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Stock impact report

Why McEwen Mining Inc's Shares Plunged 10% Today [The Motley Fool]

McEwen Mining Inc. (MUX) 
Last mcewen mining inc. earnings: 3/16 05:01 pm Check Earnings Report
Company Research Source: The Motley Fool
Weak earnings and rising costs are hurting this gold miner today. What happened  Shares of McEwen Mining Inc ( NYSE:MUX ) fell as much as 10.3% on Thursday after reporting fourth-quarter earnings. Shares settled down slightly, to an 8.6% gain, at 3:30 p.m. EST.  So what Gold equivalent-ounces produced fell 18.2% in the quarter, to 31,521, and cash costs weren't trending positively, either. El Gallo mine gold-equivalent cash costs rose 41% from a year ago, to $699, while San Jose mine costs fell 5%, to $729, although 2017 guidance is for costs to be $780 per gold ounce equivalent. Image source: Getty Images. Net income for 2016 rose slightly, to $21.1 million, or $0.07 per share, but in the fourth quarter, the company lost 0.01 per share.  Now what The cost trend is really what investors have to worry about in both the quarter and going forward. Management said that El Gallo cash costs are expected to rise from $524 per gold equivalent ounce in Show less Read more
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