Gold mining mogul Rob McEwen is glad to see 2020 in the rearview mirror. “2020 was a brutal year but we more than survived and have come out stronger from it,” said the executive chairman and chief owner of McEwen Mining.
His Toronto-based company released its fourth quarter and end-of-year results for 2020 on March 11. Total gold production from its mines in Ontario, Nevada, and Mexico in 2020 amounted to 114,800 gold equivalent ounces, compared to 174,400 ounces in 2019.
Production from its Black Fox Mine, east of Timmins, in 2020 stood at 24,400 ounces. Total cash costs and all-in-sustaining-costs were $1,397 and $1,650 per gold equivalent ounces, respectively.
The company recorded a consolidated net loss of $152.3 million. Operational issues and the pandemic outbreak factoring into the company’s financial performance over the last two years have “deeply pained” McEwen.
And while he wasn’t hopeful of a stellar year in 2021, McEwen was projecting ahead to next year with an upcoming mine expansion and potential new gold discoveries in northeastern Ontario.
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