McEwen Mining cuts FY gold guidance after posting Q2 production results

McEwen Mining published its precious metals production figures for the second quarter of 2019 on Wednesday and announced it would trim its full-year guidance for gold output by 6% while keeping FY silver guidance unchanged.

This is despite the Americas-focused miner posting a gold production figure that was only marginally less than in the corresponding quarter last year.

McEwen produced 36,216 ounces of gold in Q2 2019, compared with 36,959 ounces in the second quarter of 2018. Meanwhile, silver output in the quarter was 850,525 ounces, up from 772,432 ounces a year ago.

The NYSE and TSX-listed company said the San José and El Gallo mines, which accounted for 62% its total gold and silver production in the second quarter, exceeded targets. However, McEwen’s other two operations, the Gold Bar and Black Fox mines, performed below forecast despite improving on Q1 results.

“The big events in Q2 were achieving commercial production at Gold Bar in late May and the high-grade exploration results from the Black Fox properties,” said the firm’s chairman and owner Rob McEwen.