TORONTO - McEwen Mining Inc . (NYSE: NYSE:MUX) (TSX: MUX) announced its full-year and fourth-quarter production results for 2023, showcasing a consistent performance with its previously released forecasts. In the fourth quarter, the company produced 49,850 gold equivalent ounces (GEOs), bringing the annual total to 154,600 GEOs, aligning with the guidance range set earlier in the year.
The Gold Bar Mine in Nevada saw increased production in the last quarter, achieving record output for both the quarter and December, attributed to the addition of mining crews and the completion of the heap leach pad expansion. The Fox Complex in Canada maintained steady production, exceeding 10,000 GEOs. The San José Mine in Argentina, despite initial operational challenges, showed strengthened production throughout the year, although it fell slightly short of its guidance range.
For the year 2023, the Gold Bar Mine produced 43,700 gold ounces, the Fox Complex yielded 44,450 gold ounces, and the San José Mine, of which McEwen Mining owns 49%, contributed 65,650 GEOs. Silver production at the San José Mine was 635,650 ounces for the fourth quarter, with a total of 2,166,850 ounces for the year.
Looking ahead to 2024, McEwen Mining anticipates a lower production range of 130,000 to 145,000 GEOs, primarily due to expected reduced outputs from the Fox operation and the San José Mine. The company is exploring potential enhancements to production and profitability, with updates to be provided upon implementation.
In 2024, the company plans to commence development of underground ramp access to the Stock orebodies at the Fox Complex, with the Stock West becoming the primary source post-2026. This development is partially financed by a US$16.1 million flow-through financing completed in December 2023.
At the Los Azules project, significant progress has been made with over 36,000 meters of drilling completed for the upcoming Feasibility Study, expected in Q1 2025. The study includes mineral resource estimation, metallurgical testing, equipment selection, and design cost estimation. The company is also progressing with infrastructure plans and environmental permitting, emphasizing responsible development.
McEwen Mining ensures financial stability by investing the majority of its funds in depository receipts of foreign and major Argentinean corporations, protecting against devaluation and supporting project development. The company acknowledges the importance of political and economic reforms in Argentina for the mining sector's future growth.
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