Loss of manpower due to covid-19 also affected operations at both mines, the company noted.
Results from operations will improve starting with the current quarter, the chairman said, as the Gold Bar mine in Nevada, US, achieved production targets in Q1 and the company has “made some important advances” at its Los Azules copper exploration project in Argentina, near the border with Chile.
The founder and former chairman of Goldcorp also said McEwen was extending the maturity of its $50 million senior secured term loan facility to be able to invest those funds in production growth and mine life extensions.
Shares in the company were down 1.9% to 79 cents in New York on Wednesday morning. Year to date, the stock has lost more than 13% of its value, leaving McEwen with a market capitalization of $373.6 million.
McEwen had, in early March, closed a private placement offering that injected another $15 million into the company’s…
