Canada’s McEwen Mining has announced plans to boost its production this year by between 20 and 40 percent compared with 2020.
“A Preliminary Economic Assessment (PEA) to expand the production from the Fox Complex is expected to be released at the end of Q2 2021,” the miner said in a statement, referring to its mine in Canada’s Northern Ontario where it produces gold.
For the first quarter of 2021, McEwen Mining reported gold production of 23,300 oz and 493,200 oz of silver, or 30,600 gold equivalent oz.
“We invested $6.8 million on exploration and advanced projects, and reported a net loss of $12.5 million, or ($0.03) per share, compared to a net loss of $99.2 million, or ($0.25) per share, in Q1 2020,” according to the statement.
McEwen Mining says it is focused on gold, silver and copper mining.