MUX McEwen Mining

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Rob McEwen: $5,000 Gold Still A Reality, In the Meantime Invest Wisely!

Summary
•What will a future look like with $5,000 gold?

•Why Rob decided to focus his entrepreneurial attention on mining?
•Is McEwen Mining on the right course going forward?
•How a new regime has changed mining in Argentina and could this lead to the story of 2016?
•Why mining on the whole is a poorly managed industry?


Rob McEwen founded the largest gold company in the world by market cap - Goldcorp (NYSE:GG). Today, Rob is Chairman and CEO of McEwen Mining (NYSE:MUX), a company in which he owns 25%. He has weathered many cycles in mining and created tremendous shareholder value during bear markets and bull markets. So what does he see in store today?

Firstly, Rob explains that investors, fixated on the US dollar price of gold, are missing the big picture. Gold is performing well against almost all other currencies and gold companies are beginning to generate stronger profits. All the ingredients are in place for the next stage of the bull market to begin!

Case and point is McEwen mining, which has increased production, instated a dividend, and paid off all its debts. Rob is aiming to achieve inclusion in the S&P 500 in the coming years, a lofty goal that has only been achieved by two miners today - Newmont and Freeport.

There are still exciting discoveries to be made, along with enormous gains, which can empower one to do great good in the world.

Palisade Radio Host, Collin Kettell: Welcome to another episode of Palisade Radio. This is your host, Collin Kettell. On the line with us today is Rob McEwen. He is the founder and former CEO of the world's largest gold producer by market cap and that is Goldcorp, of course. But Rob is now the current CEO and Chairman of McEwen Mining. Rob, welcome to the show.

Chairman and CEO of McEwen Mining Inc., Rob McEwen: Thank you, Collin, pleased to be on it.

CK: You know mining is arguably the worst business in the world. That is a quote from my friend, Doug Casey. It is a harsh statement, but there is some truth to be found there. Mining has not advanced significantly from a technological standpoint in the past couple decades. Political disruptions are always looming. You have the cyclical nature of the commodities which means constant ups and downs and then there is the environmental impact. But, obviously, there must be positive aspects of mining, and you have seen a lot of success in the sector. I want to start out by asking you, Rob, why have you dedicated your entrepreneurial endeavors towards mining?


RM: Well, I have a strong affinity for gold. I think it is money so I focused most of my attention on gold mining. There is some silver now but it is a precious metal as well. I think that the governments around the world, from time to time, are very abusive of their money supply and irresponsible with the amount of debt, and that individuals need to take steps to protect themselves against the actions of the government. Sometimes the governments get carried away with their zeal to make everybody happy and debase the currency and I think we happen to be in one of those times.

I also grew up in the investment industry. I spent eighteen years of my life in the investment industry, around gold bullion, gold mining shares. I met a number of promoters and a few of them did really well. One fellow in particular made a discovery and then lost it. He made a fortune, lost it; another discovery, another fortune, lost it. Third time, third discovery he kept his fortune. It demonstrated to me that all the big deposits in the world, all the exciting discoveries in the world have not been made and that is going to continue. It is an area when the gold market or the precious metals market is running, you have enormous gains that can be realized there.

It is also an industry, as you said, and quoting Doug Casey, that is a poorly managed business. Coming from the investment industry, I felt I had a different perspective than a lot of the people in the industry. I did not grow up with the same assumptions that became fundamental to my thinking about the industry so I was able to challenge them. I was able to import technologies and attitudes from other industries and put it into an old industry that is in great need of other perspectives. When you can do that you can ask questions that are difficult for people in the business to ask because it is not something they think about because of the fundamental unquestioned assumptions that lie in the industry.

I think it is possible to gain great financial rewards and with those rewards you can do a lot of good things with society and hopefully make the world better as a result of the gains you make in this industry. It is an industry where the probability of finding a new discovery is very, very low, but the possibility exists, and that is what is exciting about the industry. You can innovate, you can grow, and you can ride on the jet stream.


CK: Well that is exciting and it is a very true point. I want to ask you about the cycle that we are in today. You have been through at least a few of these ups and down cycles, and by some measures the one that we are in today in terms of the mining stocks has gone on longer and has gone down further arguably than any of the ones in the recent past. How much of the slump today is due to just normal commodity cycles of up and down, and is there anything that you can point to the blame for why we are in the situation that we are in?

