% over the previous quarter and up 17% over Second Quarter 2011. McEwen Mining’s 49% share of production during the quarter was 10,754 ounces gold and 735,000 ounces silver, representing 24,889 gold and gold equivalent ounces. Production costs will be announced with the Second Quarter financial results, which will be released in early August of 2012. The average grade mined at San José during the quarter was 5.98 gpt gold and 430 gpt silver. Grades mined were in line with the Company's expectations however, recoveries were slightly lower due to process plant modifications. These modifications have since been completed and recovery levels are now back to normal.

During the Second Quarter approximately 44% of gold and silver sales were delayed due to changes in the export revenue repatriation requirements in Argentina. Full sales resumed towards the end of quarter and the accumulated concentrate inventory is expected to be sold in the Third Quarter. Annual Production Forecast – Two Sources Full year production at the San José mine remains on track to be approximately 85,000 ounces of gold and 5.7 million ounces of silver, representing 195,000 gold and gold equivalent ounces¹. In addition to the Company’s share of production from the San José mine, a second source of production will commence with El Gallo Phase I in Mexico. Production is scheduled to commence at El Gallo during the Third Quarter and is forecast to produce approximately 10,000 ounces of gold in 2012. Annual production at El Gallo Phase I thereafter is estimated to be 30,000 ounces of gold.

http://www.kitco.com/pr/frame/index_prec.html?http://www.kitco.com/pr/1267/article_07162012170403.pdf
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« Reply #3 on: October 11, 2012, 09:57:32 AM »


McEwen Mining Inc. Announces More Drilling Success At El Gallo Phase 1 Production Area Plus Additional Zinc, Silver & Lead Intercept

October 11, 2012

McEwen Mining Inc. (MUX)(MUX.TO) is pleased to announce additional exploration results from its 100% owned El Gallo Complex, in Sinaloa State, Mexico, where gold production has recently commenced (Fig. 1).

The best gold intersections in this news release include:
•2.9 gpt gold over 21.8 m, including 6.7 gpt gold over 7.8 m
•2.1 gpt gold over 46.1 m, including 9.9 gpt gold over 5.0 m
•1.3 gpt gold over 44.4 m, including 21.3 gpt gold over 0.5 m
•10.9 gpt gold over 4.4 m, including 52.9 gpt gold over 0.9 m

http://finance.yahoo.com/news/mcewen-mining-inc-more-drilling-113000162.html
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« Reply #4 on: November 23, 2012, 11:55:00 AM »


McEwen Shops Copper Mine To Focus on Gold

November 22, 2012

Rob McEwen, the founder of Goldcorp (G) Inc., says his McEwen Mining Inc. (MUX) may sell a copper project and use the proceeds to help finance its plan to become one of the world’s biggest gold producers. “All the big players” in the copper industry have expressed an interest in the Los Azules deposit in Argentina, McEwen said at a Nov. 15 investor presentation in New York. “Arms of the Chinese government” are among those who’ve been in contact, he said, without giving details.

Goldcorp Inc. founder Rob McEwen said, “The project is very large for a company with our size and balance sheet.” “The project is very large for a company with our size and balance sheet,” McEwen, 62, said in a telephone interview yesterday. “You would rather go in with someone who knows how to do that.”

Selling Los Azules would free up cash for McEwen Mining’s precious-metals exploration projects in Argentina, Mexico and the U.S. as producers find it difficult to raise funds. In Canada, where more than 400 gold miners are based, producers announced $2.53 billion of equity sales this year, down from $3.51 billion in the same period a year earlier, according to data compiled by Bloomberg. McEwen Mining said it settled a lawsuit over Los Azules that had brought its ownership into question, allowing the Toronto-based company to realize the project’s full potential.

http://www.bloomberg.com/news/2012-11-22/mcewen-shops-copper-mine-to-focus-on-gold.html?cmpid=yhoo
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« Reply #5 on: April 02, 2013, 09:17:52 AM »


New High-Grade Gold Discovery At El Gallo Complex

April 2, 2013

McEwen Mining Inc. is pleased to announce a new gold discovery, called Twin Domes, within its 100% owned El Gallo Complex, Sinaloa, Mexico. The high gold grades encountered are reminiscent of historical mining grades that occurred throughout the El Gallo Complex between 1800-1950, where approximately 180,000 ounces of gold at 20 gpt were mined. Over the next two weeks, McEwen Mining will be releasing new drill results from several additional areas within the El Gallo Complex.

