Toronto-based McEwen Mining has posted its results for the first quarter of 2022, reporting a lower production compared with the first three months of last year.
“Production was 20,850 gold ounces and 336,500 silver ounces, or 25,100 gold equivalent ounces (GEOs) … compared to 30,600 GEOs during Q1 2021,” the Canadian business said in a statement.
The miner’s consolidated net loss in the first quarter of 2022 was $19.3 million. This related primarily to the $14.4 million McEwen Mining invested in exploration and advanced projects, as well as a gross loss of $6.0 million from its operations, according to the statement.
McEwen Mining said that the company’s management continues to work “to address operational challenges and reduce costs, while continuing to invest in exploration and the advancement of McEwen Copper’s Los Azules project.”