McEwen boasts year-to-date dividends from San José mine already overtake full-year guide
NYSE- and TSX-listed precious metals and copper miner McEwen has received a $49.4-million dividend from the San José mine, in Argentina, bringing the total dividends derived from the operation in the year-to-date to $58.2-million.
This already exceeds the company’s expectation of dividends from the operation of between $40-million and $50-million for the full-year.
McEwen says in a statement issued on May 22 that internally generated cash remains the best source of capital, allowing companies to grow while eliminating share dilution – a key requirement for higher share prices.
At current gold and silver prices, and assuming San José continues to perform as expected, McEwen is confident it can fund much of its planned production growth to between 250 000 and 300 000 gold-equivalent ounces (GEOs) by 2030 through cash generated by its own assets.
McEwen’s attributable production from its 49% interest in San José is expected to be between 59 000 and 64 000 GEOs in the full year.
In updating stakeholders about the rest of its operations, McEwen says the Stock mine, in Ontario, is expected to enter initial production in the second half of the year, with commercial production expected in 2027.
In turn, a feasibility study is progressing on the Grey Fox mine, also in Timmins Ontario, which will be released in the coming months. Grey Fox has the potential to significantly extend the productive life of the Fox Complex, of which the Stock mine also forms part.
By 2030, McEwen targets between 75 000 and 90 000 GEOs from the Fox Complex.
McEwen also advises that engineering work at the El Gallo project, in Mexico, is progressing well, with mill construction expected to start early in the third quarter.
Phase 1 production remains targeted for mid-2027, with yearly production expectations of 20 000 GEOs for this operation. Future phases could materially extend the mine life and increase yearly production to between 40 000 and 50 000 GEOs.
McEwen further owns 46% of McEwen Copper, which holds the Los Azules copper development project in Argentina. The Los Azules project is being designed to be one of the world’s first regenerative copper mines and carbon neutral by 2028.