"The historical record of high-grade in this region has always intrigued me. Due to my involvement in Goldcorp's Red Lake discovery, which became the richest gold mine in the world, I have witnessed the power that high-grade can have on a Company's profitability. For me, exploration is the vital R&D of the mining industry. While the probability of making a major discovery is low, the wonderful aspect of the mining industry is the possibility of making a discovery, which is real, and often comes from an area where it is least expected. McEwen Mining's exploration team has been actively exploring the Company's large land position (+500,000 acres) around El Gallo. We are very encouraged by our recent exploration results. Additional drill results for areas outside of our Twin Domes discovery will be released over the next two weeks," stated Rob McEwen, Chief Owner.

http://finance.yahoo.com/news/high-grade-gold-discovery-el-113000548.html
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« Reply #6 on: July 21, 2013, 12:03:00 PM »


McEwen Mining Announces Measured & Indicated Resources Grew by 38% At El Gallo 1 Mine In Mexico

Jul 17, 2013

McEwen Mining Inc. is pleased to announce an updated resource estimate for the El Gallo 1 mine in Sinaloa State, Mexico.

El Gallo 1 Mine Resource Estimate Highlights
•Measured and Indicated gold resources grew by 38% to 691,523 ounces (13.9 million tonnes at 1.54 gpt) after mining depletion. Gold grades increased by 3% to 1.54 gpt.
•Plans to expand the El Gallo 1 mine's process facilities by 50% to 4,500 tonnes per day for an estimated cost of $5 million are underway.
•Two exploration core drills are operating at the mine to test for extensions of the known resource and the new Twin Domes discovery (Announced April 2, 2013 - excluded from this resource estimate).
•Updated El Gallo 2 resource to be released in early August.

El Gallo 1 Mine/Twin Domes Discovery:

The El Gallo 1 mine poured its first bar of gold in September 2012 and declared commercial production on January 1, 2013. The mine is forecasted to produce 27,300 ounces of gold this year and ramp-up to 75,000 ounces of gold by 2016, after completing an expansion that is expected to increase throughput from 3,000 to 4,500 tonnes per day for an estimated $5 million. The expansion is expected to be operational by mid-2014.

Measured and Indicated Resources increased at the mine by 38% after mining depletion at Dec 31, 2012. Gold grades for the Measured and Indicated categories also increased by 3% to 1.54 gpt. The increase in resource size and grade is based on a cut-off grade of 0.3 gpt gold, which is unchanged from the prior estimate.

The increase in Measured and Indicated Resources is due to 1) the discovery of the Central Zone and 2) the conversion of Inferred Resources at San Dimas (Please see Figure 1 for location of resources). Currently two core drills are operating at the mine. Drilling is focused on further expanding the Central Zone, identifying parallel zones, establishing an initial resource for Twin Domes and testing exploration targets at the mine. Four column tests have been completed on Twin Domes mineralization using the same operating parameters as the mine. The tests have averaged 80% recovery for gold. This indicates that the Twin Domes mineralization could potentially be processed at the El Gallo 1 mine.

http://finance.yahoo.com/news/mcewen-mining-announces-measured-indicated-113000199.html
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« Reply #7 on: August 10, 2013, 12:15:27 PM »


McEwen Mining Q2 Operational Results, Record Production At Lower Costs

August 9, 2013

McEwen Mining Inc. is pleased to provide a summary of the Company's Q2 operating results. During the quarter the Company delivered record production at lower costs.

Q2 Summary Highlights
•Gold equivalent production increased to 35,955 ounces (20,988 gold ounces and 778,308 silver ounces). This is approximately 44% higher than Q2 2012 and 20% higher than Q1 2013.
•On target to produce 130,000 gold equivalent* ounces in 2013.
•Total cash costs and all-in sustaining costs were $744 and $1,108 per gold equivalent ounce. Total cash costs were 9% lower than Q2 2012 and 22% lower than Q1 2013. All-in sustaining costs were 33% lower than Q1 2013.
•El Gallo 1 and 2 Measured and Indicated gold equivalent resources increased by 34% to 2.1 million ounces (48.2 million tonnes at 1.37 gpt AuEvq).
•At June 30, 2013 Financials: $39.3 million in liquid assets and no debt.
•The Company recorded a non-cash impairment charge of $123.6 million related to the decline in metal prices and an associated tax being proposed in Argentina.

