MUX - Earnings call transcript Q2 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, ladies and gentlemen. Welcome to McEwen Mining’s Q2 2021 Operating and Financial Results Conference Call. Presenting today are Rob McEwen, Chairman and Chief Owner; Anna Ladd-Kruger, Chief Financial Officer; Peter Mah, Chief Operating Officer and Steve McGibbon, Executive Vice President of Exploration. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] I will now turn the call over to Mr. Owner. Chief McEwen, Rob sir. ahead, go Please

Robert McEwen

Thank you very XXXX interested I’m shareholders call. Good to welcome afternoon, pleased QX and you investors. operator. to conference our

and performance Over we is Along I share of a these senior our individuals who surfacing to guidance. Steve back of our such our copper rebuilt of office first, we and review exploration for our our that are on other experiencing. talented the are with for delivering the Today, responsible significant say But at project Anna, turnaround mines and it of efficiently, to financial team that plans improvements I’m operating with currently we strength. to more you head our production the truly And Los mines. are past Azules. XX-months, are going in are program highlights management operations and the value delighted have giant our Peter, much

building our lost last We definitely that price that encouraging trend are very that on-track, some These we the ground treasuries indications gaining and share are is getting the year. back of and up. our are are

assure ground fully do However, lot is a want we regain that recapture to committed so that of still I and to and there driving to you are to hard ground.

the our Now, I for will of Anna condition half as financial the of in ask with seen results transformation share to Anna QX first to this positive our of you you. year.

Anna Ladd-Kruger

treasury. in financial. afternoon, into our gold strategy, sales costs demonstrating progress solid for and turnaround operational from and resulting operations the lower Rob quarter improved our good strengthening a revenues in quarter. you QX everyone. for production translated the was Thank silver Strong and our All

in increase realized of XXX% from prices of to XXX% in compared Average quarter last an year. gold equivalent to of of million, Our prices were X,XXX quarter compared is ounces, realized per during last XX.X sales year. the X,XXX owned QX the which was revenues operations QX

projects. in million gross of and realizable costs quarter, million million of measures increase exports Mah per at Our a million. six XX.X does detail shortly. reported loss advanced is per X.X our of Complex million negative Bar improvement in for the XXXX. a cash share loss is QX. to depreciation was and We loss net primarily include an more invested operations. increased compares cash QX or by per XX.X a improved higher prices in and both increase QX a This gold $X.XX of change X.X cash non-GAAP X.X of an QX operation, gross bit from total or net production for This which attributed negative share the $X.XX driven which profit average decreased last our in year’s that excludes sales, ounce of Again, in The Gold to negative Fox a in Peter million

spent potential Our activities to-date and wrapped we And high million XXXX. both and in Nevada. up Ontario approximately have targets exploration X.X in in

Ontario. of programs incurring eligible expenditures various give exploration We in locations McGibbon two updates Steve exploration our on are also Canadian will the further shortly.

the We under Fox projects Preliminary our Complex quarter. PEA just on on Mexico. the This Assessment continue Economic includes million also advanced spent during spending and or project $X Phoenix in

reflecting equivalents, cash same million, assets XXth is million compared higher liquid and cash metals precious restricted to our XX.X was the of This period last inventory. June investments and cash, year. total Our XX.X as for

is mine Froome half in our positive same our to Net our half in San development my year from last compares in at assets capital QX first interest current We for also to XX.X X.X to of total X.X receive QX dividends commercial of ended working attributed investing the period Complex. and the in of million at million XX.X in We the in XX of turn mine, call will a activities Fox This year. million million in Operating with Mah, We this José cash X.X first Chief reach HX. in Peter of million Officer. QX. on-track remain Thank I the you. now a production capital costs million. largely

Peter Mah

you, Thank to day and Anna good all.

