McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has announced the commencement of ramp construction at its Stock Mine, located within the Fox Complex in Ontario's Timmins gold district. This strategic development is set to provide underground access to the West, Main, and East zones, with the objective of lowering the cost per ounce of gold produced. The project is anticipated to commence production in the latter half of 2025, aligning with a period of record-high gold prices.
CEO Rob McEwen emphasized the opportune timing of the ramp construction, noting the transition away from the Froome Mine as a key factor in unlocking cost and efficiency benefits. The new ramp is expected to eliminate a burdensome metal stream, enhance mill throughput with the processing of softer ore, and significantly reduce haulage costs by enabling on-site material processing. These improvements are poised to bolster the company's operational efficiency and profitability in a competitive gold market.
The initiative underscores McEwen Mining's commitment to optimizing its asset portfolio and enhancing shareholder value. By focusing on cost reduction and production efficiency, the company aims to capitalize on the favorable gold price environment and strengthen its position in the global mining sector.
