Business
First Majestic Produces 6.2M Ounces in Q4 and Record 25.6M Ounces in 2019; Announces New Director & Conference Call Details
VANCOUVER, British Columbia, Jan. 15, 2020 (GLOBE NEWSWIRE) -- First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce the Compan
About this update from First Majestic Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 15, 2020 (GLOBE NEWSWIRE) -- First Majestic Silver Corp. (\"First Majestic\" or the \"Company\") is pleased to announce the Company’s fourth quarter and full year 2019 production results. In addition, the Company is expecting to release its 2020 production, cost and capital guidance, as well as host a conference call, on January 21, 2020. Fourth quarter and full year 2019 financial results are scheduled to be released on February 19, 2020. 2019 HIGHLIGHTS Total production reached 25.6 million equivalent ounces of silver, representing a 15% increase over 2018 and at the top end of the 2019 guidance range of producing 24.4 to 26.0 million silver equivalent ounces Silver production reached 13.2 million ounces, representing a 13% increase over 2018 and within the 2019 guidance range of producing 12.8 to 13.5 million ounces Achieved record consolidated average silver recoveries of 86%, the highest in the Company’s 17-year history Successfully commissioned the new 3,000 tpd high-intensity grinding (“HIG”) mill at Santa Elena making it the only whole-ore, hard-rock mining application of this technology in all of Latin America Commenced earthwork and ramp development activities at Santa Elena’s Ermitaño project in advance of initial production scheduled for early 2021 Ended the year with a strong cash and cash equivalents balance of US$169.0 million FOURTH QUARTER HIGHLIGHTS Total production reached 6.2 million equivalent ounces of silver, representing a slight decrease over the prior quarter primarily due to lower gold grades and a reduction in tonnes milled at Santa Elena in the month of December due to heavy rains impacting the ability to produce from the heap leach pads Silver production reached 3.3 million ounces, consistent with the prior quarter Record average silver recoveries at Santa Elena of 94%, up from 91% in the prior quarter due to the successful installation of the HIG mill La Encantada produced 987,630 silver ounces, marking a five-year quarterly production record, up 12% from the prior quarter Total production in 2019 consisted of 13.2 million ounces of silver, 134,580 ounces of gold, 7.9 million pounds of lead and 3.7 million pounds of zinc. Total production in the fourth quarter of 2019 consisted of 3.3 million ounces of silver, 33,176 ounces of gold and 0.9 million pound...