RM: The slump is not that much longer. If you look back to the '70s, 1970 gold was $40 an ounce. It ran up to $200 an ounce so a five-fold increase by the beginning of '74 when it became legal for Americans to own gold again. Two years later it was just below $100, around $96, and then in '78 it got back up to $200. There was a four-year period where gold was down and then recovering. There were some pretty big losses there, losses of value, a lot of people discouraged by the performance of the industry. We saw it again, in '99, 2001 where gold was down at $250 an ounce.

When I look at the industry it is cyclical. Investors have to keep that in mind that there will be a time it is going to go the other way, and that is just the nature of the beast. But I would say right now the state of the market is determined by the US dollar price of gold. Everybody seems to be fixated on the dollar price of gold and they are saying, "Alright, gold is off 45% from its high. The big gold stocks, the leaders are down even further. Their balance sheets are encumbered by heavy debt load. Their income statements are being reduced in size by hedging, by selling metal streams, by selling royalties, and just the low price of metal." People are saying, "I do not want to be here."

But if you look at gold in other currencies it is going up. In some currencies, in the Canadian dollar, in the Australian dollar it is 25% off its old high. If you would look at gold in Russian rubles or in Brazilian real it is at all time high. It is higher than what it was back in Sept 2011 when it was US $1,900, but in their local currency it is much higher. If you go back, again, to the '70s, the late '70s, in Sept. 1979 gold was $400 an ounce and then by January of '80, three, four months later, it was up to $800 an ounce. During that period the gold shares did not run as much as gold. In fact it took until Sept of '80 before the gold shares hit their high. But gold in January was $800 and then it fell off to $650, and what the market was not appreciating was Sept of '79 at $400 and Sept '80 it is $650. Gold is up more than 50% and you started seeing couple of quarters linked together of increasing cash flow and higher earnings, and that is when the market started buying.


Today we have a very similar situation happening in that Canadian, South African, and Australian gold stocks are all starting to generate healthy cash flow and, in a number of cases, increasing earnings. Well, they are starting to get earnings and they are improving. These stocks are starting to move as a result of their local expenses are in their domestic currency, but the revenues are in dollar terms and the revenue lines have been opening up for them and they are making money. You are starting to see some interesting moves in the stock. I mean if you look at the 52-week lows and the current price of, say, the Dow, it is +5%. If you look at gold it is +7%. If you look at the GDXJ, the index for junior gold, it is up 12%, and the GDX, the senior gold stocks, they are up 13%, so better than twice what the Dow has done, low to current in the last 52 weeks. If you look at Barrick, which has gotten all sorts of terrible press, since October it is up 62%. Our own stock, we got beaten up badly, but since July of last year to now we are up over 80%.

This is a sector that a lot of people have gotten out of their portfolio. It is under owned. It is unloved, and yet it is starting to generate some very interesting gains and as more of those accumulate I think you will see more people coming into the market.

CK: I have heard a couple main themes in the last six months, the first one you just touched on with the Canadian and Australian dollars being relatively low against the US dollar. The other one has been the steep decline in oil prices. Rob, since you are the CEO and you are leading an actual mining company that sees the input cost of oil going into your production cost, I want to ask you how much of a significant factor you think that that actually place if that is going to help in the turnaround of these mining shares moving up?

RM: Collin, it depends on the type of mine and where they are located. For open pit operations fuel cost will be a definite consideration, an improvement in the economics; underground, it is to a much lesser degree. Then in certain countries, we operate in Mexico and Argentina. They subsidize our fuel cost so we do not have as much of a benefit as other countries where there is no subsidy by the government, but it had a definite improvement. If you would look at Australia, Canada, South Africa with their own subsidies, the impact of the fuel cost would be greater, a greater positive for those companies.


CK: Thank you for that Rob. On to McEwen Mining, I want to talk about some of the results which you just released last week. Reported record production for 2015 was 22% increase year over year which is fantastic. As far as I know you have over $30 million in cash and cash equivalents with no debt. I see you have really not only done a great job in this environment, but you built an even stronger company as a result of this bear market and very well-positioned to come out of it. What can you tell us about what is going on at McEwen Mining?