XX% last for the in-line of to We owned was with guidance production about production progressing on-track period that gold lower was trending costs GEOs as is increased the than production gold XXX,XXX our our expansion half XXXX in year, another teams are improvement and was from on owned Costs Complex equivalent pleased XX.XX the Total with XX.XX the was QX focused higher range by XXXX are well. XX,XXX with which XXX% ounces, quarter McEwen XX,XXX to during on than lower all-in lines costs, first Consolidated consolidated year. QX of production GEOs. for per the production last was times QX for QX down and last a than Fox year. costs end good operations XX,XXX year. guidance. same to with our two which report lower XX,XXX XXX,XXX sustaining for Mining, XX% of last up lines GEOs, XXXX continuous compared trending XXX% over and GEO of cash project

Bar all-in to Gold gold the the to in production XX% XXXX period Moving XX,XXX production. and costs Cash Improved the to production year. to year. equivalent the efficiencies first half gold production, Nevada, reflecting same was XX% while ounces, operational costs last same for period ounces costs production the At were increase XX.XX, increased to equivalent driven by to sustaining each Mine QX increased improvements COVID XX,XXX reduced no to gold compared per year. interruptions the last of over GEO XX,XXX for region. last a from The reduced and quarter in the on XX.XX, XXX%

ramp than reflecting Canada, year. a to to better threefold to Cash in QX XXXX, of the due up mining GEOs, compared increase XXXX. wound-down Fox according to $XXX, the per the on mine XX.XX plan control more in in decrease more Increased Black expectations and Mine than at compared programs. cost of produced costs at to Fox reflects efficiencies, to our last ounce GEOs to more X,XXX Fox expected. ounce while X,XXX modestly XX.XX Moving in QX from as and mining costs gold Complex XX.XX consistent, better QX The decreased the sustaining in QX production transitioned all-in decreased throughput, reliable grade in per more production, improved to was

deposit life to plan, interruptions recovery this Froome in due wind start are This year. aim from at the drill underway QX optimized and benefited in slightly versus reconciliation underground access are underground leach the further In QX towards of and QX The results to Fox to remain in underway addition the at reach select to XXXX Complex to no QX an was to expected from and of will developments stock early mine residual down extend drilling existing advanced. to Gallo in commercial At subsequently costs preliminary this while Stock. leaching mining the underground drilling reducing and with provide on-track the Plans delivered be to X,XXX outperformed are ongoing. expansion help mine equivalent production the assessment gold COVID. El is Underground Froome productions cost has economic metallurgical ounce Grey development of per which design the definition at updates recovery size grade grind Company contractor in and expectations reserve Froome are to this QX on the QX optimizations and dewatering leach ounces bridge resource projected year. conduct Stock model of and Fox production year, existing is our activities projects of Residual plans was and the gold heap Mexico, from XXXX. schedule the pad. production, mineshaft

to alternatives, evaluating the period the a currently interest to XX% nearly potential divestiture QX and units. were lower production fields substituted per times QX business tons with X,XXX grade reasons costs our on We of than offset XX,XXX Increases year, are last and attributed two Mexican Shifting process our production as Argentina to for for same grades including the slightly COVID. strategic due reduced higher Mine. lower slightly José process, lower XXXX delayed Cash development. mill mentioned. smelting due by of GEO, ore GEOs, impacts to San were multiple timing

over sustaining to Executive all-in you, Steve are we the call our at period now ounces. equivalent last year While on same gold McGibbon par of $XXXX the turn I Exploration. President Vice will for Thank per

Steve McGibbon

significantly $X.X projects across Peter. QX and the million. a total you, Canada, in activities with Exploration United ramped in Thank States investment of some up Argentina, all

completed. once sustain cost to term and driven of existing adjacent core meters remained As to to you XXX,XXX exploration know, in and deposits near focus nearly more effective production. equivalent than feet to seed gold order are operations on on discoveries extending our medium XX,XXX The

