McEwen Reports Higher Output, Lower Net Loss for 2015

McEwen Mining Inc. (TSX:MUX,NYSE:MUX) released its consolidated financial results for Q4 2015, as well as the year as a whole. The company reported a consolidated 2015 net loss of $20.5 million, or $0.07 per share; that’s down significantly from the $311.9 million, or $1.05 per share, seen in 2014.
The press release also states:

During the year McEwen Mining achieved record production of 154,529 gold equivalent ounces⁽¹⁾ and earnings from mining operations of $53.1 million⁽²⁾⁽⁴⁾. Net cash flow generated from operating activities in 2015 was $15.6 million. On March 7, 2016, the Company had cash, cash equivalents and precious metals of approximately $40 million and no debt.

Rob McEwen, chairman and chief owner of McEwen Mining, commented:

2015 was a successful year for McEwen Mining! Our production increased by 22% to 154,529 gold equivalent ounces and our all-in cost decreased by 29% to $1,055 per gold equivalent ounce. Our treasury grew with cash flow from our operations, while at the same time we were able to return capital to our shareholders for the first time and buy-back our stock while prices were low. We are forecasting continued strong performance from our El Gallo mine and our San José mine is poised for better financial performance this year as Argentina once again embraces mining. We are well positioned with a healthy balance sheet to grow and create value for share owners, we have $40 million in our treasury and no debt!

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