RM: Thank you for those comments. Well, as you stated 2015 was a good year for us despite our share performance. Production went up, cost went down, and we were generating cash flow in all quarters. Treasury increased so much so that we are able to declare a dividend or capital distribution and do some share repurchase. I think what it is largely about is having financial discipline in place so that you are not jumping whenever someone comes along and says, "Here is some money that you are not diluting your shareholders."

A large part of that comes from my own holdings in the company. I own 25% of the company and my cost of those shares is $127 million. When I wake up each morning I am thinking not about how big the company needs to be, but how do we grow it in such a way that we increase the value behind every share and that is reflected in a higher share price?

I think companies like Remarco would be the classic case of what not to do. In their case they fought really hard to get a permit and they got their permit, unfortunately, at the bottom of the gold market, and they still wanted to build their mine. They rushed out and raised $300 million and diluted their shareholders by 80%. I do not think that is the way to build a mining company, and if one was a large shareholder in a company you definitely would not have done that. The gold is not going to go away and you can build up when the metal price is better and you can see strong returns for your shareholders.


We have not sold royalties or metal streams and we do not hedge. To me that is taking it all off the top line and in depressed metal prices it just further shrinks the margins so that when you look at the performance of companies that were the royalty companies and the metal streaming companies as opposed to the producers they gave away their margins and you can see the outperformance by the royalty companies and the metal streamers very clearly, and that is the price. People say, "Well, I will raise my money that way and it will be non-dilutive to my shareholders." And that is true. But what they do not say is that it is giving up the profits that the shareholders were expecting to see.

To me it is like payday loans or a convenience store where you pay a premium for that convenience, you pay a premium for that money in this market. We have not done that and we will not do that because of the shareholders.

CK: Rob, one other event that has been going on is the New York Stock Exchange and I am reading this from a press release back in November stipulating that the average closing price of a listed company stock be above $1 per share. Of course, a couple months ago, McEwen Mining was struggling with keeping the dollar per share. But that may not be an issue anymore; you are well above the $1.20 a share. I do not know if you passed the required 30-consecutive trading days to maintain the NYSC listing, but what can you tell investors about that process?

RM: Yes, we received a notice back in July that we have fallen below the $1 level and if you are down for more than an average of 30 days. You take an average of 30 days your closing price below a dollar. They measure it at every month end. There will be this Friday. It will come up for review by the New York Stock Exchange and barring any major reversal in the gold price and the share price between now and Friday. I have my fingers crossed and my toes crossed. I think we have put that behind us or will have put it behind us by the close on Friday. They measure every month at every month end. I am hopeful, very hopeful it will not be an issue come close on Friday.


CK: Great! Thank you for that. Well, I want to ask you about the future looking out over the next few years. We just discussed that you have built a company that has lasted through a bottom and a bottom can only last so long. You have made predictions in the past for gold to hit $5,000 an ounce or above which is not an outlandish thing to predict considering it almost hit $2,000 already. What would the mining sector look like when gold is at $5,000 an ounce?

RM: Well, there will probably be a few more smiles in the industry. What will it look like? Well, I think right now we are going through a phase where there will be further consolidation. The seniors going into this are right now shedding assets. They are trying to pay down their debts. I think there will be new leaders out there and they will come from the ranks of the intermediates. There will be new names that will be leading the market ahead. They will have more aggressive management. They will probably see more ownership in the companies and they will be a little bit more careful at least in the next three, five years about how they build their projects, where they build their projects, and how much capital they need to build them. I would expect there should be a good margin in the business and we will be one of the better performing sectors in the market three, four years out.

CK: Okay. In terms of McEwen Mining, what does the next few years look like? I knew that you guys just brought on a new president a few weeks ago which is Colin Sutherland. He is going to be helping you with leadership moving forward and planning for hopefully better market conditions. But you did this with Goldcorp. You merged several companies together and you just made a Goliath of a mining company. I would assume that you are trying to replicate that success through McEwen Mining. What are your plans to do so?

RM: Our goal is to qualify for the S&P 500. You might wonder why? What drives me there are a couple of reasons. One there is a lot of money invested in the S&P 500 stocks. Index funds invested directly in the S&P had assets under management of more than $1.7 trillion, so a very large pool of money and there is only one gold stock in there and that is Newmont.


