Announces Q3 2017 Operating and Financial Results
Toronto, Nov 3, 2017 AEST (ABN Newswire) - McEwen Mining Inc. (
NYSE:MUX) (TSE:MUX) reports its consolidated financial results for the third quarter ending September 30, 2017.
During Q3 2017 the El Gallo mine had earnings from mining operations of $5.1 million and the San José mine had earnings from mining operations of $4.5 million.
The Company experienced increased cost and reduced income as a consequence of an unexpected drop in production at the El Gallo mine due to an equipment failure. Our portion of income from the San José mine was also reduced on lower production. As a result, the Company reported a net loss of $8.1 million or $0.03 per share.
"During the third quarter we faced some challenges with our operations that resulted in disappointing performance. Production was approximately 17,500 gold equivalent ounces in the month of October. This improved production level puts us on track for a stronger fourth quarter" said Rob McEwen, Chairman and Chief Owner.
About McEwen Mining Inc
McEwen Mining (NYSE:MUX) (TSE:MUX) is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. McEwen Mining also holds a 48.3% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. The Company's goal is to improve the productivity and life of its assets with the objective of increasing the share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the Company of US$225 million.
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