First Majestic sets new quarterly production record
Vancouver-based First Majestic produced a record 8.8-million silver-equivalent ounces (SEOs) in the third quarter ended September 30, mainly driven by higher grades at the San Dimas and Santa Elena mines, in Mexico.
This is a 14% quarter-on-quarter increase, CEO Keith Neumeyer reported on Tuesday.
Santa Elena set an all-time quarterly record of 2.7-million SEOs, representing a 22% increase compared with the prior quarter.
“At Santa Elena, the Ermitaño mine produced 83% of the quarterly ounces as strong gold grades and optimised ore deliveries were achieved,” said Neumeyer.
At San Dimas, higher production was driven by increased silver and gold grades, which were achieved with the start of production at the Perez Vein in July, and continued improvements in dilution control.
Consolidated silver and gold grades in the quarter averaged 117 g/t and 2.74 g/t, respectively, compared to 114 g/t and 2.29 g/t, respectively, in the previous quarter. The 20% increase in consolidated gold grades was primarily owing to higher gold grades at San Dimas and Santa Elena's Ermitaño mine.
Gold grades at Jerritt Canyon were relatively unchanged compared to the prior quarter.
“The company continues to expect production in the fourth quarter to be another step up in growth with the imminent ramp-up at Jerritt Canyon of the West Generator, Saval II and Smith Zone 10 areas,” said Neumeyer.
To increase mine production, First Majestic is planning to complete a secondary escapeway in the West Generator mine in late October allowing for a major increase in ore deliveries and gold production. This new ore feed, along with the expected restart of the Saval II mine in November, are anticipated to increase gold grades and increase the amount of fresh ore feed to the plant by about 50%.
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