We have a gold and copper company, Freeport, but that is it in terms of the space of companies in that mining companies, precious metal companies in there, and 99.9% of all the precious metal companies in the world are non-American companies. In order get into this index you have to be an American company. McEwen mining is a Colorado incorporated company so we meet that fundamental test. We need a much larger market cap than what we have today. But I think over the next five years we can grow considerably. We are expanding what we do domestically and organically, but we will have to do one or two M&A transactions to get up to that size. Getting into the S&P 500 provides you a better shareholder base, a larger, more stable shareholder base, and a lower cost to capital, so it gives you competitive edge over all the other producers out there.

As I said this is an opportune time to be looking for opportunities to combine with other companies. It is much more inexpensive than it was three, four years ago, and that is the attraction. But first it was putting our company on a very solid basis where you are not pressured by debt. You have not given away revenue through metal streaming and royalties, and you are building cash. We are on the right foot going forward right now. That is where we are, achieve our goal and not build the comp any for the sake of size; build it for the sake of the underlying value per share and the share price.

I do not take a salary. I do not get a bonus. I do not have any options. I have not taken a salary or gotten a bonus for ten years. I am going to make my money exactly the same way my shareholders make money and that is through a higher share price.

CK: Well, that is certainly not an easy combination to find in the mining sector today. Before we end I just want to ask one last question pertaining to Argentina where, of course, McEwen has production and assets. The regime just changed down there and things have already been changing quite a bit. There has been an inflationary currency crisis down there the last few years. The new government, I believe, just let the exchange rate float. They are saying they are pro-business. Are you having or seeing any effects for McEwen from this new regime at this point?


RM: Yes we are. We have a mine in Argentina, our San José Mine. We own 49% and our partner, 51% partner, Hochschild Mining, operates it. The change in the currency and the removal of an export tax on doré gold which is the bar we pour at the mine will have an immediate impact on the cash flow and earnings of that operation. They have removed a lot of the restrictions on taking money out. We were never really subject to that. But they are moving quickly. They are very pro-business, very pro-mining. I think anyone with assets in Argentina are going to see those assets revalued by the marketplace as time goes by. I think a big hurdle for the country will be negotiating with their creditors in New York and getting that behind them and opening the capital markets to the country.

None of the ministers that have been appointed by the new government are career politicians. They are all people who came out of the business world and they are looking at their country and they want it to move forward. Out are the days where a very populous government spends to buy votes. I think Argentina is going to be the turnaround story of 2016 for the mining community.

CK: Alright, well, Rob, it has really been a pleasure having you on. I know you are a busy man and you have a busy schedule so thank you for cutting out the half hour to talk to our audience and share your story on McEwen Mining. I would give your coordinates and information, but everybody knows McEwen Mining and they know Rob McEwen so they know where to find you. Thanks so much for coming on, Rob.

RM: Colllin, it has been a pleasure. Thank you for your interest.

Rob has been associated with the mining industry for 29 years. His career began in the investment industry, and then in 1990 he stepped into the mining sector. Rob is the founder of Goldcorp Inc., where he took the company from a market capitalization of $50 million to over $10 billion. Rob is currently the Chairman, CEO and largest shareholder of McEwen Mining Inc. and Chairman of Lexam VG Gold Inc., exploring for gold, silver, copper, in Canada, USA, Mexico and Argentina.

MUX Rob McEwen doesn't like mining types with no skin in the game VIDEO  here

HIGH HOPES

Chief owner, president and CEO of McEwen Mining, Robert McEwen has set a strategic goal for McEwen Mining to get into the S&P 500 Index to gain a competitive advantage, as there is currently only one gold company in the index. “The S&P 500 is a very exclusive group of companies and most companies in the precious metals industry can never get in, even if they meet the high financial requirements for admission. Since a fundamental requirement is to be an American company, that precludes more than 99% of the industry. However, McEwen Mining can because it is a Colorado-incorporated company,” he boasted. Of course, being included in the S&P 500 would provide the miner with exposure to a significant pool of capital (more than $1.7-trillion is invested by index funds in S&P stocks), a more stable shareholder base, lower cost of capital, and exposure to the world’s most active market for precious metal companies...