grams will our first meters venture silver tonne for per per spent and per tonne these I to a budget of half along course and a exploration grams are X.X work One per typically often will at XXX million. XX.X through meters drill drill XXXX. gold, is core San Timmins tonne update On the per is our of of and José Escondido gold XXX in ran gains. per X.X Hochschild grams intercept meter Firstly, and property, the QX for creating grading with completed XXXX. tonne X.X $X.X million the in $X.X monomers joint drilling, grams X.X and which the expenditures produce partner to completed San on the XXXX San encouraging variable that X.X meters, XXXX addition operations, results by XXX% X.X XXXX normal silver tonne XXXX listeners XX% gold San the the with drill Proximal SKD José program. X.X several length. silver gold year remind I drilling realized. grams some a a tonne of and and for were meters highly current to silver, operated basis, exploration is and were meter the XXX of and six Mining. From José core Lease timing José deposits X.X grams between the will and At SKD epithermal intercepts resource million involved include to

exploration makes carried located expenditure mineralization mine confirmed on of Mine the ridge were be to The meters area, pit of Gold of X,XXX the mapping addition Ridge $X.X nearby the incurred out goals after will this in several a Exploration feet efforts activities mineralization Atlas the update. of drill south drilling XX,XXX core core area. the return to program and our XX% modeling of which evaluation. third [indiscernible] quarter At the Gold that and of atmosphere our XXXX about QX Drilling reported locally Exploration million in drill primarily each to XX west included XXth in in the to San X,XXX part for José. testing RC at quarter deposits structure, deposit geophysical targets Mine. million intercepts known active $X saw of definition exploration test meters the focused and a planned reduce XXXX program the during activities and of included spending. and Bar were expansion Mine for or risk May meters in identified the to mine permanent target exploration and potential During Bar

geology, project geologic XX Bar and Activities - four the X.XX that including XXX. systems with carbon hosting one third Ongoing their meters, third our holes - XX results the Bar’s property, a properties interval will of the Revenue large South is X,XXX type comprises property remain and other work XXXX. throughout planned planned successfully North is and including is wide integrated X.XX intercept This or carbon primarily three suggests context type into relation RC thought, testing often This core updated to Canyon of round has the efforts. compasses a Tonkin has in grams activities choose grade dovetail exploration greater our mineralization to XX the gold. totaling oriented underway drilling property out of to will tonne at in production. similarities and are Fox includes revaluations tonne loss. Further core meters program, Gold oxide improved regional exploration which setting hole XX during but for continue to-date of industry. this feet drilling gold other starting to or throughout has at Gold feet Canada, half of in the quarter, of XXXX. lower is systems advanced Complex per the to being been best large for controls East that assays phase initial work deposit. OGB pending, at the some a Tonkin, will Some about of higher mineralization per XX.X that at Cabin, grams rights about are at the continue contribute quarter, meters Deck, the the previously second understanding. expected Exploration Park grade geological And an for to At model future deeper

the drilling process drilling was exploration were to and a exploration stock surface Grey second production also extension Underground on the As encouraging dimensions development. in mill sits follow-up XX,XXX body Stock to a XXXX Main West Stock meters to we Black significant exploration of completed identify Stock the the that and gold West, could the or mineralization. has of expand a XXX ounces in drillings of XXX open XXX,XXX XXXX Total structure. activities West results and mid mine. the to of the in Froome drilling. into In return Stock in approximately meters local sheets below focused XXXX, deposit mining mine on around intermittently be the footwall box being great discovered the exploration wall West main of and and The also at of underground to Initial In were is extending mines, Fox to and hanging inserted mineralization, Black define targets Stock Fox. objective The to with some The body area as the the at been mineralization Two Activities zone XXXX invested interpretation was plan. sub-parallel Jack underground the drill Gibson potentially XXXX quarter, from core XXXXs future drilling XX,XXX stock Stock result drill also from and Stock processes diamond ore million secured Stock in our until workings the Froome Whiskey the the that of meters XXX and East of additional frame -. Stock and focus will Jack deposit from nearby its depth underway, and X.X QX Whiskey drilling targets ore Stock potential hybrid area Black drilling targets, continued frontline of at shifts Froome with assisting operated remain historical targets a focus infill for heating with mile East on from focused near a results the meters be home, including project facility. West the the the lien Gibson including targets. that suggested Fox currently at processing Underground rigs exploration completed completed core mine quarter which adjacent half to during and the test ore tested. [indiscernible] Fox our remains primary ours underground produced Stock gold. property of trends mineralization activities in at the adjacent exists which

