News / Mexico

Gold worth $8.5mn stolen from Canadian mine in Mexico

Wednesday, 08 April 2015 4:33 PM [ Last Update: Wednesday, 08 April 2015 4:33 PM ]

The file photo shows gold ingots.

Armed robbers have stolen USD 8.5 million worth of gold from a refinery at a mine owned by a Canadian company in Mexico’s western state of Sinaloa, company officials say.

The theft occurred on Tuesday at the El Gallo 1 mine and robbers made off with 900 kilograms (almost 2,000 pounds) of gold-bearing concentrate containing approximately 7,000 ounces of gold, the McEwen Mining Inc. said in a statement issued late Tuesday.

“The company maintains insurance against these types of incidents and is working closely with its insurance carrier to determine the extent of available coverage,” the company said, adding, “However, the company’s policy will not be sufficient to cover the entire expected loss.”

The statement said no one was injured and mining operations were not affected, but it did not provide any more details about the robbery.

Mexican authorities are carrying on an investigation into the matter.

The Toronto-based company has operations in Mexico, Argentina and the state of Nevada in America. Based on its current stock price, the company is worth about USD 364 million.

MRA/HSN/SS

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