McEwen Mining (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, is reporting its financial and operations results for the fourth quarter and full year 2023. A highlight of the report was net income for the year totaling $54.7 million, or $1.15 per share, versus the same period last year, which was a net loss of $81.1 million, or $1.71 per share. The report also noted that gold production at the Fox Complex and Gold Bar Mine came in just above the low end of guidance with San José coming in just below guidance; the report also noted that cash costs and AISC per ounce remain 12%–18% higher than guided. The company reported that its biggest single asset with the greatest near-term potential to increase share value is McEwen Copper, MUX’s 48%-owned subsidiary. The subsidiary’s second- and third-largest shareholders are mining company Rio Tinto and automaker Stellantis, which own 14.5% and 19.4% of McEwen Copper, respectively. McEwen Mining noted that McEwen Copper has 22 drills operating on site in order to complete the necessary work to deliver a bankable Feasibility Study in Q1 2025.
“Compared to conventional copper mines, Los Azules is designed with a much lighter impact on the environment, initially emitting one-third of the CO2-e emissions and progressing to net-zero carbon by 2038, utilizing one quarter the water, powered by 100% renewable electricity, and producing sustainable copper cathode,” said McEwen Mining chair and chief owner Rob McEwen in the press release. “At our Canadian and Mexican mines, we are advancing two important development projects. At the Fox Complex, the construction of the underground ramp access to the Stock orebodies will start in Q1. The Stock West deposit will become the primary source of production following the completion of mining at the Froome deposit in 2026. At the Fenix project, construction is expected to start in H2. Both of these projects are designed to extend the mine lives by over nine years.”
To view the full press release, visit https://ibn.fm/If1eA
About McEwen Mining Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, the company owns approximately 47.7% of McEwen Copper, which is developing 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. Rob McEwen, chair and chief owner, has a personal investment in the group of $220 million and takes an annual salary of $1. To learn more about the company, visit www.McEwenMining.com.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX
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