McEwen Mining
McEwen Inc. (NYSE/TSX: MUX) is a precious and base metals mining company producing gold and silver from operations in Canada, the USA, and Argentina, and developing the large-scale Los Azules copper project through its McEwen Copper subsidiary. It sells doré and concentrate to global refiners and commodity traders.
- Company typePublic
- Founded2012
- HeadquartersToronto, Canada
- Headcount251–500
- GTM typeB2B
- OfferingServices
What McEwen Mining does
McEwen Inc. (NYSE/TSX: MUX) is a precious and base metals mining company producing gold, silver, and developing copper assets across the Americas. Producing operations include the Fox Complex (Ontario, Canada), the Gold Bar Complex (Nevada, USA), and a 49% interest in the San José Mine in Santa Cruz, Argentina (jointly with Hochschild Mining). The company also holds development-stage assets including the Tartan Mine (Manitoba, acquired January 2026), the El Gallo/Fenix Project (Sinaloa, Mexico), and through its 46.3%-owned subsidiary McEwen Copper, the large-scale Los Azules copper project in San Juan, Argentina.
The company's processing technology stack centers on conventional and modern mineral extraction methods: heap leach processing with solvent extraction-electrowinning (SX-EW) at Los Azules, Carbon-In-Leach (CIL) circuits at the Stock Mill serving the Fox Complex, and flotation processing at San José. Los Azules' heap leach and SX-EW design is distinctive — it produces LME Grade A copper cathodes on site, eliminates the need for conventional tailings facilities and smelting, and reduces water consumption by 74% and carbon intensity by 72% versus industry averages. The Fox Complex uses a centralized hub-and-spoke model where the Stock Mill processes ore from the Froome underground mine and future Grey Fox open-pit sources.
McEwen generates revenue by selling gold and silver doré bars, copper concentrate, and (planned) copper cathode to global refiners and commodity traders at prevailing spot market prices. The company reported $197.6M in FY2025 revenue and $74M in Q1 2026 (up 107% year-over-year), with Q1 2026 net income of $33.4M versus a $6.3M loss in Q1 2025. McEwen is targeting production growth from approximately 114,000-126,000 gold equivalent ounces (GEOs) in 2026 to 250,000-300,000 GEOs by 2030, driven by Grey Fox, El Gallo, Tartan, and ultimately Los Azules. Capital structure features significant insider alignment, with Chairman Rob McEwen owning 14% of MUX and 13% of McEwen Copper at a personal cost exceeding $250-290M and a $1/year salary; San José dividends provide a self-funding mechanism for growth initiatives.
McEwen Mining firmographics
Firmographics- Name
- McEwen Mining
- Legal name
- McEwen Inc.
- Website
- https://mcewenmining.com
- Company type
- Public
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- McEwen Inc. (NYSE/TSX: MUX) is a precious and base metals mining company producing gold and silver from operations in Canada, the USA, and Argentina, and developing the large-scale Los Azules copper project through its McEwen Copper subsidiary. It sells doré and concentrate to global refiners and commodity traders.
- Ownership category
- akta.pro rank
McEwen Mining industry classification
Industry- Product category
- Precious Metals Mining
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223), Other Metal Ore Mining (212290)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL)
Keywords
Where McEwen Mining is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices7 records
Markets served
McEwen Mining business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D
Revenue model
- Gold and Silver Production: Revenue generated from the sale of gold and silver doré bars produced at the company's mining operations including Fox Complex, Gold Bar Mine, San José Mine, and El Gallo. Production from 2025 was approximately 114,000-126,000 gold equivalent ounces.
- Copper Production and Concentrate Sales: Los Azules copper project (through McEwen Copper subsidiary) will generate revenue from copper cathode production using heap leach processing. San José mine also produces copper concentrate for sale.
- Dividend Income from Joint Ventures: McEwen receives dividends from its 49% interest in the San José Mine, which paid $49.4 million dividend in Q1 2026 and $58.2 million total in 2026.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Gold and silver are sold at prevailing spot market prices |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
McEwen Mining product offering
Product offeringCore offering
McEwen Inc. is a gold, silver, and copper mining company that extracts, processes, and sells precious and base metals from operating mines and development projects across the Americas. The company produces gold and silver doré bars and copper concentrate/cathode, selling to refiners and commodity traders at prevailing market prices, while targeting 250,000-300,000 gold equivalent ounces of annual production by 2030.
Product overview
McEwen Inc. is a gold, silver, and copper mining company with producing assets and development projects across the Americas. The company's portfolio includes six principal operations: the Fox Complex and Tartan Mine in Canada, the Gold Bar Complex in Nevada USA, the San José Mine in Argentina (49% interest), the El Gallo/Fenix Project in Mexico, and the Los Azules copper project held through its 46.3%-owned McEwen Copper subsidiary. The company operates a platform approach with centralized processing infrastructure supporting multiple deposits, particularly at the Fox Complex where the Stock Mill serves as a hub for ore from underground and future open-pit sources. Production is weighted toward gold and silver from Canadian and US operations, with significant copper exposure through the Los Azules development project in Argentina. McEwen is targeting production of 250,000-300,000 gold equivalent ounces annually by 2030.
Differentiator
Problem solved
Functional benefit
Brands
- McEwen Copper: Subsidiary focused on the Los Azules copper development project in San Juan, Argentina
- Fenix Project
Products and services
- Fox Complex
Quantifiable outcome
- Grey Fox project post-tax NPV of $282M at $3,000/oz gold, IRR of 24.8%, payback in 4.6 years
- +3 more outcomes
Companies that use McEwen Mining
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
McEwen Mining technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
McEwen Mining partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered major and core.
