McEwen: High Gold Leverage With Exposure To A Phenomenal Copper Mine

2025-12-10 07:34:05 ET

Intro

McEwen ( MUX ) is a complicated mining company. A share in the company buys you exposure to some low quality gold mines, possible exploration potential, and a piece of a top-tier copper project. The company wholly owns and operates two producing gold mines: Fox Complex and Gold Bar. It also holds a 49% stake in the Hochschild operated San José mine, which historically delivers around half of McEwen’s gold attributable ounces (GEOs). McEwen has a spotty track record operating its wholly owned sites and 2025 has been notably bad. San José has been no exception, with cost pressures and declining production. At a time when most gold miners are experiencing an epic free cash flow boom, McEwen is struggling. However, McEwen also holds a 46.4% stake in the Los Azules copper project, a massive copper project worth billions that dwarfs its current operations. ...

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