Based in Toronto, Ontario, McEwen Mining, Inc. explores for, develops, produces, and sells precious and base metals. The Company’s objective is to qualify for inclusion in the S&P 500 Index. Its aim is to be a profitable, mid-tier gold & silver producer. It is working on being a high growth, profitable gold and silver producer focused in the Americas and Europe. Mr. Robert Ross McEwen, Chairman, Chief Executive Officer, and Chief Owner, owns 25 percent of McEwen Mining.
The Company’s main assets include the San José Mine in Santa Cruz, Argentina (49 percent interest; 51 percent Hochschild Mining); the El Gallo Mine and El Gallo Silver project in Sinaloa, Mexico; the Gold Bar project in the State of Nevada; and the Los Azules copper project in San Juan, Argentina.
The San José mine is an underground operation. It is about 20 km north of Goldcorp’s Cerro Negro project in the northwest corner of the Deseado Massif region of Santa Cruz Province, Argentina. In 2015, McEwen Mining’s share of production from San José was 47,353 gold ounces and 3,285,751 silver ounces.
The El Gallo Complex is in Mexico’s Sinaloa State, along the foothills of the Sierra Madres. This mine realized first gold pour in September of 2012 and commercial production in January of 2013. El Gallo had another record production of 63,366 gold equivalent ounces in 2015.
The Gold Bar Project is within the Battle Mountain-Eureka-Cortez gold trend of Eureka County, Central Nevada. This Project is situated on patented lands and public lands managed by the Bureau of Land Management (BLM) Battle Mountain Field Office. In January of this year, McEwen Mining acquired a property, Gold Bar South, comprising 109 mining claims positioned roughly 3 miles (5 km) from the Gold Bar Project.
The Los Azules copper project is a 100 percent owned advanced-stage porphyry copper exploration project. It is in the cordilleran region of San Juan Province, Argentina near the border with Chile. Los Azules is one of the globe’s largest undeveloped high-grade open pit copper projects. A new PEA (Preliminary Economic Assessment) is underway at Los Azules. This project features a large deposit – Gold Equivalent +40Moz.
McEwen Mining also has its Tonkin Project in Nevada. This Project is a gold mining property situated within the Battle Mountain-Eureka Trend in Eureka County, Nevada. Regarding historical production, Tonkin produced about 30,000 ounces of gold from 1985 through 1989.
Last month, McEwen Mining announced consolidated quarterly production (Q3 2016) of 36,496 gold equivalent ounces, consisting of 24,281 ounces’ gold and 916,168 ounces’ silver. The Company’s forecast 2016 production is 99,500 ounces’ gold and 3,337,000 ounces’ silver. Its forecast 2019 production is 140,000 ounces’ gold and 6,800,000 ounces’ silver.
For Q3 2016, McEwen Mining had positive free cash flow of $24.4 million. The Company has no debt, no streaming, no royalties, and no financing. Its treasury is growing and at November 4, 2016 was at $68 million.
Recently, McEwen Mining announced the appointment of Mr. Xavier Ochoa to President and Chief Operating Officer (COO). Mr. Ochoa joined McEwen Mining in September 2016 as the Company’s COO. He brings more than 25 years of global experience in the mining industry. This includes senior management positions where he was instrumental for leading project and operational teams (underground and open pit).