McEwen Mining Inc. reported an armed robbery of about 7,000 ounces of gold from a mine in Mexico, resulting in a loss that won’t be fully covered by the company’s insurance policy, The Wall Street Journal reported.
There were no injuries and no property was damaged in the robbery.
The Toronto-based miner said the robbery occurred April 7 at its El Gallo 1 mine in Sinaloa, Mexico. An estimated 900 kg of gold-bearing concentrate—containing about 7,000 oz of gold—were stolen.
With gold trading around $1,200 an ounce, that would value the stolen gold around $8.4 million. The company, though, didn’t provide a loss estimate.
While the company maintains insurance against these types of incidents, McEwen said its policy wouldn’t be sufficient to cover the entire expected loss.
The theft is being investigated by Mexican authorities, McEwen said. Mexico is a big producer of gold, with some of Canada’s biggest miners present there.
Mining and processing activities haven’t been affected, McEwen said, and no employees were seriously injured.