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.