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First Majestic Produces 6.7 Million Silver Equivalent Ounces in Q3
Oct. 15, 2018 11:53AM PST
Silver Investing
First Majestic Silver (TSX:FR,NYSE:AG) broke company records during Q3 when it produced 6.7 million silver equivalent ounces.
First Majestic Silver (TSX:FR,NYSE:AG) broke company records during Q3 when it produced 6.7 million silver equivalent ounces.
Total production from First Majestic was 3.5 million ounces of silver, 35,260 ounces of gold, 4.4 million pounds of lead and 1.2 million pounds of zinc.
As quoted in the press release:
“We had a very strong quarter with total production achieving a new record of 6.7 million silver equivalent ounces representing a 31 percent increase compared to the prior quarter,” said Keith Neumeyer, President and CEO.
“The record quarter was primarily due to the company receiving a full quarter of production from the San Dimas operation, along with increases in consolidated silver and gold grades of 19 percent and 35 percent, respectively. In fact, five of our six mines recorded higher production levels as a result of these significant grade improvements. However, due to the prolonged weakness in the silver price we have implemented a 20 percent cost reduction program across all areas of the business which is expected to be fully realized by the first quarter of 2019.”