Shares of McEwen Mining Inc. were down Tuesday even as the mining firm said that production at the El Gallo Mine in Mexico exceeded its guidance, with approximately 15,600 gold equivalent ounces produced so far in Q2.
Production increased from 15,391 gold equivalent ounces mined in Q1, driven by improved gold recoveries and higher grades mined in the pit.
McEwen Mining said it expects consolidated Q2 production to total 26,530 ounces of gold and 797,000 ounces of silver. Full-year production guidance was unchanged at 96,500 ounces of gold and 3.12 million ounces of silver.
In late morning trade, MUX was off over 1%, moving just shy of the bottom end of the 52-week range of $0.90 to $3.19.