TORONTO (miningweekly.com) – Canada's First Majestic Silver produced 1,25-million silver-equivalent ounces in the fourth quarter of 2009, an increase of 18% compared with the same period a year earlier.
The Vancouver-based company produced 1,1-million ounces of silver, 1,57-million pounds of lead, and 691 oz of gold from its three Mexican mines – La Parrilla, San Martin and La Encantada, where the company recently commissioned a new cyanidation plant.
During the three months ended December 31, First Majestic milled a total of 251 258 t of ore, and the overall average silver head grade increased by 7% compared with the previous quarter, to an overall head grade of 220 g/t silver.
The combined recoveries of silver decreased slightly from 66% to 62%.
“The completion of the La Encantada construction was obviously a key milestone, however, it should also be noted that production levels at our La Parrilla and San Martin mines have been running above budget for the past two quarters,” CEO Keith Neumeyer said in a statement.
“Assuming we can maintain our current production levels at La Parrilla and San Martin and with the increases in production coming out of the La Encantada, 2010 is shaping up to be a very good year for First Majestic,” he added.