Robbers grab gold worth $8m from Mexico mine

McEwen Mining (NYSE:MUX)(TSX:MUX) on Tuesday reported an armed robbery at its El Gallo 1 mine in Sinaloa, Mexico.

According to a statement an estimated 900 kilograms of gold-bearing concentrate containing approximately 7,000 ounces of gold were stolen from the refinery.

Based on today's prices theĀ the heist is worth overĀ $8 million.

The Toronto-based company said it maintains insurance against these types of incidents and is working closely with its insurance carrier to determine the extent of available coverage, but its policy will not be sufficient to cover the entire expected loss.

No employees were seriously injured and there was no material damage to any of the facilities at the mine. Mining and processing activities have not been impacted and continue uninterrupted said McEwen.

The Mexican authorities are investigating the incident "vigorously" says the company.