{"id":1166637,"date":"2020-02-19T18:16:13","date_gmt":"2020-02-20T00:16:13","guid":{"rendered":"https:\/\/resourceworld.com\/?p=57493"},"modified":"2020-02-19T18:16:13","modified_gmt":"2020-02-20T00:16:13","slug":"first-majestics-silver-focus-pays-off-in-2019","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1166637","title":{"rendered":"First Majestic’s silver focus pays off in 2019"},"content":{"rendered":"

First Majestic Silver Corp.<\/strong> [FR-TSX; AG-NYSE; FMV-FSE] on Wednesday February 19 said 2019 was stellar year as the company generated record revenues and winding up with the highest cash balances in the company\u2019s 18-year history.<\/p>\n

First Majestic is a Mexico-focused mining company. It owns and operates six producing silver mines. They include the Parrilla, San Martin, La Encantada, Del Toro and Santa Elena silver mines.<\/p>\n

Its asset portfolio also includes the San Dimas Mine following the acquisition of the site\u2019s former owner Primero Mining Corp. in May 2018 for $187 million in common shares of First Majestic. Under a new streaming agreement, Wheaton Precious Metals Corp.<\/strong> [WPM-TSX, NYSE] is entitled to receive 25% of the gold equivalent production from San Dimas.<\/p>\n

\u201cProduction [in 2019] also achieved a new record of 25.6 million silver equivalent ounces following grade and metallurgical recovery improvements at our Santa Elena and La Encantada operations,\u201d said First Majestic CEO Keith Neumeyer.<\/p>\n

\u201cThese operational improvements helped to drive a 15% reduction in our [all-in-sustaining costs] AISC for the year to US$12.64\/oz, making it the lowest AISC per ounce since 2016 and a healthy beat to our annual cost guidance range of US$12.98 to US$13.94\/oz,\u201d Neumeyer said.<\/p>\n

\u201cWe continue to lead the industry as the purest silver producer and remain focused on improving margins through the adoption of new technology.\u201d<\/p>\n

On Wednesday, First Majestic shares eased 8.5% or $1.15 to $12.31 on volume of 2.2 million. The shares trade in a 52-week range of $7.39 and $16.50.<\/p>\n

First Majestic achieved total production of 25.6 million silver equivalent ounces, a 15% increase over 2018, and reaching the top end of the company\u2019s 2019 guidance range of 24.4 million to 26.0 million ounces.<\/p>\n

The company\u2019s silver production reached 13.2 million ounces, a 13% increase over 2018. That number was in line with the company\u2019s guidance range of 12.8 to 13.5 million ounces.<\/p>\n

Revenue of US$363.9 million in 2019 was a record, and marked a 21% increase from 2018.<\/p>\n

The company posted adjusted net earnings of US$7.3 million or $0.04 per share, after excluding non-cash and unusual items.<\/p>\n

The 21% increase in full year revenue, compared to 2018, was attributable to a full year of operations at San Dimas under the ownership of First Majestic, plus a 92% increase in production from La Encantada following a revised throughput methodology which the company said improved recoveries significantly.<\/p>\n

The increased revenue was also due to increased production at Santa Elena as well as a 6% increase in the realized silver price in 2019, which averaged US$16.40\/oz for the year.\u00a0 That compared to an average of US$15.26\/oz in the first half of the year, and US$17.55 in the second half of 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

First Majestic Silver Corp. [FR-TSX; AG-NYSE; FMV-FSE] on Wednesday February 19 said 2019 was stellar…<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[622],"tags":[48,76,102],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1166637"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1166637"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1166637\/revisions"}],"predecessor-version":[{"id":1166638,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1166637\/revisions\/1166638"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1166637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1166637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1166637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}