We be updated the resource half expect the to second of model in XXXX.

the [indiscernible] reported in results During mentioned less update. new we second our stock assay quarter previously

and Nevada, with assay Ontario progress improving made good have analysis funded input and jurisdictions. on in both labs rims additional capacity drilling sample charter We increasing

anticipate end result I the would before to results back we a As updating phone and Rob. turn delineation QX. now of the exploration

Robert McEwen

I’m is silence silenced, was understood, you meeting Thank Peter. on. sorry. the during I I phone

potential create McEwen our like we one value Now going I develop for I would has that how a assets to Mining. believe in about significant way the are to of talk to

Furthermore, in copper determined a I of do the we price, on to is and undervalued. It loss I and you it our a a we a giant remained that are change. something within are portfolios giant losses have our has share As know, reflected is in several large reserve project, our reasons not it. value in potential there that price, properties scale. believe global believe why is

number the preliminary access associated it. risks list a of five-months of road has It remote only with year. at with economic stage. assessment limited It First, of is a only access the with is loss

economic the Large share So that and to its CapEx resources, unfortunately, uncertainty is risks. funding Mining’s about considerable lead requirements reduce dilution. a permitting. remains in Treasury. required to significantly to projections, Without resorting its And greater investment will these are financing the McEwen

experience a to at correct by team that copper management experienced a large done - debt least have situation perceived Second, copper and the the to very quite people. And putting McEwen market. bit develop we together Mining

appears The copper development third, a as play, over small pure invest to flow development a prefers, ourselves copper with market large facility. such pure prefer to company producers in cash the copper gold

values surface to the number of as the So alternatives. we losses consider

one because potential was involved dilution but with funding ourselves, because of first The unattractive. is and to alternative self that funded, the large

The with we system, interest point. none be users to wanted second in copper away like companies out the continuing transportation we that it. mining with the experience terms an where world’s we suggest of to renewable electrification a build venture wanted We stage a projected outright the early robust to in to of we royalty, a and be maintain big life copper no price of supply seems when a it continuing because joint and the future to companies to could buy all had and them interest we copper. or a the property. discussions All in at shame coming number to And to and But treasury of sale. XXX%. to very joint be they that of economics is venture was the seek the of give a to major property to wanted And would going an left a would this a all in through higher at And would spoke XX-year retain deficit the with of this it energies. the

since shareholders or to been distributing dismembered couple Mining there tax option be structure receiving they and tax we third needs shareholders ideas was distribution a shareholders, remain, cumulatively, around of the the gained reasons. be for The a And that development of for for never with [indiscernible] would a upon to McEwen both our traction them, which is and there of the days seeded complex to our the distribution. and

In have large addition, out fundraising. distributing with assets. to that at holds fund it study, it subsidiary The advance within the stage it go pre because and And looked the getting to to company XX-months moving on then do towards some a this then go feasibility now, earlier would a at, not for the value decided the forward year option on and which to getting want I stage. get public. have to prefeasibility privately is to fourth it and losses issues right is mentioned is And XX-months and we of now. a feasibility right latterly access underway round the towards taking But a project, constructed, we

shareholders. we good look you - alternative - value maximizing for the best a believe at for If is this

XXXX clearly purchased value reflected copper project is projects, If that see large the projects you stage you paid can look in of per pound. at the and of that the have development XXXX, between copper that been

completing to increase And come incrementally with on is strategy earliest of we that that can solving the million going in, the taken you of environmental terms resource, up rolling get feasibility feasibility in the all luminary on have that and committing And lowest To the money property increases. feasibility of where by access at on a to with up rolling, then $XX by this and see I $XX produce are And pre doing and the economic feasibility results, value we public. significant the go study, a when from ball to study. the to pre have you a value have is personally by the the the that get a the amount the drill So didn’t we to then you a disadvantage at to metallurgical other problems go more a million. we drilling assessment stage studies way some and a to decided in ball study.

and aggressively. project We quite raise are will to to the looking that us allow move

a But fact, board, What It this huge XXth into it is its in reinvestment party project. directors asked disinterested into construction. part make be We difference will which property is a everyone a independence take to route transaction. the might road is do In engage day new of to the it year myself in a the set on the on better that. now will related of complete and value.

