TORONTO — McEwen Mining Inc. reported an industrious start to the year, especially in gold production, development and exploration, in its first quarter 2018 results released May 1.
The first quarter of 2018 “marked the beginning of an important year for McEwen Mining,” said Robert McEwen, executive chairman and chief owner, in an investor conference call. The company achieved production of 44,344 gold equivalent ounces in the first quarter of 2018.
Net cash flow from the business, excluding project development costs, was $12.4 million, offset by $22.7 million related to investments toward long-term production growth at Gold Bar in Nevada, Black Fox project in Canada and Los Azules project in Argentina.
“We’re happy with the quarter,” McEwen said, adding that although productive, the company had to report a loss.
Consolidated net loss was $5.2 million, or $0.02 per share. In the first quarter, McEwen paid a semi-annual return of capital distribution of $0.005 per share of common stock, for a total distribution of $1.7 million.
As of April 30, the company had cash, investments and precious metals of $47 million — and no debt.
For the rest of this article: https://elkodaily.com/mining/mcewen-reports-productive-q/article_546b4b5f-cb9e-5d08-bcb1-46d085aedfbc.html