McEwen says 2024 production within guidance
Gold producer McEwen Mining has met its 2024 production guidance, with output of 135 900 gold-equivalent ounces (GEO) in the year.
During 2024, Gold Bar in Nevada, US, and San Jose in Argentina, produced 44 600 GEO and 60 100 GEO, respectively, slightly exceeding the top end of its guidance ranges for those operations.
At the Fox Complex in Timmins, Canada, McEwen produced 30 150 GEOs, which was below the guidance owing to a stope failure in early 2024 impacting production.
The company has set an attributable production guidance of 120 000 to 140 000 GEOs for 2025. The lower end of the 2025 range is driven by the planned transition of production at the Fox Complex from the Froome mine to the Stock mine in late 2025.
McEwen reported that, owing to permitting delays, the development of the ramp access to the Stock project would continue for the majority of the year, with commercial production expected only in early 2026.
Operations at the Froome mine will wind down in late 2025.
The capital investment required for ramp development in 2025 has been partially funded by the $22-million flow-through financing completed in June.
Further, McEwen said production at Fox would be lower in the first half of the year, relative to the second half, owing to a scheduled continuation of high waste stripping in the Pick pit to be completed during 2025. The investment in waste stripping at the Pick pit is expected to improve ore availability during the second half of 2025 and through 2026, increasing future gold production.
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