Thursday, August 10, 2017 5:30:45 PM
MUX_News_McEwen grows gold production 50% with Timmins buy
Frik Els | about 4 hours ago |
McEwen grows gold production 50% with Timmins buy
Canadian precious metals producer McEwen Mining (TSX, NYSE:MUX) said Thursday it's buying the Black Fox mining complex in northern Ontario from Primero Mining.
The $35m deal is McEwen Mining's second acquisition in the famous Timmins gold camp this year and CEO Rob McEwen described the transaction as "just the beginning of a new chapter of growth" for the Toronto-based company:
“Black Fox comes with a talented operating team, an underground mine producing 50-60,000 ounces of gold in 2017, a processing facility with excess capacity, two future development opportunities, and excellent exploration potential. Combined with our existing portfolio of Timmins deposits, I believe this is a logical and potent combination.”
Last year McEwen Mining produced 101koz of gold from its El Gallo mine in Mexico and 49%-owned San Jose mine in Argentina and the company is projecting the same for this year. Gold equivalent production for 2017 is pegged at 144koz.
McEwen, who built Goldcorp into a top gold producer before stepping down as CEO of the Vancouver company in 2005, owns 25% of McEwen Mining. MUX gained 2% in New York for a $712m market cap on a generally good trading day for gold miners.
Primero (NYSE:PPP) plunged 43% on Thursday after reporting a huge production miss at its Mexican San Dimas mine due to labour action and technical problems. The stock is worth $70m in New York after losing 74% of its value year to date.
http://www.mining.com/mcewen-grows-gold-production-50-timmins-buy/
McEwen Mining to Acquire Black Fox From Primero
GlobeNewswire•August 10, 2017
TORONTO, Aug. 10, 2017 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (MUX) (MUX) (“McEwen”) is pleased to announce that it has reached an agreement with Primero Mining Corp. to purchase its Black Fox Complex and associated assets and liabilities located in the world-famous gold mining camp of Timmins, Canada. The agreed purchase price is $35 million, subject to closing adjustments. Definitive documentation is expected to be completed before the end of this month.
“Buying the Black Fox Complex provides fantastic synergies with our recently acquired Timmins deposits. Our objective is to build a long-term production platform with a robust pipeline of production, development and exploration assets, all feeding into a single processing facility. This acquisition will add immediately to our gold production, but is just the beginning of a new chapter of growth for McEwen Mining,” said Rob McEwen, Chairman and Chief Owner. “Black Fox comes with a talented operating team, an underground mine producing 50-60,000 ounces of gold in 2017(1), a processing facility with excess capacity, two future development opportunities, and excellent exploration potential. Combined with our existing portfolio of Timmins deposits, I believe this is a logical and potent combination.”
About McEwen Mining (www.mcewenmining.com)
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http://finviz.com/quote.ashx?t=MUX&ty=c&ta=1&p=d
IHUB MUX http://investorshub.advfn.com/McEwen-Mining-Inc-MUX-12355/
Frik Els | about 4 hours ago |
McEwen grows gold production 50% with Timmins buy
Canadian precious metals producer McEwen Mining (TSX, NYSE:MUX) said Thursday it's buying the Black Fox mining complex in northern Ontario from Primero Mining.
The $35m deal is McEwen Mining's second acquisition in the famous Timmins gold camp this year and CEO Rob McEwen described the transaction as "just the beginning of a new chapter of growth" for the Toronto-based company:
“Black Fox comes with a talented operating team, an underground mine producing 50-60,000 ounces of gold in 2017, a processing facility with excess capacity, two future development opportunities, and excellent exploration potential. Combined with our existing portfolio of Timmins deposits, I believe this is a logical and potent combination.”
Last year McEwen Mining produced 101koz of gold from its El Gallo mine in Mexico and 49%-owned San Jose mine in Argentina and the company is projecting the same for this year. Gold equivalent production for 2017 is pegged at 144koz.
McEwen, who built Goldcorp into a top gold producer before stepping down as CEO of the Vancouver company in 2005, owns 25% of McEwen Mining. MUX gained 2% in New York for a $712m market cap on a generally good trading day for gold miners.
Primero (NYSE:PPP) plunged 43% on Thursday after reporting a huge production miss at its Mexican San Dimas mine due to labour action and technical problems. The stock is worth $70m in New York after losing 74% of its value year to date.
http://www.mining.com/mcewen-grows-gold-production-50-timmins-buy/
McEwen Mining to Acquire Black Fox From Primero
GlobeNewswire•August 10, 2017
TORONTO, Aug. 10, 2017 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (MUX) (MUX) (“McEwen”) is pleased to announce that it has reached an agreement with Primero Mining Corp. to purchase its Black Fox Complex and associated assets and liabilities located in the world-famous gold mining camp of Timmins, Canada. The agreed purchase price is $35 million, subject to closing adjustments. Definitive documentation is expected to be completed before the end of this month.
“Buying the Black Fox Complex provides fantastic synergies with our recently acquired Timmins deposits. Our objective is to build a long-term production platform with a robust pipeline of production, development and exploration assets, all feeding into a single processing facility. This acquisition will add immediately to our gold production, but is just the beginning of a new chapter of growth for McEwen Mining,” said Rob McEwen, Chairman and Chief Owner. “Black Fox comes with a talented operating team, an underground mine producing 50-60,000 ounces of gold in 2017(1), a processing facility with excess capacity, two future development opportunities, and excellent exploration potential. Combined with our existing portfolio of Timmins deposits, I believe this is a logical and potent combination.”
About McEwen Mining (www.mcewenmining.com)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
http://finviz.com/quote.ashx?t=MUX&ty=c&ta=1&p=d
IHUB MUX http://investorshub.advfn.com/McEwen-Mining-Inc-MUX-12355/
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