McEwen Mining Inc. has commenced a significant construction project at its Stock Mine in Ontario's Timmins gold district, targeting underground access to key mine zones to lower gold production costs. The ramp, expected to be operational by the second half of 2025, aligns with record-high gold prices, presenting an opportune moment for the initiative according to CEO Rob McEwen.
This project is a cornerstone of McEwen Mining's strategy to enhance asset productivity and longevity. Shifting focus from the Froome Mine, the company aims to eliminate a costly metal stream, increase mill throughput with softer ore, and reduce haulage costs by on-site processing. These measures are anticipated to markedly improve the mine's efficiency and output.
As a leading gold and silver producer with operations across the Americas, McEwen Mining also invests in copper development through its stake in McEwen Copper. The company's commitment to shareholder value is underscored by a $220 million personal investment from Rob McEwen, highlighting the Stock Mine ramp's role in its strategic objectives.
The Stock Mine ramp construction represents a critical advancement for McEwen Mining, leveraging favorable market conditions to streamline production processes. This initiative reflects the mining industry's broader efforts to optimize operations and reduce expenses amidst market volatility.
