McEwen Mining says output rose 33% Y/Y, beats guidance

McEwen Mining (MUX +3.5%) reports preliminary 2013 production of 139,455 gold equiv. oz., up 33% Y/Y and beating guidance; during Q4, output totaled 37,167 gold equiv. oz., up 15% Y/Y.

Production for 2014 is seen roughly in-line with 2013 at 135K-140K gold equiv. oz., with H2 output expected to exceed H1 due to the expansion at El Gallo I scheduled for completion at the end of Q1 and ramping up in Q2.

Production costs in 2014 are expected to be similar to 2013, with cash costs of $750-$850/gold equiv. oz. and all-in sustaining costs of $1.1K-$1.2K/gold equiv. oz.

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Comments (4)
  • Mongoose
    , contributor
    Comments (144) | Send Message
    I will bet on Rob McEwen, because he holds gold on the balance sheet and does not sell all .He owns 25% of the company and takes no salary. In other words he has plenty of skin in the game.I will stay with him until he starts to sell his stake.
    14 Jan 2014, 12:06 PM Reply Like
  • v irgil75
    , contributor
    Comments (61) | Send Message
    Right on Mongoose, McEwen is a proven quantity in the mining industry.
    14 Jan 2014, 01:21 PM Reply Like
  • v irgil75
    , contributor
    Comments (61) | Send Message
    I'm 78 years old and first came into contact with Mr. McEwen when GG bought up a mining company I had shares in. I did well with GG, thanks to McEwen and expect to do well with MUX.
    14 Jan 2014, 01:22 PM Reply Like
  • Derrick Lilly
    , contributor
    Comments (366) | Send Message
    I've been bullish on MUX for several years, but without metals prices stabilizing and rising, they're going to have a very tough time being profitable. The severe downside in silver/gold has already derailed their expansion plans, and has killed the saleability of Los Azules. I'll continue to trade the volatility, and I still believe in their long-term mission, but it is going to be a very bumpy road for MUX as they try to grow.
    14 Jan 2014, 03:24 PM Reply Like
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