Mining market. So relative look McEwen at the what was getting to

are the they just copper so looking in a under And X.XX%. X.X inferred category right is And valued plus of valued at sense. the at royalty the XXX we of think about projects a properties £XX.X and really copper on now, million indicated of at billion about

early can move Mining, see pre-feasibility question-and-answers. than in of that, this point, question-and-answer a up a a why to and the the higher Operator, attending if stage are bull feasibility, do the this strong you to I market a period. be to to you than phones market. you in you you for thank the strong at rather your if creating for our would to company to invite value understand you can appears you £X.XX to what selling copper. today, open we McEwen math, and At like out biggest And the developing and even £X.XX could Moving

Operator

[Operator Jake Alliance Partners. comes Sekelsky Instructions] question Global from first of And your

Jake Sekelsky

for taking question. Thanks my

are if should the you the are to over that be some improvements curious, So that And of are to here some down. see further I’m it going on we expect improvements so, next few good see is to quarters. cost touched gold bar us? trending operational that just driving if

Robert McEwen

Certainly. I will pass Peter. to that over question

Peter Mah

time. we guidance, at to towards is profile, trough and we at we providing production feasibility. we our updated can your for information can the as you We driving share question. thanks well trending But that see time. are best this the this and from are are guidance Jake are aware quite costs relative released certainly Hi not feasibility That

think where and this focus. we just administration, process improve on the mine, general to regarding quarter’s regarding the our spoke of I the last areas, plant machine areas

our mining look with to contractors. their in improvements continue for mining We

have Regarding run been I program about processing, was completing that leaching. we we And which think talked call. targeting of mine that last

They those tests we means coming that of how fairly through. So of ROM are analysis and are versus been but the stage lots the just improvements we in much through pad have could what positive, to through on crushing. the of And split areas of synergy. business place working amendments

of Mexican quite our operation, with well. synergies been our team. And support the are team of Some going some utilizing Nevada we have we to there our

Jake Sekelsky

speaking at And looks El Mexico Gallo helpful. then next is of first residual it going to year. leaching of That conclude is and Okay. probably the like in half

plans more Mexico any this think on forward, give color sort (Ph) be front but guys helpful. earlier, of whether on at going bit mix have on Phoenix? the a be on looking M&A you development or touched I color both for any would of is Just it the you [Kynapse]

Peter Mah

looking are Phoenix. We at

to are funding. looking leaders at there project the of of also to couple economics improve the pushing We and a try just first

Jake Sekelsky

or it M&A developing the to other, Started is there yourself. or way lean whether one

Peter Mah

That is right.

Jake Sekelsky

it. Got

in Thanks congrats on and Okay, that is a again good all Rob mind. quarter.

Robert McEwen

you. Thank Okay.

Operator

Thank you.

Co]. & Your is [H.C. Ihle next question Heiko Wainright from

Heiko Ihle

to like? you more think the would it? little you And color time see amazing to to you would able would importantly, expect bit all be give and a call look side more for scenario Complex, Fox of The when good

Robert McEwen

would care answer Peter to you Heiko?

