TORONTO (miningweekly.com) – Canadian miner First Majestic Silver says total production at its five operating mines in Mexico for the first quarter ending March 31, reached 2.73-million silver-equivalent ounces, representing a 36% increase when compared with the same quarter in 2012.
Compared with the fourth quarter, total silver-equivalent production was up 7%.
The company during the first quarter also lifted year-on-year lead production by 28% to 4.05-million pounds and year-on-year zinc production by 27% to 1.67-million pounds.
The 1 584 oz of gold produced in the quarter represented an increase of 159% when compared with the same quarter of 2012.
"The first quarter of 2013 marked yet another milestone for First Majestic. We announced the inauguration of Del Toro after 21 months of construction.
“We're also now in the final stages of expanding mine and mill capacities at both our San Martin and La Guitarra operations,” CEO Keith Neumeyer said.
The company said capital expenditures for Del Toro's mill and mine construction up to March 31, had totalled $61.9-million, $1.6-million over budget, owing to more underground development work undertaken in 2012.
First Majestic inaugurated the Del Toro silver mine - its fifth operating mine in Mexico – in January, and had declared commercial production from the start of the month. The mine was expected to ultimately become the company's largest mine.
The company was also busy with several expansion projects at its other mines.
On Monday afternoon, First Majestic’s TSX-listed stock dropped by 10.90% to C$12.67, on a bloody day on the TSX, which saw the index itself decline by 2.32%.