NYSE- and TSX-listed gold miner McEwen Mining reported on Tuesday that its 2018 production had topped its guidance, with gold equivalent (GE) output rising to 175 561 oz, comprising 135 124 oz of gold and 3.03-million ounces of silver.
The production compares with 152 329 oz of GE output in 2017, and exceeded its stated target of 171 000 oz.
The Black Fox mine, in Canada, delivered 48 848 gold-equivalent ounces (GEOs) in 2018 – in line with the full-year guidance, while the San Jose mine, in Argentina, fell short of its target of 91 000 GEOs, producing 86 607 GEOs.
The El Gallo mine, in Mexico, exceeded expectations of 32 000 GEOs by producing 39 106 GEOs in the year. The company ceased mining and crushing activities at El Gallo at the end of the second quarter and started residual heap leaching, which will continue for several years.
McEwen reported that it was continuing to evaluate the potential of constructing a new mine and mill at El Gallo. A feasibility study for the project, dubbed Fenix, is expected to be completed in the first half of 2019.
The miner also reported construction at Gold Bar, in Nevada, was near completion and on schedule for inaugural gold production in the current quarter.