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When central banks and politicians “manage” global currencies, we can expect:
•Exponentially increasing debt and currency devaluations
•Massive inflations and deflationary crashes.
•Transfer of wealth from the many to the few.
•Derivatives exceeding $1,000 Trillion and eventually a crash.
•A mathematically inevitable financial collapse.
•Monetary and fiscal madness.
•Booms and busts.
•Much higher gold and silver prices.
It has happened before and it will happen again

MUX: over $2 MUX stock is eligible for margin (maintenance requirement: 75%)

MUX McEwen Mining Reports Q1 Production Results, Royalty Acquisition

TORONTO, April 19, 2016 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce production highlights of the first quarter 2016 and one acquisition.
Highlights
•Total production in Q1 was 37,958 gold equivalent ounces(1), a 14% increase over Q1 2015.
•Increased production guidance for 2016 to 144,000 gold equivalent ounces.
•Acquired the Net Smelter Return (NSR) royalty on our El Gallo Mine and El Gallo Silver deposit.
•Strong balance sheet: $43 million(2) in liquid assets and no debt!

El Gallo Mine, Mexico – A Record Quarter
In Q1 the mine produced 20,101 gold equivalent ounces, compared to 15,391 gold equivalent ounces during same period in 2015. Production in Q1 set a new quarterly record as a result of processing higher grade ore stockpiled in the previous quarter. Production in subsequent quarters is expected to be lower as the influence of higher grade ore diminishes during the year. Full year guidance for El Gallo in 2016 is now increased to 55,000 gold equivalent ounces. The 2016 exploration budget for Mexico is $4 million.

Today we acquired the existing tiered NSR royalty (the “Royalty”) on the El Gallo Mine, currently paying 3.5% of gross revenue less allowable deductions. The purchase price consisted of a $5.25 million payment on closing and a conditional deferred payment of $1 million to be made on June 30, 2018. The Royalty ceased being payable at the end of February 2016. This transaction will enhance the future profitability of the El Gallo Mine and removes a royalty burden on existing and potentially new deposits inside the Royalty’s area of influence, including the El Gallo Silver deposit.

San José Mine, Argentina (49%)(3)
Our attributable production from San José in Q1 was 8,960 gold ounces and 667,319 silver ounces, for a total of 17,857 gold equivalent ounces. Compared to Q1 2015, gold and silver production was down 5% and up 4% respectively. Q1 production is typically lower than other quarters due to mill shutdown and maintenance over the holidays.
Full year production guidance for San José in 2016 is 45,000 gold ounces and 3.3 million silver ounces, for a total of 89,000 gold equivalent ounces attributable to us. The 2016 exploration budget is $4.5 million.

Nevada Exploration
Exploration drilling is planned to begin on the newly acquired Afgan-Kobeh property in mid-May. The primary objective of this drilling is to expand the size of the existing resource.

Financial Results
Operating costs for the quarter ended March 31st, 2016 will be released with our Quarterly Financial Statements in early May.

ABOUT MCEWEN MINING (www.mcewenmining.com)

McEwen Mining’s goal is to qualify for inclusion in the S&P 500 Index by creating a high growth, profitable gold and silver producer focused in the Americas and Europe. McEwen Mining's principal assets consist of the San José Mine in Santa Cruz, Argentina (49% interest), the El Gallo Mine and El Gallo Silver project in Sinaloa, Mexico, the Gold Bar project in Nevada, USA, and the Los Azules copper project in San Juan, Argentina.
McEwen Mining has total of 298 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 25% of the Company.

Footnotes:
(1) 'Gold Equivalent Ounces' are calculated based on a 75:1 silver to gold ratio.
(2) Figures updated as of April 18, 2016. Includes cash, cash equivalents and precious metals at market. Net of royalty and property acquisitions mentioned herein.
(3) The San José Mine is owned by Minera Santa Cruz S.A., which is a joint venture 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.

RELIABILITY OF INFORMATION REGARDING THE SAN JOSÉ MINE
Minera Santa Cruz S.A. (“MSC”), the owner of the San José Mine, is responsible for and has supplied to the Company all reported results from the San José Mine. McEwen Mining's joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

TECHNICAL INFORMATION
The technical contents of this news release has been reviewed and approved by Nathan M. Stubina, Ph.D., P.Eng., FCIM, Managing Director and a Qualified Person as defined by Canadian Securities Administrator National Instrument 43-101 "Standards of Disclosure for Mineral Projects".

