McEwen Mining Sees Boost from Metals Market Rally
McEwen Mining (TSX:MUX) has been gaining attention lately due to its strong second-quarter results and the current metal price environment. The company reported net income of $9.6 million, more than triple the same period last year. This comes at a time when gold is trading above $4,280 an ounce and copper near an all-time high.
The company's production guidance for 2026 is 114,000 to 126,000 gold-equivalent ounces, with plans to spend around $89 million on development and exploration. McEwen Mining has a strong position in the metals market, offering leverage to both gold and copper prices. Its controlling stake in the Los Azules copper project in Argentina is particularly notable, with a feasibility study putting its after-tax net present value at $2.9 billion using an 8% discount rate.
The company's founder, Rob McEwen, holds around 14% of the company and has invested over $250 million in it and its copper affiliate. The recent addition to the Russell 2000 index has also drawn passive fund buying, contributing to the stock's renewed attention.