McEwen production down 33% in 2020

McEwen Mining reported on Monday that its production for 2020 was 92,100 gold oz. and 2 million silver oz., or 115,600 gold-equivalent oz. (GEOs). This represents a decline of 33% from the 174,400 GEOs produced in 2019.

Consolidated production for the fourth quarter of 2020 reached 24,100 gold oz. and 532,400 silver oz., or 31,100 GEOs, also about a 33% decrease compared to the fourth quarter of 2019, which recorded production of 46,300 GEOs.

During the latest quarter, the San José mine contributed 531,500 silver oz. and 8,700 gold oz., or 15,600 GEOs, which was in line with the company's expectations. Earlier this month, the mine resumed production after the provincial government of Santa Cruz lifted its temporary shutdown mandate.

At its Black Fox operations in Ontario, production of 8,000 GEOs was above expectations.

Meanwhile, at Gold Bar, where the mine's updated resource and reserve estimates are being finalized, production of 6,000 GEOs fell below expectations.

In addition, El Gallo produced 1,500 GEOs from residual leaching.

Shares of McEwen Mining rose 5.2% by 1 p.m. in Toronto on Jan. 4. The company's market capitalization stands at $423.2 million.

This story first appeared on www.MINING.com.