McEwen narrows loss, drops certain Nevada exploration properties
TORONTO (miningweekly.com) – Copper and gold producer McEwen Mining this week reported a net loss of $14.1-million, or $0.05 a share, for the second quarter ended June, compared with a net loss of $104-million, or $0.35 a share, for the comparable period a year earlier.
The net loss was attributable to an impairment of $28.5-million on certain mineral properties in Nevada, which it decided to drop. After related deferred income-tax recoveries the after-tax impairment was $18.5-million.
The NYSE- and TSX-listed miner, which aimed to qualify for inclusion in the S&P 500, reported adjusted net income, which removed the impact of impairment of mineral properties, foreign exchange fluctuations and income-tax recoveries of $1.8-million, or $0.01 a share. This compared with an adjusted net loss of $8.6-million, or $0.03 a share, during the second quarter of 2014.
The Toronto-headquartered company had record quarterly production of 39 164 oz in gold equivalent and reported cash flow from operations of about $6-million, or $0.02 a share.
The El Gallo mine, in Mexico, was the key performer in the quarter, producing at cash costs and all-in sustaining costs a gold equivalent ounce of $351 and $546, respectively.
As of August 4, the company had cash, cash equivalents and precious metals of $32-million.
McEwen's NYSE-listed stock had lost 32.73% in value since the start of the year, weighted down by lower prices for the precious metals it produced. The stock on Friday closed at $0.70 apiece, below the stock exchange’s $1-a-share continued listing requirement.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation