Canadian Gold Mining Firm, McEwen Mining Inc (NYSE:MUX) Reports Production Increase in 2013


Dallas, Texas 02/03/2014 (FINANCIALSTRENDS) – Canadian gold mining firm, McEwen Mining Inc (NYSE:MUX) has seen its market valuation go up by a huge 32 percent during trading in the past one month.  This was accomplished by the strong full year and 4Q operations results announced by the firm on 15th January, the highlight of which was the close to 33 percent increase in the full year production of silver and 15 percent increase in gold when compared to 2012 operations. In addition for fiscal 2014, the firm is looking at achieving production which is in line with 2013 actual numbers. It also disclosed that a formal decision on whether to expand operations in its El gallo 2 mine is still pending and would be taken by the board by mid 2014.

Explaining the roadmap for growing the mines further, McEwen Mining Inc (NYSE:MUX) Independent Chairman of the Board and Chief Executive Officer Robert R. McEwen has been quoted to have explained that, “In addition to executing on our organic growth plans, we continue to analyze M&A opportunities. Our ideal candidate would significantly increase our production, lower our cost profile, and have cash and free cash flow to facilitate the construction of El Gallo 2. Our geographic focus remains on the Americas. As the Company’s largest shareholder, I can say management is focused on growth that produces a higher share value and price.”

It is interesting to note that Mr Robert R. McEwen does not draw a regular salary for his role of CEO. He holds the largest share of the company stock (to the tune of 25% of all common shares outstanding) and has gone on record to state that he makes money only in the form of appreciation in the value of the stocks he holds. The gold mining firm boasts of annual revenue of $47 million.

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