First Majestic Silver Announces Record 2014 Production
First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced its consolidated financial results for Q4 as well as 2014 as a whole, noting that its Q4 production of silver equivalent ounces increased 24 percent from the year-ago period, hitting 4.2 million ounces.
First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced its consolidated financial results for Q4 as well as 2014 as a whole, noting that its Q4 production of silver equivalent ounces increased 24 percent from the year-ago period, hitting 4.2 million ounces.
Other Q4 highlights include:
- Silver production of 3.1 million ounces, representing a 12% increase compared to Q4 2013.
- All-in Sustaining costs of $14.43 per payable silver ounce, representing a significant 27% reduction compared to the prior quarter.
- Revenues after smelting and refining costs amounted to $72.5 million, representing a 23% increase compared to Q4 2013.
- Adjusted net earnings (non-GAAP) normalized for non-cash items was $4.2 million or $0.04 per share.
- Cash flow from operations of $21.1 million or $0.18 per share (non-GAAP).
- Non-cash impairment charge of $102.0 million related to certain non-current assets at specific mines resulting in a net loss of $64.6 million in Q4 2014.
2014 highlights include:
- Silver equivalent production of 15.3 million ounces, representing a 19% increase compared to 2013.
- Silver production of 11.7 million ounces, representing a 10% increase compared to 2013.
- All-in Sustaining costs of $17.71 per payable silver ounce and expected to trend substantially lower for 2015.
- Revenues were $245.5 million representing a 2% decrease compared to 2013 despite a 19% decline in average realized silver price.
- Adjusted net earnings were $7.9 million or $0.07 per share for the year.
- Cash flow from operations of $74.4 million or $0.63 per share.
- General and Administrative costs of $19.4 million, representing a 22% decrease compared to 2013.
- Ended the year with cash and cash equivalents of $40.3 million, down from $54.8 million in 2013.
Keith Neumeyer, president and CEO of First Majestic, commented:
In 2014, First Majestic delivered another year of record production totaling 15.3 million silver equivalent ounces representing a 19% increase from 2013. Our Q4 financial results demonstrate that our cost savings plan launched in 2013 is having a positive impact on operating cash flows as well as significantly reducing our all-in sustaining costs. The mines have shown tremendous operational improvements over the past year. In particular, Del Toro has become a shining star in our portfolio following the successful reconfiguration of the mill in the second and third quarter and the connection to the National power grid in late September 2014. San Martin is breaking production records following its recent expansion as mining grades and plant recoveries have exceeded expectations. For 2015, our focus will be to continue to attack costs at every level of the business by leaving no stone unturned and deliver to our shareholders another solid year of operational improvements.
Click here to read the full First Majestic Silver Corp. (TSX:FR,NYSE:AG) press release.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1852.58 | +6.80 | |
Silver | 21.92 | +0.13 | |
Copper | 4.32 | +0.04 | |
Palladium | 1988.61 | +21.61 | |
Platinum | 965.50 | +6.50 | |
Oil | 110.74 | +0.46 | |
Heating Oil | 3.64 | +0.02 | |
Natural Gas | 8.07 | -0.01 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Â