Peter Mah

back catch question Sorry, And fingers my there. I I potato got didn’t Heiko. I wrong hit that just the and button

Heiko Ihle

the you you at importantly, will to shared willing a to on with The for more would little I going be repeat like site would be AUM outcome but PA marketplace? see? also look good color scenario more progress is the the be amazing to bit to should would it we expect Complex, And it. Fox think

Peter Mah

second. extra are the will that you. That we in touch shared grilling amazing. that reviewing, Sure. I some Good, Steve obviously on with work

of to shows. the about We releasing schedule our side are QX likely targeting PA the current earlier

we end. and that out So we do well. the waiting with ounces to plan it targeting you of step analyzing the project how I charter trending our year something layers view resources results Good our on this a We well we XX year expect a optimizing and mind on that see the PA amazing, yet everything this a want expansion of here. more year have first which is big before so In in mine life come to to to are dream don’t that’ll year. still some before so, give are and consolidated XXX,XXX

Heiko Ihle

so to what release that How Moving expect I may that may July. But on along? may tomorrow, be cannot It there you announcement. other the original any press quarter-by-quarter? hard the or be are in there is been the it about interest that timelines you is talk since you think is willing to and been should timelines in to XX-months know can month set in making be deal we to disclose, the see soft in future initial copper you have losses. would a coming is And other any

Robert McEwen

of close in middle they had up a longer probably all of a taken thought we Argentina. and came the losses labyrinth in and little this and those be month. two cleaned Canada cycle. came list the subsidiaries than previous said will it the would. a lot stages owners one to losses Andy subsidiaries. in And and during around We list is That I as of One, of in a mean, legacy

by looking end September. the So to we then by close of are And that simplify that mid-August. structure again

the to September. of after up would a terms go public, XX-months looking In we at be

Heiko Ihle

Got it. Very helpful. Thank you very much.

Robert McEwen

welcome. are You

Operator

you. Thank

Research]. question next from is John [Very Independent Your Tumazos

John Tumazos

what i.e. the announcement, new much least and Thank the they least of the McEwen projects, thinking or three team is X deposits Stock the February Timmins and Argentina. and day deposits And members Bar there has management [indiscernible] Complex million Nevada in at and for back management a Gallo the the properties program working jurisdiction, CEO El on Stephen and I and Is of former a is or $XX opportunities. Steve burner, in Gallo can or and stronger three congratulations or gold very and remarkable so of said company, at new Peter is they at of creating or and is energy only I’m the the El it three a and out I’m of a and team. new Lexam Nevada then hired in another to team, that Bar you at thinking VG be Lexam all the over that were both should for progress assume management Gold just team are we much there because least structure call just are XX-hours just how deposits, Argentina Fox a and Fox one company. whole downtown VG is treasure Stock an three like you a the there Gold Copper, Timmons, projects. and do and rolled up been downtown Complex

Robert McEwen

about XX-hours very did to of deep is talk that the copper service. It is been want in working you experience? are they assembled team day. loss Yes Pete, for extensive, a quite

Peter Mah

a and questions deep XX-hours than John. day. because there Absolutely. And in are thanks, more gather, Various

on around project which We the team sorry Adlon internal have or consultants. San assembled external Miss the in some of and includes people quite in additional consultants sort some a the ground support José,

of heard our technical And doing project manager was with mine Dave who been for us his have then decorated Tyler, Jim up So, quite very work is We Bill a starting building. Samuel, former has Constancio. projects more career. was of on to get a who career construction Sorenson, Thomas, projects last brought Anglo employee of, internally, involved. from we a one have Gary on all Cochran, beefed large may

brought the we team, the In Sullivan, their for was team Elton and their side, our And development. Sylvia Samuel group, brought resource Dave project. who have manager external recently is on - They Dr. copper fold. addition to the and assembled, tough into as case the and come for then study on, and we Howe, excellence on the meadows, very

team with engaged actively are on they growth So plans. our developing

optimizer and of enterprise group that at that kicked and Gerald the optimizations phasing his off Whittle sort On we looking have are of engineering side, the all mind around that. actually the and we involved was and today,

we So successful experience in on it extensive team on. and last years corporate over go guess, a on projects, our quite in lap. group played have large advancing. It few not I infrastructure, But projects, an is of and is

John Tumazos

the So Steve and where managing aren’t and a Stephen, with you operations, touch? of Argentina and Ontario theater funny, are Nevada

Peter Mah

myself and governance that controls. they providing Steve team, and to Reuben permitting site so of team, environmental health, so the and and or management Wallin on oldest sort safety, Our

an justice So under each extensive one we is executing. that mode actually team areas team. through monitor is those and There drive of that of

John Tumazos

the let’s you the Is Froome and restart just it a have too zones team gold bar? supervising to, assume of North and for - delegating and guys in still much second stock manage but is these you America? good management Argentina, that different operation all

Peter Mah

Absolutely.

