Armed Bandits Get Away With $8.5 Million Worth Of Gold From Mexico Facility Of McEwen Mining Inc (NYSE:MUX)

McEwen Mining Inc (NYSE:MUX) will be beefing up security after a group of armed gunmen made off with gold valued at $8.5 million from its facility in Mexico. The gang of armed bandits were masked; they attacked the El Gallo 1 mine of McEwen in the morning hours on Tuesday. According to company CEO Rob McEwen, the incident has left everyone shake and feeling vulnerable.

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Mine’s security staffs were pulled off the road a short distance from the mining refinery by a crew of eight armed bandits. The robbers then proceed to bind and blindfold the workers and took their keys, I.D’s, mobiles and cash.

The robbers put the workers into a car and went to the mine where they entered through the back gate. The robbers then apprehended several more people to get access to all the keys to getting through the security gates and armoured doors.

According to McEwen Mining Inc (NYSE:MUX), the robbers captured and blindfolded everyone. He also added that the robbers seemed to have a good sense of the layout of the refinery and knew exactly which individual had the key needed to get through the gates.

The robbers took small particles of gold concentrate; the concentrate can be melted in a furnace to make partially refined gold. In all the burglars took around 900 kg of concentrate having about 7,000 ounces of gold.

The robbery had elements of ambush as the robbers knew who the security men were and waited for them in the area according to McEwen. According to Gerard Vargas Landeros, the interior minister of Sinaloa state, the heist was most probably an inside job by either the current or former employees of the company.

McEwen in a statement said that the company was thankful that no one got hurt; he however noted that some workers had become traumatised by the event. He also mentioned that the company was having a great year before the incident happened.

Scott Sally

Scott Sally

Sally joined the US Markets Daily News Team in April 2011 as a Multimedia Journalist.