McEwen Mining borrows US$50M for Gold Bar construction

McEwen Mining (TSX: MUX; NYSE: MUX) has closed a US$50 million senior secured three-year term loan first announced in late May, with the funds earmarked for completion of construction at the company’s new Gold Bar gold mine in Nevada, and for general purposes. Rob McEwen, McEwen Mining’s chairman and self-described “chief owner” with 24% of the firm’s 337 million outstanding shares, is participating as lender for half of the US$50-million loan, which will have monthly interest at 9.75% per annum. Continue reading at The Northern Miner.