McEwen gets lift on Q3 results
Gold production in Q3 was up sharply at McEwen Mining (TSE:MUX).
Results were announced this afternoon. Gold production was up 40% to 32,100 oz compared to the same period a year ago.
McEwen traded up 4.4% today to $1.41 a share. The stock is up 8.57% year-to-date while the GDXJ has dropped 25% over the same period.
The company said it is on track to meet its 2021 production guidance of 141,000 to 160,400 gold equivalent ounces.
"We continue to execute our turnaround strategy and have made significant progress both from an operational and a financial perspective. We expect this trend to continue with the ongoing production ramp-up from the Froome deposit at the Fox Complex," wrote the company in its news release.
McEwen has been dogged with production issues at some of its mines.
At Los Azules copper project in Argentina, the company announced an expanded local labor force. Preparations are underway for starting a 10-drill, 174,000-foot (53,000 m) drilling program. Drilling will focus on conversion of inferred mineral resources to the indicated category.
By Michael McCraeFor Kitco News
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