MUX Gold Investment Letter New Blog Report: A Chat With Rob McEwen of McEwen Mining

here

Rob McEwen and Greg Chamandy add to their strategic investment in Monarques Gold

MUX   McEwen Mining 2Q EPS 3c VERSUS (0.05)
MUX   McEwen Mining 2Q Net $8.4M
Return of Capital (Yield): The next semi-annual return of capital installment of a ½ cent per share will be distributed to shareholders of record on August 24, 2016. The distribution will be paid on August 29, 2016.

 MUX McEwen Mining Q2 2016 Operating & Financial Results

McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce consolidated quarterly production of 39,555 gold equivalent ounces(1), which accounts for 27,888 ounces gold and 875,006 ounces silver. The Company reported net income of $8.4 million(2) and $21.3 million as well as earnings from mining operations of $19.3 million(3) and $38.8 million(3) for the three and six months ended June 30, 2016, respectively.
The Company generated $4.8 million and $19.5 million of net cash flow from operations for the three and six months ended June 30, 2016 respectively. During the quarter we purchased a royalty on our El Gallo property for $5.3 million which reduced our cash flow but increased our future leverage to higher gold and silver prices.
We ended the second quarter of 2016 with liquid assets of $55.7 million composed of cash of $36.7 million, precious metals of $14.3 million and marketable securities of $4.7 million. The Company has no debt. As at August 2, 2016 we had liquid assets of $51.8 million.
Table 1: Q2 Comparative Financial Results

Table 2: Q2 Comparative Production and Financial Results

Operating & Financial Highlights

MUX McEwen Mining Appoints New Chief Operating Officer

TORONTO, Sept. 08, 2016 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce the appointment of Xavier Ochoa as Chief Operating Officer (“COO”), effective immediately and the departure of the Company’s current COO, William Faust effective September 30, 2016. Mr. Ochoa is a seasoned executive, bringing more than 25 years of operational experience to the McEwen team and will be instrumental in the continued growth and development of our projects.
Rob McEwen, CEO and Chairman of McEwen Mining stated: “We would like to welcome Xavier to the team; he has an outstanding track record delivering growth and operational excellence globally. He brings to this position a strong reputation for managing underground and open pit operations in a variety of jurisdictions, and has a proven track record in enhancing production, reducing operating costs and improving capital effectiveness. We continue to strengthen our management team as we advance our assets with the primary goal of enhancing shareowner value.”
Mr. Ochoa joins McEwen having previously held senior executive positions with other multi-national mining companies. Most recently, he held the position of Mine General Manager at Goldcorp’s Cerro Negro operation in Santa Cruz, Argentina, where he was responsible for the successful underground mine commissioning, and leading an operating team of 1,600 people. Prior to this, he was the General Manager at the Tintaya and Antapaccay Copper Mines for Glencore and Xstrata in Peru, leading the commissioning and ramp-up of a 70,000 tonne per day processing plant. Mr. Ochoa also held the roles of General Manager and Engineering Manager at El Pachon in Argentina and Chile for Xstrata where he led the engineering efforts to advance the projects to feasibility study levels. Mr. Ochoa holds a Bachelor of Science in Mining Engineering from the University of Arizona in Tucson, Arizona. 
We would like to thank Mr. William Faust for his valuable contribution to McEwen Mining. Mr. Faust will be pursing new opportunities following a transition period, and we wish him all the best in his future endeavors.

