Welcome to our dedicated page for McEwen news (Ticker: MUX), a resource for investors and traders seeking the latest updates and insights on McEwen stock.
McEwen Inc. (NYSE/TSX: MUX) generates a steady flow of news related to gold, silver and copper projects across the Americas. This page aggregates company announcements, operational updates and technical disclosures so readers can follow how McEwen advances its mines and development assets.
Recent news highlights include exploration and development activity at the Gold Bar Mine Complex in Nevada, where drilling at areas such as Lookout Mountain, Windfall and Unity Ridge is aimed at increasing oxide gold resources, extending mine life and potentially increasing annual production. In Ontario’s Timmins district, McEwen reports drill results from the Froome Mine and the Froome West discovery within the Fox Complex, as well as extensive drilling and technical work at Grey Fox and nearby properties.
Updates also cover the company’s efforts to reactivate the El Gallo gold and silver mine in Mexico, including the extension of its Environmental Impact Assessment to support Phase 1 mill construction and later access to in-situ silver deposits. In Canada, McEwen has completed the acquisition of Canadian Gold Corp., adding the Tartan Mine Project near Flin Flon, Manitoba, and has reported high-grade drill intercepts that will feed into an updated mineral resource estimate.
In Argentina, news releases describe progress at the Los Azules copper project, including feasibility study results and participation in Argentina’s Large Investment Incentive Regime. McEwen also issues news on strategic investments such as its planned 31% interest in Paragon Geochemical Laboratories and its stake in Paragon Advanced Labs Inc., both linked to PhotonAssay™ technology. Investors can use this news feed to monitor drilling results, technical studies, acquisitions, permitting milestones, financing transactions and corporate developments affecting MUX.
On February 27, 2023, McEwen Copper Inc., part of McEwen Mining (MUX), announced a binding agreement for a US$30 million investment from Nuton LLC, a venture of Rio Tinto. This investment includes a private placement of 350,000 shares and a secondary sale of 1,250,000 shares, with proceeds allocated to the Los Azules copper project in Argentina. Following the transaction, Nuton will own 14.2% of McEwen Copper, valuing the company at US$550 million. The agreement enhances collaboration on new technologies for sustainable copper production, contributing to the electrification of transport.
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has completed a significant ARS $30 billion investment from Stellantis, one of the world's major automakers, aimed at advancing the Los Azules copper project in Argentina. The investment includes a private placement of 2,850,000 common shares and a secondary sale of 1,250,000 common shares. Post-investment, Stellantis holds 14.2% of McEwen Copper, which is valued at approximately US$550 million. This partnership supports both companies' vision for sustainable mining practices, focusing on net-zero carbon emissions by 2038.
McEwen Copper, 68% owned by McEwen Mining (NYSE: MUX), announced significant copper drill intercepts at its Los Azules project, indicating strong growth potential. Key highlights include:
- 237.2 m of 1.05% Cu, with 108 m at 1.71% Cu in hole AZ22173.
- 373.9 m of 0.76% Cu, including 96 m of 1.13% Cu in hole AZ22176.
The ongoing drill program aims to enhance resource classification and explore deeper extensions of the deposit. With 11,900 m already drilled, the project supports Argentina’s role in critical metals production for global electrification.
McEwen Mining Inc. reported an increase in production and a decrease in costs per ounce for October and November 2022. They forecast production of approximately 135,700 gold equivalent ounces (GEOs) for the full year 2022, with guidance for 2023 set between 150,000 to 170,000 GEOs. Cash costs are expected to decrease to $1,200 per ounce, alongside a reduction in all-in sustaining costs to $1,500 per ounce. Key operations include Gold Bar, Fox Complex, and San José Mine, with improvements projected due to better mining strategies and exploration efforts.
McEwen Mining (NYSE: MUX) announced promising exploration results from its Stock property, indicating potential for resource expansion. Recent drill results from area 1 showed high-grade gold with 264.5 g/t Au over 2.4 m uncapped and 12.6 g/t Au capped. The discovery of multiple intercepts in shallow and deeper areas near existing mine workings suggests the possibility of further mineralization. The Stock property, historically a gold producer, currently holds 265,000 ounces of indicated and 119,000 ounces of inferred gold resources, all within 500 meters of surface.
McEwen Mining Inc. (NYSE: MUX) announced significant findings from its Grey Fox exploration program, revealing four new gold veins in sedimentary rocks. These veins show promising gold grades, including near-surface intersections of 13.1 g/t Au over 7.3 m and deeper intercepts of 29.1 g/t Au over 1.8 m. This discovery indicates a potential for significant resource additions to Grey Fox, which currently houses 1.2 million ounces of indicated gold resources. The geological characteristics and historical data suggest the site's strong viability for future mining operations.
McEwen Mining reported its Q3 2022 results, highlighting a significant reduction in cash costs at the Fox Complex, now at $774 per GEO, the lowest since 2018. Despite a decrease in total production to 35,700 GEOs compared to 42,900 in Q3 2021, the company aims to enhance throughput and reduce costs further. The acquisition of a process plant is expected to lower capital costs for the Fenix project. However, the company reported a net loss of $10.5 million, largely due to investments in the Los Azules project. Production guidance for 2023 is set at 150,000 to 170,000 GEOs.
McEwen Mining Inc. (NYSE: MUX) will announce its Q3 2022 operating and financial results on November 4, 2022. A conference call is scheduled for November 7, 2022, at 11:00 am EST, where management will discuss these results along with project developments. Participants can engage in a Q&A session during the call. The webcast will be available for later viewing on the company's website.
McEwen Mining focuses on gold, silver, and copper production and exploration in the Americas, with operations in Nevada, Canada, and Argentina.
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has signed a binding term sheet with Kennecott Exploration Company (KEX), a subsidiary of Rio Tinto, to earn a 60% interest in the Elder Creek property in Nevada. KEX will invest US$18 million over seven years to achieve this stake, becoming the project's operator. Upon completion, a 60:40 joint venture will be formed between KEX and McEwen Copper. The Elder Creek project comprises 577 unpatented mining claims and is considered to have potential for porphyry copper mineralization.
McEwen Copper Inc., a subsidiary of McEwen Mining (NYSE: MUX), has successfully closed the third tranche of its private placement, raising a total of $81.85 million through the issuance of 8,185,000 common shares at US$10.00 each. The latest tranche included a significant $25 million investment from Rio Tinto's Nuton venture. With this funding, McEwen Copper is positioned to progress its Los Azules Project and conduct critical drilling and economic assessments in the coming months.