Balance Sheet
At June 30, 2013, McEwen Mining had cash and liquid assets of $39.3 million, comprised of cash totaling $34.8 million with gold and silver bullion valued at $4.5 million. The Company remains debt free. In addition, McEwen Mining is owed $9.0 million from the Mexican government in the form of a tax refund. It is anticipated that a majority of this amount will be received by Q4.

The Company did not receive any dividends from its 49% owned San José mine in Argentina due to low precious metal prices. The El Gallo 1 mine generated $2.4 million in operating cash flow, after sustaining capital expenses.

http://finance.yahoo.com/news/mcewen-mining-q2-operational-results-200100020.html
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« Reply #8 on: September 21, 2013, 12:57:53 PM »


McEwen Mining Added To NYSE Arca Gold Miners Index

Sep 20, 2013

McEwen Mining Inc. is pleased to announce that the Company has been included in the NYSE Arca Gold Miners Index (GDM), the preeminent index covering the gold mining industry, which is tracked by the Market Vectors Gold Miners Index ETF (GDX). The effective date of the inclusion is September 23, 2013. The Gold Miners Index is comprised of publicly traded companies focused on gold and silver mining around the world.

"McEwen Mining's inclusion in the NYSE Arca Gold Miners Index is recognition of the continued execution of our growth strategy and is an important step towards our goal of qualifying for the S&P 500," stated Rob McEwen, Chairman and CEO.

The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by creating a high growth gold producer focused in the Americas. McEwen Mining's principal assets consist of the San José mine in Santa Cruz, Argentina (49% interest); the El Gallo 1 mine and El Gallo 2 project in Sinaloa, Mexico; the Gold Bar project in Nevada, US; the Los Azules project in San Juan, Argentina and a large portfolio of exploration properties in Argentina, Mexico and Nevada.

McEwen Mining has 297,114,359 shares issued and outstanding at September 13, 2013. Rob McEwen, Chairman and Chief Owner, owns 25% of the shares of the Company (assuming all outstanding Exchangeable Shares are exchanged for an equivalent amount of Common Shares).

http://finance.yahoo.com/news/mcewen-mining-added-nyse-arca-200100865.html
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« Reply #9 on: November 08, 2013, 10:24:03 AM »


MCEWEN MINING Q3 2013 RESULTS

November 8, 2013

McEwen Mining Inc. is pleased to provide a summary of the Company’s Q3 2013 operating results.

Q3 Highlights
•Company earnings during the quarter totaled $3.3 million ($0.01 per share).
•Earnings from mining operations during the quarter totaled $15.4 million.
•Gold equivalent production* increased to 36,494 ounces (20,483 gold ounces and 832,594 silver ounces). This is 45% higher than Q3 2012 and 1% higher than Q2 2013.
•On target to meet 2013 full-year guidance of 130,000 gold equivalent ounces.
•Total cash costs and all-in sustaining costs were $749 and $1,081 per gold equivalent ounce. Total cash costs were 7% lower than Q3 2012. Total cash costs and all-in sustaining costs were consistent with previous quarter.
•El Gallo 1 mine expansion is ahead of schedule with completion expected near the end of Q1 2014 versus the end of Q2 2014. The estimated cost to complete the expansion has been reduced to $3 million from $5 million.
•Environmental Impact Statement (EIS) permit for El Gallo 2 was approved by the Mexican federal government. Final Change of Land Use is being reviewed by the state government and a decision is expected during Q1 2014. The Change of Land Use is the last approval needed in order to begin construction and operations under the mill scenario.
•Studies are being conducted at El Gallo 2 in order to reduce the estimated capital expenditures by $20 million from the initial $180 million estimate. Provided the Company realizes these savings, remaining capital expenditures are estimated at approximately $150 million should the Company proceed.
•Los Azules copper project Preliminary Economic Assessment (PEA) published showing a pre-tax Net Present Value of $3 billion (8% discount rate) and an Internal Rate of Return of 17.7%.
•At September 30, 2013, the Company had $32.6 million in liquid assets and no debt.

