First Majestic Silver Reports 20 Percent Increase in Silver Production for 2012

First Majestic Silver Corp (TSX:FR, NYSE:AG) announce the financial results for Q4 and for the year ending December 31, 2012.

As quoted in the press release:

First Majestic has experienced another year of strong growth resulting in a 20% increase in total silver equivalent ounces produced. During 2012, the Company continued to pursue an aggressive growth plan by re-investing $175.1 million in the development and exploration of its mineral properties, construction of new processing plants, and acquisitions of new mining equipment. During 2012, a total of $60.4 million was spent for Del Toro’s Phase 1 construction and an additional $11.2 million was advanced towards Phase 2 and 3 of the Del Toro expansion plans.

First Majestic’s President and CEO, Keith Neumeyer, said:

2012 was another ambitious year for First Majestic, as we continued to invest in our infrastructure to prepare for another growth spurt in the next two years. The construction of Phase 1 of the Del Toro plant began in April 2011 and was virtually complete by the end of 2012. La Parrilla’s processing plant was doubled in capacity to 2,000 tpd by March of 2012, and we achieved the acquisition and integration of La Guitarra mine in the second half of the year.

To view the whole press release, click here. 

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