(Kitco News) - First Majestic Silver (TSX: FR) (NYSE: AG) announced today that its total production in Q3 2022 reached a new company record of 8.8 million silver equivalent (AgEq) ounces consisting of 2.7 million ounces of silver and 67,072 ounces of gold.
The company said that its Q3 2022 production increased by 20% compared to Q3 2021 and by 14% compared to the prior quarter primarily due to higher gold production at San Dimas and Santa Elena.
"Strong metal production from the Ermitaño mine enabled Santa Elena to set another all-time new quarterly production record of 2.7 million AgEq ounces in the third quarter," it added.
San Dimas produced 3,776,124 AgEq ounces during the quarter consisting of 1,649,002 ounces of silver and 23,675 ounces of gold, representing increases of 8% and 29%, respectively, when compared to the prior quarter.
During the quarter, Jerritt Canyon produced 16,299 ounces of gold, representing a 13% decrease compared to the prior quarter.
First Majestic said that the decrease was primarily due to a 15% decrease in tonnes milled as the company completed its annual maintenance overhaul of the dual roasters in September which resulted in an increased ore stockpile of approximately 27,600 tonnes due to the planned 14-day maintenance shutdown. This large surface stockpile is expected to be processed in the fourth quarter.
During the quarter, La Encantada produced 779,028 ounces of silver, representing a 10% decrease compared to the prior quarter. The decrease was primarily due to a 14% decrease in silver grades.
In the first nine months of 2022, First Majestic produced 8.1 million ounces of silver and 185,355 ounces of gold for total production of 23.7 million AgEq ounces, or approximately 71% of the company's 2022 guidance midpoint of producing 32.6 to 34.6 million ounces, it added.
Importantly, the company noted it 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."
First Majestic is a mining company focused on silver and gold production in Mexico and the United States. The company presently owns and operates the San Dimas silver/gold mine, the Jerritt Canyon gold mine, the Santa Elena silver/gold mine and the La Encantada silver mine.
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