Financial Highlights
During Q3, 2013 McEwen Mining earned $3.3 million ($0.01 per share) versus a loss of $2.7 million (-$0.01 per share) in the comparable period, 2012. Earnings from mining operations during the quarter totaled $15.4 million versus $26.4 million in Q3, 2012 but up from $5.9 million in Q2 2013. Earnings from mining operations were down year over year despite increased production due to an unusually high build up of gold and silver inventory during Q2 2012, which was subsequently sold during Q3 2012 and lower spot prices for both metals.
At September 30, 2013, McEwen Mining had cash and liquid assets of $32.6 million, comprised of cash totalling $31.1 million with gold and silver valued at $1.5 million. The Company remains debt free. In addition, McEwen Mining is owed $10.1 million from the Mexican government in the form of a tax refund, which is expected by year-end.
Major expenditures during the quarter included $0.5 million for the El Gallo 1 mine expansion, $2.6 million in exploration costs, $2.4 million in annual land payments, and $2.5 million in general and administrative expenses. The Company also made payments totalling $1.2 million towards the construction of the El Gallo 2 ball mill (to date $2.4 million of the $4.8 million total has been spent for the mill).

http://www.kitco.com/pr/1267/article_11082013081232.pdf
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« Reply #10 on: January 14, 2014, 09:21:31 AM »


McEwen Mining 2013 Production Up 33% over 2012

January 14, 2014

McEwen Mining Inc. is pleased to announce full-year and Q4 production results. For the full-year, the Company’s total production was 139,455 gold eq. oz comprised of 79,158 gold oz and 3,135,467 silver oz. This represents an approximate 33% increase compared to 2012. In Q4 the Company produced 37,167 gold eq. oz (20,686 gold oz and 857,011 silver oz). This is 15% higher than Q4 2012.

Production for 2014 is forecast to be roughly in line with 2013, between 135,000-140,000 gold eq. oz (approximately 81,000 gold oz and 3,225,000 silver oz). The Company expects production during the second half of 2014 to exceed the first half due to the expansion at El Gallo 1 scheduled for completion at the end of Q1 and ramping up in Q2. Production costs in 2014 are forecasted to be similar to 2013, with cash costs between $750-$850 per gold eq. oz and all-in sustaining costs between $1,100-$1,200 per gold eq. oz. The Company projects to produce 170,000 gold eq oz in 2015, excluding any potential production from El Gallo 2. The decision as to whether to proceed with El Gallo 2 is still pending and subject to a number of factors, including obtaining the required financing.

Final production costs for 2013 will be reported in early March 2014 with year-end financials. “In addition to executing on our organic growth plans, we continue to analyze M&A opportunities. Our ideal candidate would significantly increase our production, lower our cost profile, and have cash and free cash flow to facilitate the construction of El Gallo 2. Our geographic focus remains on the Americas.

http://www.kitco.com/pr/1267/article_01142014083304.pdf
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« Reply #11 on: February 20, 2014, 10:42:27 AM »


McEwen Mining's El Gallo 1 Mine Expansion Nears Completion

February 20, 2014
 
McEwen Mining Inc. expects the expansion of its El Gallo 1 mine, located in Sinoloa, Mexico, to be completed by early April. The company says the expansion is nearly three months ahead of schedule, with capital costs coming in at $3 million, $2 million lower than originally thought. Production is expected to rise from 37,500 ounces of gold this year to 75,000 ounces of gold in 2015 while cash costs are expected to decrease to $575 per ounce from $750, starting next year, the company says. "Our team in Mexico, along with the company's main contractor, SAR Servicios Tecnicos, has done a good job expanding the El Gallo 1 mine,” says Rob McEwen, chairman and chief owner of McEwen Mining. “Our skill set within Mexico continues to grow and this is an important learning experience should the company proceed with the construction of El Gallo 2. With the expansion and higher gold grades, we expect the mine to generate $30 million in annual free cash flow before taxes starting next year (at a $1,300 gold price).”

http://www.kitco.com/news/2014-02-20/KitcoNews-kitco-mining-minutes-February-20-2014.html
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« Reply #12 on: May 09, 2014, 09:51:39 AM »


McEwen Mining Posts 1Q Profit

May 8, 2014 11:45 AM 
   
McEwen Mining Inc. returned to first-quarter profit with net income of $17.9 million, or 6 cents per share, compared to a loss of $11.0 million, or 4 cents per share, in last year’s 2013 first-quarter results. The jump in net income was largely due to a $24.7 million gain due to the recovery of deferred income taxes relating to the decline in the Argentine peso relative to the U.S. dollar, the company said. Adjusted net loss for the first-quarter was $6.2 million, or 2 cents per share, when removing the deferred income tax.

