April 7, 2015 / 9:54 PM / 3 years ago

UPDATE 1-McEwen Mining says robbers stole 7,000 ozs of gold from Mexico mine

(Adds details of robbery, insurance, gold price)

April 7 (Reuters) - Armed robbers on Tuesday made off with 7,000 ounces of gold contained in some 900 kilograms of gold-bearing concentrate from McEwen Mining Inc’s El Gallo 1 mine in Mexico, the Canadian-based miner said.

No employees were seriously injured nor was there any material damage to facilities at the mine, in the northwestern state of Sinaloa, McEwen said in a statement.

Although the company has insurance against these types of incidents, its policy will not be sufficient to cover the entire expected loss, McEwen said in a statement.

Mexican police are investigating.

At current gold prices of $1,208 an ounce, the stolen gold would be worth nearly $8.5 million.

McEwen Mining also owns a gold and silver mine in Argentina and other development assets in the Americas. Its chairman is well-known mining executive Rob McEwen, who owns 25 percent of the company’s shares. (Reporting by Nicole Mordant in Vancouver; Editing by Steve Orlofsky)

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