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First Majestic Produces 7.2M Silver Eqv. Oz in the First Quarter Consisting of 2.6M Oz Silver and 58,892 Oz Gold
Vancouver, British Columbia--(Newsfile Corp. - April 18, 2022) - First Majestic Silver Corp. (...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"First Majestic Produces 7.2M Silver Eqv. Oz in the First Quarter Consisting of 2.6M Oz Silver and 58,892 Oz GoldVancouver, British Columbia--(Newsfile Corp. - April 18, 2022) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (\"First Majestic\" or the \"Company\") announces that total production in the first quarter of 2022 from the Company's four producing operations, the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, reached 7.2 million silver equivalent ounces consisting of 2.6 million ounces of silver and 58,892 ounces of gold. The Company's financial results for the first quarter of 2022 are scheduled to be released on Thursday, May 12, 2022. FIRST QUARTER HIGHLIGHTSTotal Production Increased by 59% Y/Y: The Company produced 7.2 million silver equivalent ounces consisting of 2.6 million ounces of silver and 58,892 ounces of gold. Total production increased 59% when compared to the first quarter of 2021 primarily due to the acquisition of Jerritt Canyon. However, compared to a record breaking fourth quarter, production decreased by 16% due to high absenteeism related to an increase in COVID-19 cases in January and February which resulted in lower processed tonnes across all Mexican operating units.Higher Production at Ermitaño: During the quarter, the Company processed 114,190 tonnes of ore from the Ermitaño mine at the Santa Elena processing plant, representing a 10% increase compared to the prior quarter. The higher volumes were the result of strong underground development rates as the mine continues its planned ramp up in 2022. The Company anticipates higher production rates as new production stopes are prepared and brought into production by year end. Liquid Natural Gas (\"LNG\") Powerplant Expansion at Santa Elena: The Company began the construction of the LNG powerplant expansion project and powerline at Santa Elena to provide low-cost, clean energy to the Ermitaño mine. The Company is planning to install four additional LNG generators to increase its power generation capacity to approximately 24 MW from the current 14 MW. In addition, construction of the new powerline to connect the LNG plant to Ermitaño began during the quarter. Awarded the 2022 Distinctive ESR in Mexico: The Mexican Center for Philanthropy (...