First Majestic Silver (TSX: FR, NYSE: AG) announced on Tuesday that its production in the first quarter of 2020 reached 6.2 million silver equivalent ounces, consisting of 3.2 million ounces of silver and 32,202 ounces of gold, in line with the previous quarter and 9% above the company’s previous guidance.
Last week, First Majestic withdrew its 2020 production and costs guidance after the Mexican government issued a decree temporarily suspending all mining operations until April 30.
The company reported silver and gold recoveries at Santa Elena of 94% and 96%, respectively
First Majestic also said the company achieved consolidated average silver recoveries of 89%, the highest in its 17-year history.
The company reported silver and gold recoveries at Santa Elena of 94% and 96%, respectively, following two consecutive quarters of sustained high recoveries following the installation of the 3,000-metric-ton-per-day high-intensity grinding mill.
“Our San Dimas, Santa Elena and La Encantada mines were all operating above guidance prior to Mexico’s Federal Decree” said Keith Neumeyer, president and CEO.
“While we support the actions being taken, we continue to engage in discussions with Federal and State authorities to raise awareness on the importance of silver mining as an essential business.”
The company’s stock traded up 1.5% midday Tuesday on the NYSE. First Majestic’s market value is $1.6 billion.