Kitco News - First Majestic Silver (NYSE: AG) reported total production of 26.9 million AgEq ounces in 2023, a 15% drop compared to 31.3 million AgEq ounces a year ago.
First Majestic released its 4Q and year end production today.
Quarter on quarter production was up. Total production reached 6.6 million AgEq ounces in Q4, representing a 6% increase when compared to 6.3 million AgEq ounces produced in the previous quarter.
First Majestic said its 26.9 million AgEq ounces aligned to the midpoint of the 2023 revised guidance of between 26.2 to 27.8 million AgEq ounces. The-year-over-year decrease can be attributable to the temporary suspension of Jerritt Canyon that was announced in the spring, said the company in a news release.
Silver production reached 10.3 million ounces, compared to revised guidance range of between 10.5 to 11.2 million ounces, primarily due to lower silver production in H2 at La Encantada. Gold production in 2023 totaled 198,921 ounces aligned to the higher end of the company’s revised guidance range of between 190,000 to 201,000 ounces.
First Majestic dropped 7% to $6.88 a share. It was a down day for the gold miners with the GDX off 3.94%.
