First Majestic Silver Reports Record Output In 2015, Expects More In 2016
Tuesday January 19, 2016 08:08
(Kitco News) - First Majestic Silver Corp. (TSX: FR; NYSE: AG) posted record silver-equivalent production in 2015 and expects even higher output this year, the company reported Tuesday.
Output last year hit a record of 16,086,272 equivalent ounces of silver, a 5% increase over 2014, First Majestic said. This consisted of 11,142,109 ounces of silver, 25,467 ounces of gold, 40,149,170 pounds of lead and 17,524,223 pounds of zinc.
Production in the fourth quarter also reached a new quarterly record of 4,820,408 silver-equivalent ounces, consisting of 3,055,442 ounces of silver, 14,534 ounces of gold, 9,040,601 pounds of lead and 4,227,296 pounds of zinc.
"Despite some minor production decreases in our effort to produce profitable ounces in this distressed market, we still pulled off a record quarter and another record year,” said Keith Neumeyer, president and chief executive officer. “Our transformational strategy for reducing costs and improving operational procedures is working, and along with Santa Elena's successful integration, I feel that we have truly turned a corner in this challenging market."
For 2016, First Majestic projected silver production will be between 12 million and 13.3 million ounces, with 17.8 million to 19.8 million silver-equivalent ounces.
The company is projecting the 2016 all-in sustaining cost per ounce to be within a range of $12.29 to $13.36 per payable silver ounce. Excluding non-cash items, First Majestic anticipates its 2016 AISC to be within a range of $11.82 to $12.84.
By Allen Sykora of Kitco News; firstname.lastname@example.org