MUX McEwen Mining Q3 2016 Operating & Financial Results

McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is pleased to announce that senior management will be hosting a conference call to discuss our Q3 2016 financial results and project developments on Thursday, November 3rd, 2016 at 11:00 am ET. For dial-in, webcast and replay details see below:
McEwen Mining will be hosting a conference call to discuss the Q3 2016 results
and project developments on: DATE Thursday November 3rd, 2016 at 11:00 am ET

WEBCAST:
www.gowebcasting.com/lobby/8247

 
TELEPHONE:
Participant Dial-in numbers: (877) 291-4570 (North America) / (647) 788-4919 (International)
Conference ID: 9405095

REPLAY:
Dial-in numbers: (800) 585-8367 (North America) / (416) 621-4642 (International)
Conference ID: 9405095
03/11/2016 14:00 ET - 10/11/2016 23:59 ET

MUX

Rob McEwen, chairman and chief owner of McEwen Mining (TSX: MUX; NYSE: MUX), looks back on the year that was, and ahead to what the next year may hold in store for gold.
The Northern Miner: It’s been one of the toughest years on record for commodities and we thought we’d ask you to reflect on the past year and offer your views on what the mining industry might expect in 2017.
Rob McEwen: 2016 was a surprise in many ways — pleasant in the beginning and perplexing as we approach the year end. Right now the election of Trump and Republican control of the Senate and Congress has introduced a brand new variable that I know most investors never contemplated. I’ve been really impressed by how President-elect Trump plans to change their economy to make it stronger by simplifying regulations, lowering taxes, speeding up the pace of approval of capital investments, incentives for repatriating the offshore profits of U.S. multinationals, and then putting in a very seasoned group of executives into his Cabinet. It is showing real serious intent and talent to kick-start the economy. Given this scenario, it is easy to understand why there is a rush of money into the U.S. dollar and particularly into its equity markets. With large planned expenditures on defence, on infrastructure, and a made-in-the-USA policy procurement policy, I expect their labour market will tighten, prices of goods and services will start to increase, and cost push inflation will appear later in the year.
Since the election, the Dollar has climbed in value against many of the currencies of its trading partners, interest rates are trending higher, money is moving out of the bond markets and into U.S. equity markets. I believe these abrupt changes in asset values will be a problem for the derivative market and for borrowers of U.S. denominated debt. Furthermore, I expect the damage caused by these big swings is going to surface next year and reinforce the reasons for investors to have a gold investment.
TNM: So where do we go from here?
RM: Clearly gold was going up with the prospect of a win by the Democrats, but now with the Republican’s absolute victory, the gold price is having trouble holding its gains made during the year. While it has been in a downtrend since the election, lately the price has been trading in a fairly narrow band. Most days the price is closing up in Asia and Europe then getting squashed in America. It appears that American investors believe a big positive change is coming and they don’t need exposure to gold. While investors in Asia and Europe feel their economic outlook is less certain and that they need the risk insurance afforded by gold.
Clearly, investors in America like President-elect Trump’s Cabinet appointments and his plans for accelerating the economy. And there are very good reasons to believe these plans will get started quickly because Capital Hill will be able to get bills passed. The legislative logjams that characterized the Obama years are over, and that’s a huge positive. As an aside, I have to wonder what Canada’s response is going to be to this massive competitive shift in tax rates, simplification of regulations and trade policy. Ottawa is going to have to start working overtime devising and executing a response to keep industry, top talent and markets.
TNM: Is the recent sell-off in gold overdone?
RM: It has been a quick drop. Is it over done? I don’t know. I suspect the first 100 days of President Trump’s term will set the tone for the strength of the dollar and the price of gold in US dollars. However in the interim, I expect the price of gold quoted in other currencies to climb.
TNM: Last week the U.S. Fed raised its interest rate by 25 basis points and signaled that it plans to raise rates as many as three times next year. How will that play into the gold sector?
RM: Short-term negative, intermediate-term little impact. Economic activity is likely to accelerate with the large capital investment planned by the Trump government. In the late 1970s, inflation was running fast, interest rates were in the teens, and gold was reaching new highs. In March 1980, the Federal Reserve Chairman pushed the Fed funds interest rate to 20%. And only then did the price of gold and inflation fall. Today, the Fed funds rate is 0.75 %. This is just an illustration to show that gold and interest rates can go higher, much higher together, before depressing the investment demand for gold!
TNM: What is your prediction for the average gold price in 2017?
RM: My 2016 prediction was doing well up until this summer and then crashed after the election. Based on my belief that government debt levels are going to continue to grow dramatically, rising interest rates will make it more expensive to service, the massive, opaque derivatives market is vulnerable to the large relative moves by currencies, and declining bond prices all conspire to make gold an attractive alternative investment today. So, my gold price outlook is US$1,800 by year-end 2017.
TNM: What are some of your favourite companies in the junior gold space and which ones have you invested in?
RM: I think Golden Predator has an interesting property in the Yukon. They’re getting some very splashy gold grades. Nighthawk Gold is exploring on a property that’s been around for a long time and they too are pulling good grades and intercepts. There’s Pure Gold Mining in the Red Lake camp. Their geos believe that they are looking at another structure — a folded structure — that might be a repeat of what was mined in the past. G4G Capital, which is going to be renamed White Gold, has a most innovative and successful CEO, Shawn Ryan. The company has a large land package in the Yukon with promising exploration results, and its treasury has enough money for three years of aggressive exploration without having to go back to the capital markets. Agnico Eagle has recently become a large shareholder. Abitibi Royalties I like. Its CEO, Ian Ball, has been running it well. It has a tiny share float outstanding, no debt, a strong treasury and a growing royalty revenue stream. Another interesting gold explorer with production capacity is Quebec-based Monarques Gold. Its management was acquiring when most people were hiding in the closet out of fear of everything going lower. They are building on a good resource base and have recently bought a nearby production facility. Also, I like Goldquest, which has a good sized deposit in the Dominican Republic, and Integra Gold, which has forward-looking management that has been using technology to unlock the potential of an old mine.
TNM: What about the impact of central banks on the gold price going forward?
RM: Recently, the Central Bank of India eliminated their 500 and 1,000 rupee notes in an effort to stop corruption and improve their tax collection efforts. An outcome of this action was a near collapse of their economy and a large jump in the premium over the market price of gold. Gold will remain an important monetary asset for enlightened central bankers. Perhaps the new government in Washington will recognize the inherent value of gold and take steps to once again link the dollar to gold at a much higher price than where it trades today.
TNM: What about China?
RM: Here is an example of an enlightened Central Bank. China and Russia have been buying gold. Why? I‘ll suggest because they appreciate its value and that they want to back their currencies with gold in order to make their currencies more attractive than the other fiat currencies of the world.
TNM: And then there are digital currencies and platforms like Bitcoin.
RM: The prospect of widespread use of digital currencies is a worrisome development for anyone who has concerns about big government, cyber theft of one’s deposits, and a power grid failure that could deny access to one’s savings. I like physical gold and view it as a better alternative. It can’t be hacked or stolen online.
TNM: You’re one of five judges on the Goldcorp/Integra DisruptMining competition next March, which will reward the most innovative ideas and technologies that can be applied to the mining sector.
RM: I was really delighted to be asked to be a judge. I’m a big believer that innovation will improve profit margins for miners. Integra and Goldcorp should be complimented on this initiative. It’s encouraging people to see and try out new technologies, and also to ask contestants from other industries to cross-fertilize ours. One day, hopefully soon, our politicians will understand that the mining industry is of vital importance to Canada’s future.

