McEwen Mining Inc (NYSE:MUX) is moving up, after having suffered a steep decline, last month, in the stock market. The company posted another gain of 4.53%, in terms of its share value, on a trade volume of 3.57 million, during the December 8 trading session. The stock is currently trading at $3.23 per share, as compared to $2.54 per share, on November 13. However, MUX is still trading lower than its share price, prior to when the company appointed a new president and filed its financial results for the 3Q2016, on November 4.
The company promoted Xavier Ochoa, to the post of President, on November 4, 2016, to replace the outgoing Colin Sutherland. He has been serving as the COO of the company, since September 2016 and would continue to hold that position as well. McEwen noted that the change in management had been made so as to meet their operational goals, as well as further advance their project portfolio. It should be noted here that Mr. Ochoa has over 25-years of experience working in the mining industry, on both open pit and underground projects.
McEwen also took this opportunity to provide an update on its projects, in Mexico. The company stated that it has a land package, with several small scale areas of historical production. Furthermore, their El Gallo property has been examined using advanced geological techniques, which confirms its potential. The management also claimed that under the directives of the new president, they could ensure that the El Gallo mine is utilized up to its full potential, with an extended life. Moreover, the new president would also be overseeing the Gold Bar project in Nevada and the Los Azules project, in Argentina.
For its 3Q2016, MUX recorded a net income of $4.2 million, up from $2.6 million from a year ago. Moreover, the company’s cash position stood at $38.8 million, with no pending debts. In addition to this, McEwen also made significant progress with the streamlining of its business activities, resulting in lower costs of production, from the El Gallo project.