Rob McEwen, Chairman & CEO of McEwen Mining (MUX:TSX), describes this company in exploration, production and development of gold, silver and copper.
When you look at McEwen Mining, it offers you leverage to gold, silver and copper. It has a clean balance sheet so there’s protection on the downside. We don’t have any pressing financial requirements. We operate through the Americas; we have two mines and two projects we’re developing into mines. We’re in Mexico and Argentina right now, Mexico we have a gold mind and in Argentina a silver gold mine. We’re developing a silver property in Mexico and a gold property in Nevada. Our mix will be 42% silver, producing 6.8 million ounces of silver about a 140,000 ounces of gold.
We have a very large copper deposit in Argentina called Los Azules. It contains just under 20 billion pounds of copper. We haven’t done any financing so we haven’t diluted our shareholders, in fact we bought back stock last year — bought back about 1%. I own 25% of the company. I paid $127 million for that interest. Last 10 years I haven’t taken a salary and the board just gave a $1 a year salary in June. I don’t get a bonus, so I wanted to be very closely aligned with my shareholders and I’ll make money in the same way they do through a higher share price and I’ll feel pain if out stock goes down the same way they do.
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