- Iconic MineralsmajorIconic Minerals and McEwen Mining formed a 50/50 joint venture to advance the New Pass gold property in Churchill County, Nevada. The property hosts an inferred resource of approximately 341,750 ounces of gold equivalent.
- Nuton (Rio Tinto Venture)majorRio Tinto's Nuton venture has a strategic agreement with McEwen Copper for evaluation of leaching technology at Los Azules. This technology could potentially extend mine life by an additional 30+ years beyond the base case.
- YPF LuzcoreYPF Luz provides renewable power supply agreement for Los Azules copper project, supporting the operation's 100% renewable energy target.
- International Finance Corporation (IFC)coreIFC has alignment with environmental and social performance standards for Los Azules project development, providing ESG validation.
Scale indicators11 records
Recent moves7 records
Expansion highlights5 records
McEwen Mining competitors and assessment
Company assessmentBroad incumbents
- Newmont Corporation: Newmont is the world's largest gold mining company with operations across the Americas, Africa, and Australia. Comparable as a senior Americas gold producer; prior employer of Los Azules Project Director and current employer of executives from McEwen's management team pedigree.
- First Quantum Minerals: First Quantum Minerals is a major copper-gold producer with operations in Zambia, Panama, and other jurisdictions. Comparable as a copper-focused producer with similar copper exposure to McEwen's Los Azules development, though at much larger scale and with different geographic focus.
- Barrick Gold: Barrick Gold is one of the world's largest gold producers with major operations in the Americas, Africa, and Asia. Comparable as a senior gold producer with prior employer ties to McEwen's CFO (Perry Ing) and Managing Director of McEwen Copper (Michael Meding), and operates Veladero in Argentina similar to McEwen's Argentine exposure.
- Hudbay Minerals: Hudbay Minerals is a diversified miner producing copper, gold, silver, and zinc with operations in Canada, Peru, and the US. Comparable as an Americas-focused mid-cap copper-gold producer pursuing growth through development projects, similar in scale and strategic approach to McEwen's portfolio model.
Direct peers
- Pan American Silver: Pan American Silver is a major silver and gold producer with operations across the Americas (Mexico, Peru, Bolivia, Argentina). Comparable as a precious metals producer with similar jurisdictional mix and silver-gold ore body focus, particularly relevant given McEwen's San José and El Gallo exposure.
- Hecla Mining: Hecla Mining is a precious metals producer focused on silver and gold with operations in the US, Canada, and Mexico (Greens Creek, Casa Berardi, Lucky Friday). Comparable as a smaller-cap silver-gold producer pursuing growth through development projects, similar in scale and strategic posture to McEwen.
- Agnico Eagle Mines: Agnico Eagle is a senior gold producer with operations across Canada, Mexico, and Finland, and is actively pursuing the Yamana Gold acquisition. Comparable as a gold-focused producer with Canadian operations (similar to McEwen's Fox Complex and Tartan) and a focus on long-life, low-risk jurisdiction mining.
- Hochschild Mining: Hochschild Mining is the direct JV partner at San José Mine (51% controlling interest) and operates silver-gold mines across the Americas, including in Argentina and Peru. As both a JV partner and a precious metals producer with similar geographic focus, Hochschild is the closest comparable for McEwen's precious metals operations.
- Coeur Mining: Coeur Mining is a precious metals producer focused on silver and gold across the Americas (Palmarejo, Rochester, Kensington, Wharf). Directly comparable as a silver-gold producer with multi-asset Americas portfolio and prior employer of Los Azules Project Director David Tyler, with similar capital intensity profile.
- New Gold: New Gold is a Canadian intermediate gold-copper producer with operations in Canada (Rainy River) and Chile (Cerro San Pedro/Mesquite). Comparable as a mid-cap Americas-focused gold producer pursuing production growth, and prior employer of McEwen's VP People and Culture.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
McEwen Mining social profiles
Digital presenceMcEwen Mining compliance and trust
Trust signalCompliance2 records
McEwen Mining financial estimates
Financial estimateRevenue estimate
Valuation estimate
McEwen Mining leadership team
Management profileNumber of profiles
Profiles14 records
McEwen Mining subsidiaries and ownership
Company hierarchySubsidiaries5 records
McEwen Mining funding detail
Funding detailFunding overview
Funding rounds11 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
McEwen Mining M&A and investment
M&A and investmentM&A4 records
Investments9 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about McEwen Mining
What does McEwen Mining do?
McEwen Inc. is a gold, silver, and copper mining company that extracts, processes, and sells precious and base metals from operating mines and development projects across the Americas. The company produces gold and silver doré bars and copper concentrate/cathode, selling to refiners and commodity traders at prevailing market prices, while targeting 250,000-300,000 gold equivalent ounces of annual production by 2030.
Is McEwen Mining a public or private company?
McEwen Mining is a public company. It is classified as public and is currently operating.
When was McEwen Mining founded?
McEwen Mining was founded in 2012. It employs 251 to 500 people.
Where is McEwen Mining based?
McEwen Mining is headquartered in Toronto, Canada, in the North America region.
How does McEwen Mining make money?
Three revenue lines are on record. Gold and Silver Production is the primary driver. The others are copper Production and Concentrate Sales and dividend Income from Joint Ventures.
Who are McEwen Mining's main competitors?
Broad incumbents on record are Newmont Corporation, First Quantum Minerals, Barrick Gold and Hudbay Minerals. Direct peers are Pan American Silver, Hecla Mining, Agnico Eagle Mines, Hochschild Mining, Coeur Mining and New Gold.
Does McEwen Mining have an API?
No public API is recorded for McEwen Mining.
What industry is McEwen Mining in?
McEwen Mining's product category is Precious Metals Mining. Its primary akta.pro industry code is IMAKAFAL, Exploration & Resource Development (Critical Minerals). Its NAICS code is 212230 and its SIC code is 1000.