McEwen Mining Loses 7,000 Ounces of Gold in El Gallo Robbery

McEwen Mining Inc. (TSX:MUX,NYSE:MUX) announced that an armed robbery took place Tuesday at its Mexico-based El Gallo mine. An estimated 900 kilograms of gold-bearing concentrate containing about 7,000 ounces of gold were stolen.

At the current gold price of about $1,200 per ounce, that’s equivalent to a loss of $8.4 million. Though the company “maintains insurance against these types of incidents” it said its policy will not be able to cover the entirety of the expected loss.

As quoted in the press release:

No employees were seriously injured and there was no material damage to any of the Company’s facilities. Mining and processing activities have not been impacted and continue uninterrupted.

Click here to read the full McEwen Mining Inc. (TSX:MUX,NYSE:MUX) press release.

The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by creating a profitable gold producer focused in the Americas. McEwen Mining’s principal assets consist of the gold/silver San José mine in Santa Cruz, Argentina (49% interest); the El Gallo complex in Sinaloa, Mexico; the Gold Bar project in Nevada, US; and the Los Azules copper project in San Juan, Argentina.McEwen Mining has 306 million shares fully diluted at April 7, 2015. Rob McEwen, Chairman and Chief Owner, owns 25% of the shares of the Company.