MUX - InvestorNewsBreaks - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Releases Fourth-Quarter Year-End 2022 Report
McEwen Mining (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, has released numbers for Q4 and year-end 2022, both for the period ending Dec. 31, 2022. Highlights of the report included MUX subsidiary McEwen Copper completing three tranches of financing, raising $81.9 million in total; production of 133,300 gold equivalent ounces; and the company’s Fox Complex and Gold Bar mines generating a cash gross profit of $19.2 million in 2022 and a gross loss of $0.5 million. In addition, the report noted that MUX had consolidated net loss in 2022 of $81.1 million, or $1.71 per share along with cash and liquid assets of $46.2 million on Dec. 31, 2022. The report noted its guidance for 2023 is 150,000 to 170,000 GEOs.“[Last year] was an important transition year for McEwen Mining,” said McEwen Mining chair and chief owner in the press release. “Our Fox operation in Timmins showed the largest improvement from 2021, with a 22% increase in gold production, 8% lower cash costs per ounce and steady all-in sustaining costs per ounce. Our operation in Nevada has now transitioned production to our Gold Bar South pit, a new mining contractor has been instated, and production is increasing. Our McEwen Copper subsidiary reached several milestones during 2022 and early 2023, including building a seasoned Argentine management team, improving critical access to Los Azules with the completion of a second route to site, advancing technical studies, cementing our commitments to government and local stakeholders and welcoming two strategic investors: Nuton (a Rio Tinto Venture and part of the world’s second largest mining company) and Stellantis, the world’s fourth largest automobile manufacturer and mobility provider.”BODY
To view the full press release, visit https://ibn.fm/9as7Y
About McEwen Mining Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns 68% of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. The company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. McEwen’s chair and chief owner has personally provided the company with $220 million and takes an annual salary of $1. To learn more about the company, visit www.McEwenMining.com.
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