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McEwen Mining (NYSE:MUX)(TSX:MUX) on Tuesday reported an armed robbery at its El Gallo 1 mine in Sinaloa, Mexico.
According to a statement an estimated 900 kilograms of gold-bearing concentrate containing approximately 7,000 ounces of gold were stolen from the refinery.
Based on today’s prices the the heist is worth over $8 million.
The Toronto-based company said it maintains insurance against these types of incidents and is working closely with its insurance carrier to determine the extent of available coverage, but its policy will not be sufficient to cover the entire expected loss.
No employees were seriously injured and there was no material damage to any of the facilities at the mine. Mining and processing activities have not been impacted and continue uninterrupted said McEwen.
The Mexican authorities are investigating the incident “vigorously” says the company.
8 Comments
Pancho Villa
Better check management Bonuses weren’t that great
Matt
Was wondering when the drug gangs would figure that one out.
Pesobill
Hilarious ! Greedy criminals stealing from the naive greedy foreign mining company . More of this type to come as Mexico is going off the rails with crime and corruption .
sadsadgringos
I helped discover this mine and am familiar with the company and processes. If you think it is a greedy company you have no real clue what McEwen has tried to do with this company since taking it over after leaving Goldcorp. The vast majority of everyone working down there is trying to do their best and provide for families in a place few of you non passport owning Americans will ever understand. Mexico is demonized because they are close have issues and it is easier for news companies to report on that than try to attack issues much more important to how things are going right here in our own country.
X_USG
900 kilos? that not exactly something you can tuck under your arm and run off with. Nor is it something that is particularly easy to sell on the black market. But at nearly 25% gold, any decent chemist (I’ve heard the Sinaloa cartel has a few) should be able to produce a saleable product.
Anon-Y-Mous-e
Stay in stable, mining-friendly regions and you won’t get hurt like this… P.S. long and strong Aurvista Gold Corporation http://miningmarketwatch.net/ava.htm
bobby44
What we need to understand here is that Mexico population is 1/3 the size of the USA with most living in Mexico City, Guadalajara, and Leon. The rest of the population is largely labor oriented in agriculture or natural resources. Bad things occurs in mostly poorer districts that have high unemployment and illegal activity. This heist obviously fits the area and social problems. I found that overall the populations of these rural areas are friendly and helpful even if they are involved in illegal operations.
A sad state of affairs for sure but the company is insured for most of the loss. The companies will continue to come to Mexico because it is, in most cases, the most mining friendly place in N. America. Geology is also one of the best in N. America.
Mark Harder
I see Mining.com is diversifying its coverage of the industry. This is a promising new direction in mining news. Keep it coming. Judging by the number of comments (many of them my own.), this is a popular topic. A thought provoking piece, especially for pensioners on fixed incomes like yours truly.