I think this speaking results our themselves. year a commercial we on on-track, results for Froome At we have for production. beat are potentially been doing

team operating the We director team. beefed operations beneath solid well of in in as very managers our a brought up Canada. have We

We of this. all a charts of Operations there of has have those ahead of a of lot expansion organizational been so Director

Gallo looking right El we options. course, this think we are doesn’t And year. of for a fit strategic take lot fairly are time I and Now, our of at

are select going the And will want of people the any There our right always all the mentioned the advance and as the done, Once forward. strategic clarity to move more options get to permission I on clearly dire earlier, trap of is going more go soft we are contractor without need down roles. to advance the knowing steps We recruitment is they what the underground the know And, not are, and dewatering the next project. once hire we But we drilling, on. Fox regions. TA process for expansion. to get for and

up We of our team. in can recruitment, structure. McEwen our of Anna Mining where significant the will to all doubling to areas remaining be been certainly success inside finances write and is other organizational able and the what’s terms speak there

Anna Ladd-Kruger

forecasting will on that is on help a this good have go putting operational got we things. of a very systems lot year question. the and the it to sort need the number of John people budgeting systems by of And one, admin are in We to so a certainly seriously actually just system, we of a streamline year automation the other system, ERP help. on things, run end and really

public additional team Also It We levels an year that thinking for compliance more your need or intention are and is planning. will folks McEwen company. reporting succession VP recruiting of comment dedicated and as going a within Peter that is management support path said, public a level, example. director obviously a less. with time about as companies specifically, it conference to at public, the And the to get

that with now, we and for we at is to quite We of the work So closely company. see some the here seen. of that energy results monitor today some

John Tumazos

different the follow-up. much ask Thank you could very Anna. I

results expense? penny quarter? capitalized to was all going the how you on. what this improved talk And the people new new CapEx lose these to are only many in activity June with of Your hiring a versus and Can

Anna Ladd-Kruger

different we mine are that think we to related establish already we them I were set the individuals just the of is XX positions we None management. There million the speaking really capital could more up replacements. sort there. capitalizing for tried, of of lot And of are free to are of going them some A the quarter tonnes. ongoing be project

combining the of Some people of and positions step phone. take to sort finding the them right up and are

any positions level, of I that have we terms is think added even new just executive replaced. that didn’t In at level your

John Tumazos

expense? capitalized members Argentine team consultants illustrate the Or for as this and that

Anna Ladd-Kruger

we to according listing able be will moment, capital when will U.S. expense, follow to go expenditures. IFRS forward and McEwen Canadian capitalizing are those thinking the be at and At the we moment into copper,

John Tumazos

a penny is Congratulations. activity lost it only that with going amazing all So on. this really you

Robert McEwen

Thank you.

Operator

Thank you.

question Your next [David from (Ph). is Dennison]

Unidentified Analyst

team. Rob of his [indiscernible]. Individual and David afternoon think author Good XXXX Dennison Investor and company since I

of individual an investor. couple a So just questions again, as

San XX, you or as months McEwen or question First progresses, expect? hope correct listen what maybe the expect have is if this investor different the copper I misheard in I second Mining a current me XXX% things owned, XX can as and the XX, McEwen next assets are is or as question the And structure the XX%, subsumed find mean it José you I’m you owned that What Mine XXX% have if over? property that you something? becomes yet, drilling. to that you that that wrong, know but current don’t next mean, Does get where under you or down the does that then

