(Kitco News) - One of the world’s top silver producers ended the year on a high note, with First Majestic Silver Corp reporting a 4% increase in fourth-quarter production.
In a press release Wednesday, the company said that it produced 5.7 million silver equivalent (AgEq) ounces in the final three months of 2024, compared to 5.5 million AgEq ounces produced in the previous quarter. The increase was driven by a 20% rise in consolidated silver production with improvements across all three operating mines.
Total production for the full year of 2024 was 21.7 million AgEq ounces, which aligned with the First Majestic’s revised 2024 guidance of 21.4 to 22.6 million AgEq ounces.
Total production last year consisted of 8.4 million silver ounces and 156,542 gold ounces, the company said.
“First Majestic delivered robust and safe production in 2024,” said Keith Neumeyer, President & CEO in a prepared statement. “Our team demonstrated improved production and operational discipline quarter-over-quarter, ending the year with 21.7 million silver equivalent ounces and meeting our revised annual production guidance. Santa Elena continues to be the bright spot in our portfolio having produced over 10 million silver equivalent ounces in the year, a significant milestone in this district’s history. Our efforts to mitigate the water issues at La Encantada have paid off in Q4, enabling us to revert to historical production levels at this operation with a 39% increase in silver production compared to the third quarter. Operations at San Dimas are demonstrating steady improvements and we continue to be encouraged about the future of this district.”
