Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
McEwen Mining (NYSE: MUX, TSX: MUX) reported on Tuesday it is reopening its Black Fox mine in northern Ontario that was temporarily shut down due to covid-19 restrictions. During the first quarter of 2020, Black Fox produced 8,328 gold equivalent ounces.
McEwan also reported consolidated production of 29,177 gold ounces and 553,179 silver ounces, or 35,062 gold equivalent ounces at the average gold-silver price ratio for the quarter.
The San José mine in Argentina produced 8,993 gold ounces and 551,872 silver ounces in Q1.
McEwan’s stock traded up 8.4% at midday Tuesday on the TSX. The company’s market value is $395 million.
