Boston, MA 03/14/2014 (wallstreetpr) – McEwen Mining Inc. (NYSE:MUX) a leading producer of precious metals in the US has reported its Q4 and full year financial and operating results.
Q4 Highlights
McEwen Mining Inc. (NYSE:MUX)’s fourth quarter net loss came in at $11.3 million with the loss including a net tax write down for explorations in Nevada amounting to $18.8 million. Earnings from operations in the fourth quarter came in at $6.5 million, down from a high of $19.2 million reported for the same quarter in 2012 and $16.3 million for the third quarter of the same fiscal year. This was mainly as a result of a drop in prices for gold and silver.
McEwen Mining’s gold production for the quarter was up to 37,167 ounces with silver production coming in at 857,011 ounces. This was an increase of 15% compared to the fourth quarter of 2012. Full year production as a result, exceeded set guidance growing by 7% and was also up by 33% compared to productions in 2012.
McEwen Mining Inc. (NYSE:MUX)’s total cash costs for the quarter were down by 12% compared to the fourth quarter of 2012 and consistent with the third quarter of the same fiscal year. As of December 31, 2013 McEwen Mining had $25.6 million worth of liquid assets with no debt
San Jose mine Argentina
McEwen Mining’s production in San Jose mine in the fourth quarter was up by 15% compared to the same period of 2012 and also up by 3% compared to the third quarter. Full year saw the mine produce 108,326 gold equivalent ounces that exceeded set guidance by 5%. Full year production on the other hand was 10% higher, compared to productions in 2012.
Gold equivalent cash costs for the quarter was $747 per ounce lower by 12% compared to costs of the same quarter in 2012 and 3% higher compared to costs for the third quarter.
McEwen Mining Inc. (NYSE:MUX) was up by 3.85% on Thursday trading session closing the day at a high of $3.51
