McEwen Mining reports record quarterly production
TORONTO (miningweekly.com) – Precious-metals producer McEwen Mining has reported record quarterly output from its two operating mines in Mexico and Argentina, lifting gold-equivalent production by about 30% year-on-year.
During the second quarter ended June 30, the company produced about 35 955 gold-equivalent ounces (GEOs), comprising 20 988 oz of gold and 778 308 oz of silver, which was a company record.
This was about 30% higher than for the same quarter of 2012 and a 20% improvement on the first quarter of this year, when the company produced 29 839 GEOs, boosted by the first commercial production from its fully owned El Gallo Phase 1 mine.
For the first half of 2013, McEwen produced 65 794 GEOs, placing the company on track to achieve its 130 000-equivalent-ounces target for the year.
“Both our mines achieved a solid operating performance in Q2. In addition, our El Gallo 1 mine expansion, which is expected to increase processing capacity by 50% for $5-million, is under way. The required metallurgical testing to determine if we can heap leach El Gallo 2 ore has been initiated.
“Despite the depressed state of the precious metals sector, we continue to seek alternative ways to expand our production with the least amount of capital,” chief owner Rob McEwen said.
McEwen in June cut its forecast output for 2016 by 22% to 225 000 GEOs.
However, this was expected to result in reduced capital requirements from its development projects to the point that its cash reserves and cash flow from operations would be enough to fund the majority of the revised production growth projects.
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