McEwen Mining shares surge despite lower Q3 output, revised FY 2022 guidance. miningnews
Average cash costs per GEO sold from these 100%-owned mines were $1,219, which is in line with the company’s guidance. Average all-in sustaining costs per GEO sold was $1,659, slightly above the guidance midpoint of $1,475 per GEO.
McEwen noted that the Fox Complex, which had a history of high operating costs, achieved the lowest quarterly cash cost since mid-2018 of $774 per GEO sold, which is well below the industry average. The company believes there is good potential to further reduce costs and increase production at Fox Complex by increasing mill throughput.
“Specifically, we need to increase the throughput because our mine is now producing more ore than our mill can process. As a result, we have a large surface stockpile of ore equivalent to more than two months of production,” stated Rob McEwen, chairman and chief owner in the Q3 results release. At the Gold Bar mine in Nevada, production continued to be low due to the presence of carbonaceous material that is being treated as waste and lower mining rates resulting from a contractor staffing shortage, McEwen explained. Development of the Gold Bar South deposit is underway, with first ore expected later this quarter.
Shares in McEwen Mining surged by 10% as of 11:40 a.m. ET following the Q3 results release. The company’s market capitalization sits at C$192 million.
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