 | Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) - First Majestic Silver (TSX: FR) (NYSE: AG) announced Thursday that in Q2 2023, the company produced 6.3 million silver equivalent ounces (consisting of 2.6 million silver ounces and 45,022 gold ounces), down 18% compared to Q2 2022 (7.7 million silver equivalent ounces).
In a statement, the company said that during the quarter, its Mexican operations produced 2.6 million silver ounces and 40,658 gold ounces, or approximately 6.0 million silver equivalent ounces in the quarter.
First Majestic added that its Jerritt Canyon mine in Nevada, USA, processed most of its remaining ore stockpiles and work in process inventory throughout April and May and produced 4,364 ounces of gold during its partial quarter.
As of April 24, 2023, all activities at the Jerritt Canyon processing plant were discontinued following the company’s previously announced temporary suspension of mining operations on March 20, 2023.
First Majestic also announced its updated 2023 production guidance of between 26.2 to 27.8 million silver equivalent ounces compared to the prior guidance of 33.2 to 37.1 million silver equivalent ounces.
President and CEO Keith Neumeyer commented, “During the quarter, silver production from our Mexican operations improved as a result of higher processed tonnes and grades. San Dimas and La Encantada have been steady producers in the first half of 2023 and Santa Elena is now well positioned for significant production growth in the second half of 2023 as we traverse back into a higher grade area of the Ermitaño mine.
“At Jerritt Canyon, all contractors are now offsite and processing activities have been suspended. We plan to continue advancing our exploration efforts at Jerritt Canyon following the recent drill results which demonstrates the robust exploration potential of this project.”
First Majestic is a publicly traded 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 Santa Elena silver/gold mine, and the La Encantada silver mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project located in northeastern Nevada.
|
| Newmont's gold production decreased 17% y-o-y to 1.24Moz in Q2; net income down to $153M |