Gold Stocks: A Fabulous Rally Accelerates

Although its gold production is down from record levels seen in 2015, McEwen mining said in a release Monday that the company met its 2016 production guidance. According to the report, the company saw total precious metal production of 145,530 equivalent ounces, down almost 6% from record production of 154,529 gold equivalent ounces in 2015. The company said that Last year it produced 101,482 ounce of gold and 3,303,709 silver ounces. The company also said that it was able to double its liquid assets to $64 million last year in cash equivalents and precious metals. Because of its strong performance last year McEwen mining is also offering its third semi-annual return of capital of ½ cent per share will be paid on February 14th, 2017 to shareholders of record as of the close of business on February 3rd, 2017. Last week, Rob McEwen, chairman of McEwen Mining, was inducted into the Canadian Mining Hall of Fame.

McEwen Mining reports FY16 production in-line with guidance

Co announced annual consolidated production in 2016
145,530 gold equivalent ounces using a gold to silver ratio of 75:1 (vs guidance of 144,000)101,482 gold ounces (vs 99,500 guidance) 3,303,709 silver ounces (vs 3,337,000 guidance) -Briefing.com

***McEwen Mining Reports 2016 Full Year and Q4 Production Results

early endings with mux.....gold, silver, copper...underowned....Mexico, argentina, US.....plus optionality on juniors he has taken stake in...

-Tom from Florida