McEwen Mining Inc. (NYSE:MUX) Q4 2022 Earnings Call Transcript

Rob McEwen: So, it was a year of big numbers. Over the past 15 months, large losses that were largely a function of the consolidation of the work being done at Los Azules. And we will expect that to continue as long as McEwen Mining is over 52% of the ownership and up to the feasibility study at Los Azules, which we expect to have at the end of ’24. But we consolidate all of the expenditures, as Perry said, that occur in Los Azules and it has an adverse impact on our earnings. We also have a large exploration program this year that probably will not be as large next year at our other properties and that contributed to the loss. The mines are generating operating profit. So — and we’re looking at increased production and an improved cost per ounce.

I do think the copper assets will play — continue to play a very large role in building the value of McEwen Mining, but I’m not discounting at all, the precious metal assets catching up and we hope to surpass our peer group valuation. With that, I’d like to thank everyone for attending and look forward to our next exploration updates. Thank you, operator.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.