Mcewen Mining Inc. (NYSE:MUX) is Attracting Smart Money
In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Mcewen Mining Inc. (NYSE:MUX) reported that Mcewen Robert Ross has picked up 78,787,355 of common stock as of 2017-04-27.
The acquisition brings the aggregate amount owned by Mcewen Robert Ross to a total of 78,787,355 representing less than 25.3% stake in the company.
For those not familiar with the company, McEwen Mining Inc. is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company’s segments include Mexico, Minera Santa Cruz S.A. (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project. The MSC segment includes properties, such as the San Jose mine and other concessions located around the mine. The Company’s properties in Nevada segment include Gold Bar project and exploration properties. The Gold Bar project is a proposed mine project. The Los Azules segment includes various properties, such as Los Azules project, Chonchones project, Laganoso project, La Cerrada project and Other Argentina properties. The Los Azules copper project is an advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile.
A glance at Mcewen Mining Inc. (NYSE:MUX)’s key stats reveals a current market capitalization of 914.26 Million based on 299.57 Million shares outstanding and a price at last close of $2.94 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-06-28, Sutherland picked up 15,166 at a purchase price of $3.55. This brings their total holding to 470,000 as of the date of the filing.
On the sell side, the most recent transaction saw Ashby unload 10,000 shares at a sale price of $3.45. This brings their total holding to 42,500.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Mcewen Mining Inc. (NYSE:MUX) as things move forward to see if its progress aligns with these transactions.
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