Photo by: Bloomberg
TORONTO (miningweekly.com) – First Majestic Silver's silver output from its five operating silver mines in Mexico reached a new quarterly record of 3.63-million silver-equivalent ounces in the first quarter ended March 31, representing a 33% increase compared with the same quarter in 2013.
Total silver output for the quarter consisted of 2.89-million ounces of silver, representing an increase of 19% when compared with the same quarter in 2013.
Output was boosted by higher silver grades and higher mill recoveries.
The company also reported that it had more than doubled lead production, by 112%, to 8.59-million pounds and increased zinc output, by 60%, to 2.68-million pounds compared with the same quarter of the previous year.
First Majestic also produced 3 375 oz of gold, representing an increase of 113% compared with the first quarter of 2013.
“Our first quarter results show a great start to the new year. Even though some challenges existed in the quarter, other improvements that were implemented in 2013 are taking hold. With many exciting initiatives under way in the areas of automation, processes and metallurgy, we are setting ourselves up for another record year of production,” First Majestic president and CEO Keith Neumeyer said.
Intra-day trading saw First Majestic’s TSX-listed share price rise by as much as C$0.30 a share to C$11.02, but in afternoon trading, the stock price traded around the C$10.84 level.