Loading ...“McEwen Mining Inc. (NYSE, TSX: MUX) lists net income of $8.4 million, or 3 cents per share, in the second quarter. This is a turnaround from a net loss of $14.1 million, or 5 cents, in the same period a year ago. Officials say the result was helped by investment in Minera Santa Cruz and lower all-in sustaining costs at the El Gallo mine. Average realized prices of gold and silver sold during the quarter were $1,267 and $18.08 per ounce, respectively, up from $1,172 and $15.34 a year ago. The company says it generated $4.8 million of net cash flow from operations for the three months ending June 30. “During the quarter we purchased a royalty on our El Gallo property for $5.3 million, which reduced our cash flow but increased our future leverage to higher gold and silver prices,” the company says in its earnings statement. The company has no debt. Gold-equivalent output rose to 39,555 ounces from 39,164 in the same period a year ago, with gold production down but silver output higher. McEwen’s 2016 production guidance remains 99,500 gold ounces and 3.3 million silver ounces, or approximately 144,000 gold-equivalent ounces, at total cash costs and all-in sustaining costs of $780 and $935 per gold-equivalent ounce, respectively.”
Comment: GO MUX !!!