McEwen Mining reported, this past August 2, 2017, their consolidated financial report for the second quarter ending June 30, 2017.

McEwen Mining informed of an achievement of consolidated production of 32,584 gold equivalent ounces. The El Gallo mine produced 9,780 gold equivalent ounces and reported earnings from mining operations of $6.8 million and the San José mine produced 22,804 gold equivalent ounces and reported earnings from mining operations of $4.1 million.

Some other highlight of this report are as follow:

As of June 30, 2017 McEwen reported having $44 million in cash, investments and precious metals valued at spot prices; and no debt. Comparing to liquid assets of $55.1 million and no debt at the end of Q1 2017.

Consolidated gold equivalent production in Q2 2017 totaled 32,584 ounces, consisting of 9,780 gold equivalent ounces from the El Gallo mine, and 22,804 gold equivalent ounces attributable to McEwen from their 49% interest in the San José mine.

In Q2 2017, earnings from mining operations from the El Gallo mine were $6.8 million, compared to $9.6 million in the same period in 2016; and earnings from mining operations from their 49% interest in the San José mine were $4.1 million, compared to $9.7 million in the same period in 2016.

Their average realized prices in Q2 2017 were $1,257 per ounce of gold sold, and $17.20 per ounce of silver sold at the El Gallo mine; and $1,244 per ounce of gold sold and $16.38 per ounce of silver sold for the San Jose mine. In comparison, the average realized prices in the same period in 2016 were $1,260 per ounce of gold sold, and $16.86 per ounce of silver sold at El Gallo mine; and $1,276 per ounce of gold sold and $18.09 per ounce of silver sold for the San Jose mine.

Production for 2017 is expected to be 49,700 ounces of gold and 24,000 ounces of silver from the El Gallo mine, and 50,000 ounces of gold and 3,300,000 ounces of silver from the San José mine. Using a silver to gold ratio of 75:1 for the year 2017, this represents projected consolidated production of 144,000 gold equivalent ounces.

Production at the El Gallo Mine in México in Q2 was 9,780 gold equivalent ounces, compared to 15,640 gold equivalent ounces during the same period in 2016. Production in the first half of 2017 was expected to be slower as a result of lower gold grades mined, however gold grades are projected to increase in the second half of the year.

Source: http://www.mcewenmining.com