Gold equivalent production totaled 32,146 ounces, from 20,062 gold ounces and 725,025 silver ounces, a 14% increase year-on-year. Production was lower than the previous quarter due to fewer days in the quarter and traditional ramp-up in Argentina after year-end holidays. “We expect higher production to come in the second quarter, versus the first quarter, and we expect our strongest quarters to come in the third and fourth quarters, as we will benefit from the full expansion at El Gallo 1,” said Ian Ball, president of McEwen Mining, during the company’s earnings telephone conference.

“Regarding the El Gallo 1 expansion, it is complete and commissioning began last week,” Ball said. “We expect our first ounces to be poured from the expanded capacity by the middle of May. Final costs were under budget and we’re two months ahead of schedule.” Ball also said that high-grade zones were within reach in the coming quarters.

http://www.kitco.com/news/2014-05-08/McEwen-Mining-Posts-1Q-Profit-El-Gallo-1-Nearing-High-Grade-Zone-Ball.html
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« Reply #13 on: May 11, 2015, 10:07:04 AM »


McEwen Mining Reports 2015 First Quarter Operating & Financial Results

May 11, 2015

McEwen Mining Inc. is pleased to report our financial results for the three months ended March 31, 2015(1). Reported earnings from mining operations were $17.2 million(2) with cash flow from operations of $5.6 million. Our gold equivalent production was 33,434 ounces at total cash costs and all-in sustaining costs of $674 and $948 per ounce(3) respectively. McEwen Mining has a treasury of $17.3 million in cash, cash equivalents, precious metals and no bank debt.

Cash Flow
Q1 net cash flow generated from operations was $5.6 million compared to net cash of $3.9 million used for operations in Q1 2014. Our El Gallo Mine contributed $22 million in gold and silver sales compared to $10.7 million in Q1 2014. The higher cash flow was reflected by increased number of ounces sold during the quarter.

Net Income
Consolidated net income was $6 million, or $0.02 per share for Q1 2015, compared to net income of $17.9 million, or $0.06 per share for Q1 2014 (refer to details in adjusted net income below).

Adjusted Net Income
Adjusted net income for Q1 2015, which removes the impact of the foreign currency gains and income tax recoveries, both resulting from the devaluation of the Argentine peso relative to the U.S. dollar was $1.9 million, or $0.01 per share. This compares to an adjusted net loss of $6.2 million or $(0.02) per share, for Q1 2014.

Earnings from Operations
Earnings from operations for Q1 2015 was $17.2 million, compared to earnings of $11.4 million for Q1 2014. The increase was attributable to an increase in gold and silver sales (3), resulting from increased production at El Gallo.

http://finance.yahoo.com/news/mcewen-mining-reports-2015-first-113000487.html
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« Reply #14 on: January 13, 2016, 10:43:06 AM »


McEwen Mining Announces Record Production For 2015

January 13, 2016

McEwen Mining Inc. had record production in 2015, reporting a 22% increase year-over-year to 154,529 gold-equivalent ounces. The company lists production guidance of 141,000 gold-equivalent ounces for 2016. The company says it has no debt, with a $5.2 million line of credit repaid in full, while it has $32 million in cash, cash equivalents and precious metals.

Also, a semiannual dividend of $0.005 per share will be paid on Feb. 12 to shareholders of record after the close of business on Feb. 3. The El Gallo mine in Mexico had a record year, with 2015 output 64% higher at 63,366 gold-equivalent ounces, up from 38,556 ounces in 2014, slightly exceeding revised guidance. In the fourth quarter, the mine produced 11,092 gold-equivalent ounces, compared to 14,236 during same period in 2014. Fourth-quarter production was deliberately slowed as part of the optimized mine plan, and will accelerate significantly next quarter as a result of a higher average ore grade crushed in the fourth quarter, McEwen says.

Meanwhile, production from the San José mine in Argentina in 2015 was 47,353 gold ounces and 3,285,751 silver ounces, for a total of 91,163 gold-equivalent ounces. Compared to 2014, gold and silver production was up 3% and 4% respectively. For the October-December period, production was 14,424 gold ounces and 976,879 silver ounces, for a total of 27,449 gold-equivalent ounces. “The newly elected government in Argentina has taken several steps that improve operating conditions for mining companies by eliminating the 5% export taxes on gold in doré, and by officially revaluing the Argentine peso lower,” McEwen Mining says.

http://www.kitco.com/news/2016-01-13/McEwen-Mining-Announces-Record-Production-For-2015.html
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