First Majestic Silver boosts production 41% in Q3, suspends silver sales
(Kitco News) - First Majestic Silverannounced today that its total production in Q3 2021 reached a new record of7.3 million silver equivalent ounces (3.3 million ounces of silver and 54,525ounces of gold), a 41% increase compared to Q3 2020.
In the first nine months of2021, the company said it has produced 9.5 million ounces of silver and 124,942ounces of gold for total production of 18.3 million silver equivalent ounces,or approximately 69% of the company's 2021 guidance midpoint of producing 25.7to 27.5 million ounces.
Importantly, First Majesticadded that at the end of the quarter, the company held 1.4 million ounces ofsilver in inventory due to suppressed silver prices in the third quarter.Silver sales are anticipated to resume in the fourth quarter, the companypointed out.
"We had a very strong quarterwith total production achieving a new record of 7.3 million silver equivalentounces representing a 14% increase compared to the prior quarter," saidPresident and CEO Keith Neumeyer. "The record quarter was primarily due tohaving a full quarter of production from the Jerritt Canyon operation inaddition to continued strong production performance at San Dimas and LaEncantada."
He added, "Santa Elena is nowat the cusp of a significant step-up in production and cost reduction as weprepare the plant for initial production from the Ermita??o area in the comingmonths. Looking ahead, we anticipate higher grades to drive production growthat San Dimas, Jerritt Canyon and Santa Elena in the fourth quarter and into2022."
First Majestic is a publiclytraded mining company focused on silver and gold production in Mexico and theUnited States. The company presently owns and operates the San Dimas silver/goldmine, the Jerritt Canyon gold mine, the Santa Elena silver/gold mine and the LaEncantada silver mine.
By Vladimir BasovFor Kitco News
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