(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)