TORONTO (miningweekly.com) – Mexico-focused precious metals producer First Majestic Silver has developed into a senior silver producer, after the company reported on Tuesday that it had reached a new full-year output record of 12.8-million silver-equivalent ounces, a 41% increase over 2012.

With its yearly production now exceeding ten-million ounces of pure silver, the company joined the industry ranks as a ‘senior silver producer’ on its tenth year anniversary of being in business.

The Vancouver-based firm said the equivalent silver output for 2013 consisted of 10.64-million ounces of silver, 10 040 oz of gold, 26.9-million pounds of lead and 8.5-million pounds of zinc.

For the fourth quarter ended December 31, total output also reached a new quarterly record of 3.42-million silver-equivalent ounces, consisting of 2.75-million ounces of silver, 3 519 oz of gold, 8. 36-million pounds of lead and 1.7-million pounds of zinc.

"2013 has brought many challenges to miners around the world. The unexpected drop in metals prices required quick reactions to reduce investments and reduce costs. I think our team should be congratulated for the difficult choices that have been made.

“However, further efforts are still required to improve efficiencies, adopt new technologies and innovative methods of doing our business. In 2014, our focus will be to improve efficiencies through automation and training programmes. With all these challenges behind us and new ones approaching, it is sometimes difficult to see all the positive things happening around us,” president and CEO Keith Neumeyer said.

He added that with the Del Toro and San Martin operations still being ramped up, 2014 is expected to bring another similar year of growth.

“Now that we have passed one of our most significant milestones set ten years ago, to produce over ten-million ounces of silver, we are now setting our goal to reach 20-million ounces, which we believe can be reached with our current assets. We are living in challenging times, but also very exciting times,” he said.

First Majestic last month said it had started pouring silver doré bars at its Del Toro silver mine in Zacatecas, Mexico.

The company’s TSX-listed stock rose C$0.32 apiece on Tuesday, to change hands at C$11.99.