Robert McEwen

sets that of together. first. And there one two years José off Minera a interests Andy’s the merged two properties field those ago, San mine number we another. house, The Minera Andy around of properties had Okay. were

which So mine the the they under X% Cruz, contained San Santa the cost company, have the mine. ended properties. properties we the controls all chose we the mine NSR and are subject José of within retain We shielding which property. And that And is the Minera XX% in. the is ourselves own on

So we San vicinity José in don’t any longer. have the any properties of XXX% on the

Unidentified Analyst

I Okay, was missed, owned missed out it of or guess that. here something like I that, going XXX%

okay, thank clarification. So for you that

Robert McEwen

And Argentina project, November. gain copper we on limited access property will access, of in is the and because is the it it because sort to

are the XX,XXX drilling are meters economic plan the to environmental of confidence the studies advance permitting significantly metallurgical drilling. they to community through There project do ongoing increase in resources done. a have as the We year We next hope relations. for

was XXXX be what that at First, economic updating has in preliminary assessment the done or looking step we changed. will costs just the costs are and

year. moving costs the before camps But end the what earlier through want period. believe public with has this there March, to early snowing property April, you one the passes to feasibility to problems X,XXX But the of that construction really on how had is, XX-months probably to Road via study. will in Northern over and no go ways meters. two would snow at in right allow season have really that of there access operate are end we we we run snow, started route, call XX less a the And putting the us winds are we next lower altitude which current that. there. now to from November with be to feet on give us go other at drill we that in completed proposed the Looking X,XXX their have and lowering of we will capital reducing of in to a That then again, pre mine even that and and suggesting meters,

So passes. [indiscernible] and all from way the was down those up

drilling, we to then have where little the tiny and really year. each time project, a economically can get set start them the to long window you through because out for in, you So up trying we have struggled take this have drills

huge be mind my So profit. it a boost could this to

plus I that you like So public a XX-months within take Hope would answers question. to XX-months.

Unidentified Analyst

at progress want obstacles. crystal in Things no and from months from or has your guess, big as And Rob XX, I XX, the markets. is now. XX looking copper Mostly, interest ball, gone public. you say McEwen There let’s

simply anything it to McEwen buy from or a as current develops do I As over? Mining get have do shareholder, I that that into

Robert McEwen

have a sell And of has Mining taxes. They Under taxable both cover distribution. that tax to would for current to consequences that at there, to distributions probably off McEwen we shareholders event receiving shareholders an want the people and plan for looked will interest. many

it the value way at the and to to will the be looked sample project. have best we So advance get

we price If If current to continue $XX issue. million. the the million At interest you just look has company to to would McEwen they be property. prior looking at that to the and going would of XX, raise Mining financing, $XX this XX% interest we X.XX% are fall on public a raise in

large at study move feasibility a a then the the and you in copper study XXXX, progression progression value. look If past see can and value then transactions and resource XXXX as from you PEA pre-feasibility a between in XX the you

hit hit XX orders upgrade so So drilling if we our we these can XX.X grade. - and to copper said, billion pounds continue confirms

got you would pound be you $X.XX of a looking million. at them, $XXX If for value a

in looking billion. interest you X.XXX you company. be a $X.XX have large would at a that pound we got If And

developers I the are, And asset. the in reserves the asset a very would large, market share. a market would to number carry now significantly But say right to justify to work think, cap. do there first So to attractive be developed we higher have loss I quite vehicle comparable single this software of new

Unidentified Analyst

Robin. you, Thank

stretch, not an I’m remedial, little a expert investor. were questions by mining individual those a if Sorry, just any

thanks. So

Robert McEwen

Not all. at

welcome are You anytime.

Operator

over to There are at the further will time. you no turn I Mr. questions McEwen. this back call

Robert McEwen

Thank to Thank joining you as you. best everyone like is Stay to thank I today. would yet for tuned operator. come. us

Operator

conclude you. This does today’s conference call. Thank

now disconnect. may You

McEwen Mining (MUX) 5 Aug 212021 Q2 Earnings call transcript