McEwen Mining - Executive Chairman, Rob McEwen
Executive Chairman, Rob McEwen
Source: Bloomberg
  • McEwen Mining has posted an improving quarterly report, after a difficult year-to-date for the gold and silver miner
  • The company has faced a difficult year so far, with COVID-19 restrictions hampering production at its four mining operations in the Americas
  • However, in McEwen’s third quarterly report production has somewhat rebounded following a ramp up of its four current mining operations
  • Production reached 30,400 gold equivalent ounces, an improvement on 19,200 ounces last quarter but still well under 45,900 gold equivalent ounces in 2019 same period
  • McEwen Mining (MUX) is down 3.03 per cent and is trading at C$1.28 per share

McEwen Mining (MUX) has posted an improving quarterly report, after a difficult year-to-date for the gold and silver miner.

Headed by Rob McEwen, who founded and chaired the mining giant Goldcorp, McEwen Mining has faced a difficult year so far, with COVID-19 restrictions hampering production at its four mining operations in the Americas.

However, in the company’s third quarterly report, production has somewhat rebounded following work restarting at its four current mining operations.

Production reached 30,400 gold equivalent ounces, compared to just 19,200 ounces in last quarter. That said, the company’s recent production is still around two thirds of its production in 2019’s same quarter, when it reached 45,900 gold equivalent ounces.

McEwen Mining hopes to improve on its third quarter’s performance and aims to produce between 31,500 and 34,000 gold equivalent ounces in the last three months of the year.

“Our operations are starting to turn around and improve; the financial pressure on our balance sheet has been alleviated; and our future growth is becoming much brighter. Investment capital is still in the early stages of moving into precious metals,” he said.

Despite his forward-looking optimism, Robert was also remarkably candid about the company’s recent challenges.

“Yes, last year was a nightmare and as shareholders we all suffered great frustration and confusion over the large loss of share value at a time when the price of gold was climbing ever higher,” added.

Closing out his shareholder address, Rob said the company expects to deliver better operating results and exploration news over the next few quarters.

McEwen Mining (MUX) is down 3.03 per cent and is trading at C$1.28 per share at 11:08am EDT.

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