McEwen Mining Inc. (TSX:MUX) investors were told Wednesday that the recently acquired Black Fox mining property (formerly Primero Mining Corp.) near Matheson, is on its way to becoming a sustainable cash-generating operation for the company.
The company also revealed that Chris Stewart is the new President and COO for McEwan. It was just a year ago this week that McEwen revealed it was setting out to purchase the gold mine near Matheson, with all its adjoining properties, for $35 million US. The deal went through last fall.
A statement from Andrew Elinesky, the company’s chief financial officer, as he provided an overview of finances and operations during the one-hour teleconference, indicated that McEwen is more than happy with the purchase.
The investor’s conference call came one day after McEwen revealed that its second quarter and first half results for the company wide operations saw gold production increasing while all-in-sustaining-costs (AISC) were down.
“The increase in production is primarily the addition of Black Fox in Timmins as well as slight increases at our El Gallo mine in Mexico and San Jose Mine in Argentina,” Elinesky told the investors Wednesday morning.
The said production at the Black Fox complex was ahead of plan because of an increase in tonnage. He said the costs per ounce were lower than the production guidance and that was partly due to the increase in ounces as well as the cost reduction efforts.
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