First Majestic Silver announced its first quarter production results, saying that output came in at 6.2 million silver equivalent ounces.
First Majestic Silver (TSX:FR,NYSE:AG) announced its first quarter production results, saying that output came in at 6.2 million silver equivalent ounces consisting of 3.2 million ounces of silver and 32,202 ounces of gold.
Other Q1 highlights are as follows:
- Continued strong silver and gold recoveries at Santa Elena of 94% and 96%, respectively, following two consecutive quarters of sustained high recoveries following the installation of the 3,000 tpd high-intensity grinding (“HIG”) mill
- Achieved consolidated average silver recoveries of 89%, the highest in the Company’s 17-year history
- At the Ermitaño project near Santa Elena, development activities are now approximately 600 metres away from reaching the first access point of the high-grade Ermitaño Splay ore body
- Broke ground for the construction of the future liquid natural gas (“LNG”) power generation facility at Santa Elena
- During the quarter, the Company quickly responded to the threat of COVID-19 by implementing several preventative control measures including social distancing, the cancellation of any non-essential visits to the mines, comprehensive sanitation measures for the workplace and company transportation, and pre-screening for virus symptoms
- To date, First Majestic has not experienced any incidents related to COVID-19 at its sites or corporate offices
Keith Neumeyer, president and CEO of First Majestic, commented:
Strong production from our three operating mines reached 6.2 million silver equivalent ounces in the first quarter, or 9% above our previously suspended guidance. Our San Dimas, Santa Elena and La Encantada mines were all operating above guidance prior to Mexico’s Federal Decree to suspend all mining activities in response to the COVID-19 pandemic. While we support the actions being taken, we continue to engage in discussions with Federal and State authorities to raise awareness on the importance of silver mining as an essential business.