Production exceeds expectations at McEwen's El Gallo mine
TORONTO (miningweekly.com) – NYSE- and TSX-listed McEwen Mining has beaten the top-end of its second-quarter production guidance, marking the third consecutive quarter of record output at the El Gallo mine, in Sinaloa state, Mexico.
This was despite McEwan reporting, early in the second quarter, that armed robbers stole about 900 kg of gold-bearing concentrate from the El Gallo 1 operation.
With several days left in the current quarter, and the mine having already produced 15 600 oz of gold equivalent, year-to-date output stood at about 31 000 oz of gold equivalent.
The increased gold output was driven by the combination of higher grades mined in the pit and improved gold recoveries, not dissimilar to that of the first quarter of this year.
McEwen said it continued to demonstrate the trend of sequential quarter-over-quarter increased output, while continuing to lower cash costs, demonstrating the corporation’s focus on delivering a stable production profile with a consistent cost base, while generating free cash flow.
At the miner’s 49%-owned San José mine attributable output would total about 11 000 oz of gold and 788 000 oz of silver for the quarter ending June.
Output was on track to hit full-year guidance of 46 500 oz of gold and 3.1-million ounces of silver. McEwen reported that San José experienced an irregular work stoppage in June that had a limited impact on second-quarter output.
The company expected total output for the second quarter to be about 26 530 oz of gold and 797 000 oz of silver. McEwen’s full-year guidance remained unchanged at 96 500 oz of gold and 3.12-million ounces of silver.
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