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(3) Refer to our news release dated Decemfor details.
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(2) Download the Los Azules PEA (2017) report here: (1) 'Gold Equivalent Ounces' are calculated based on an assumed gold to silver price ratio of 75:1. In Argentina, our San Jos é Min e is a high-grade silver and gold producer with a large property package that nearly encircles Newmont’s rich Cerro Negro mine,” commented Rob McEwen, Chairman and Chief Owner. In Mexico, we have recently announced the Feasibility Study for the Fenix ( 3) gold-silver project, which at $1,800/oz gold and $25/oz silver generates a 51% After-Tax IRR, $90.8 million and a 2.9 years payback, with average annual production of 26,000 (4) oz gold in Phase 1 and 4,200,000 (5) oz silver equivalent in Phase 2. Also, we are completing the access ramp to the Froome deposit in late Q1 and expect to reach commercial production in Q4. At our Fox Complex in Timmins, we have a well-funded exploration program underway following on our successful exploration results from 2018-2020. The turnaround at our operations is the result of new leadership in our senior executive and operations teams. The table below provides the forecast production by mine site. These production levels represent a 21% to 38% improvement over 2020. We are forecasting our 2021 gold equivalent production to be in the range of 141,000 to 160,400 gold equivalent ounces (GEOs) using a gold:silver ratio of 75:1. With the increasing copper price, we have received a heightened level of interest in Los Azules from major mining companies. The other alternative is to spin out Los Azules into a separate company and raise funds for it to aggressively advance the project towards a production decision.
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One alternative is to joint venture with a senior industry player to bring the project into production. We are concurrently working on two alternatives to fund the advancement and development of Los Azules. General Motors recently announced that it will be aggressively shifting to electric vehicles, producing 30 new electric models within 4 years, and producing only electric vehicles by 2035, which may be followed by the other auto manufacturers and create an increased demand for copper and other metals. Los Azules does not have reserves, but it has Indicated and Inferred resources of:Ĭu = copper, Au = gold, Mo = molybdenum, Ag = silver You may be interested to learn that in terms of value, using today’s metal prices of gold at $1,834/oz, silver at $26.17/oz and copper at $3.51/lb, that approximately 522 lbs of copper are equal to 1 oz of gold or 70 oz of silver, and 7.5 lbs of copper are equal to 1 oz of silver. Here are some of the highlights: a 36-year mine life Capex of $2.4 Billion, a payback in 3.6 years and annual production in the first 13 years of 410 Million lbs of copper at a cost of $1.14/lb. According to a study (Preliminary Economic Assessment published in 2017 (2 ) ), it has the potential to generate strong returns at a $3.00/lb copper price. Some of you may not be familiar with our 100%-owned Los Azules project. “ I wish to extend a warm welcome to all of our new shareholders. Beyond the potential of our gold and silver assets, Los Azules provides MUX with large indirect exposure to the growth of the electric vehicle market, renewable energy and the continuing urbanization of Asia.
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(NYSE: MUX) (TSX: MUX) is pleased to extend a warm welcome to all our new shareholders, provide production guidance for 2021 of an expected 141,000 to 160,400 gold equivalent ounces (GEOs) ( 1), and discuss one of our most valuable yet under-appreciated assets, the Los Azules copper project. 02, 2021 (GLOBE NEWSWIRE) - McEwen Mining Inc.