We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Majestic Silver Corporation | NYSE:AG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 1.35% | 6.76 | 7.01 | 6.625 | 6.73 | 7,172,895 | 00:58:56 |
New York – AG
Toronto – FR
Frankfurt – FMV
Mexico – AG
VANCOUVER, Jan. 13, 2015 /PRNewswire/ - First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce the Company's fourth quarter and full year 2014 production results, as well as guidance for 2015.
Total production during 2014 reached a new record of 15,257,958 equivalent ounces of silver, representing a 19% increase over 2013. The equivalent silver production for 2014 consisted of 11,748,721 ounces of silver, 12,283 ounces of gold, 39,192,908 pounds of lead and 13,130,378 pounds of zinc.
Total production in the fourth quarter also reached a new quarterly record of 4,247,527 equivalent ounces of silver consisting of 3,074,567 ounces of silver, 3,326 ounces of gold, 11,764,160 pounds of lead and 4,580,260 pounds of zinc.
Keith Neumeyer, President & CEO, states, "Our fourth quarter production results show that our operations are back on track following a brief period of operational adjustments. We have made difficult but necessary changes to adapt to the current market environment and our recent cost cutting is beginning to be realized at the operations. We have made great strides thus far and I look forward to further cost improvements and efficiencies throughout 2015."
Production Details Table:
Q4 |
Q3 |
Q/Q |
YE |
YE |
Y/Y | |
2014 |
2014 |
Change |
Consolidated Production Results |
2014 |
2013 |
Change |
683,528 |
621,196 |
10% |
Ore processed/tonnes milled |
2,613,411 |
2,741,717 |
-5% |
4,247,527 |
3,523,536 |
21% |
Total production - ounces of silver equivalent |
15,257,958 |
12,791,527 |
19% |
3,074,567 |
2,680,439 |
15% |
Total silver ounces produced |
11,748,721 |
10,641,465 |
10% |
201 |
196 |
2% |
Silver grade (g/t) |
206 |
193 |
7% |
70 |
68 |
2% |
Silver recovery (%) |
68 |
62 |
9% |
11,764,160 |
9,703,792 |
21% |
Pounds of lead produced |
39,192,908 |
26,904,093 |
46% |
4,580,260 |
3,222,877 |
42% |
Pounds of zinc produced |
13,130,378 |
8,509,097 |
54% |
3,326 |
2,781 |
20% |
Gold ounces produced |
12,283 |
10,040 |
22% |
- |
629 |
-100% |
Tonnes of Iron ore produced |
1,332 |
14,633 |
-91% |
Quarterly Operational Review:
The total ore processed during the quarter at the Company's five operating silver mines: La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra, amounted to 683,528 tonnes, reflecting a 3% decrease compared to the fourth quarter of 2013 and a 10% increase from the previous quarter. The increase in tonnes compared to the prior quarter was primarily due to higher throughput rates at Del Toro as the flotation circuit utilization increased to planned operating levels following a plant reconfiguration during the third quarter.
Average silver grades in the quarter for the five mines increased by 5% to 201 g/t compared to 191 g/t in the fourth quarter of 2013 and increased 2% compared with the previous quarter. Combined silver recoveries averaged 70% during the quarter, up from 64% compared to the same quarter in the prior year and a slight improvement over the third quarter average of 68%.
The Company's underground development in the fourth quarter consisted of 11,772 metres, reflecting a 6% decrease compared to 12,546 metres completed in the previous quarter.
At quarter end, six diamond drill rigs were active at the Company's five operations. The Company completed 5,990 metres of diamond drilling in the quarter compared to 18,335 metres in the prior quarter, representing a 67% decrease. The decrease in metres drilled was primarily due to additional budget cuts within the exploration program.
Mine by Mine Quarterly Production Table:
Mine |
Ore |
Tonnes |
Silver Grade |
Silver |
Silver Oz |
Gold Oz |
Pounds of |
Pounds of |
Equivalent |
La Encantada |
186,411 |
2,026 |
248 |
53% |
788,369 |
59 |
- |
- |
792,605 |
La Parrilla |
175,830 |
1,911 |
142 |
80% |
646,283 |
244 |
3,855,052 |
4,580,260 |
1,159,177 |
Del Toro |
175,552 |
1,908 |
194 |
75% |
817,754 |
158 |
7,909,108 |
- |
1,264,751 |
San Martin |
96,651 |
1,051 |
249 |
77% |
592,698 |
1,451 |
- |
- |
698,605 |
La Guitarra |
49,084 |
534 |
168 |
87% |
229,463 |
1,414 |
- |
- |
332,389 |
Total |
683,528 |
7,430 |
201 |
70% |
3,074,567 |
3,326 |
11,764,160 |
4,580,260 |
4,247,527 |
The following prices were used in the calculation of silver equivalent ounces: Silver: $16.50 per ounce; Gold: $1,202 per ounce; Lead: $0.91 per pound; Zinc $1.02 per pound. |
At the Del Toro Silver Mine:
At the La Encantada Silver Mine:
At the La Parrilla Silver Mine:
At the San Martin Silver Mine:
At the La Guitarra Silver Mine:
2015 Production Outlook and Cost Guidance:
For 2015, the Company anticipates 2015 silver production will range between 11.8 to 13.2 million ounces (15.3 to 17.1 million silver equivalent ounces). A majority of the projected increase will be achieved following the upgrade and expansion of the crushing and grinding area at La Encantada in the first half of 2015 to allow the processing of ore to be increased to 3,000 tpd in combination with an increase in underground mine extraction linked to the addition of bulk mining methods.
A mine-by-mine breakdown of the 2015 production guidance is included in the table below (in millions):
Mine |
2014 Ag Oz |
2014 Ag Eq. Oz |
2015E Ag Oz |
2015E Ag Eq. Oz |
La Encantada |
3.7 |
3.7 |
4.0 – 4.5 |
4.0 – 4.5 |
La Parrilla |
2.9 |
4.7 |
2.6 – 2.9 |
4.3 – 4.8 |
Del Toro |
2.7 |
3.7 |
2.6 – 2.9 |
3.7 – 4.2 |
San Martin |
1.8 |
2.1 |
1.8 – 2.0 |
2.1 – 2.3 |
La Guitarra |
0.6 |
1.1 |
0.8 – 0.9 |
1.2 – 1.3 |
Totals: |
11.7 |
15.3 |
11.8 - 13.2 |
15.3 – 17.1 |
* |
Metal price assumptions for calculating equivalents are: silver: $17.00/oz, gold: $1,200/oz, |
The Company is projecting its 2015 All-In Sustaining Cost per Ounce ("AISC"), as defined by the World Gold Council, to be within a range of $13.96 to $15.48 per payable silver ounce. Excluding non-cash items, the Company anticipates its 2015 AISC to be within a range of $13.50 to $14.96 per payable silver ounce. An itemized AISC cost table is provided below:
All-In Sustaining Cost Calculation (1) |
FY 2015 ($ /Ag oz) |
Total Cash Costs per Payable Silver Ounce |
8.17 – 9.09 |
General and Administrative Costs |
1.55 – 1.73 |
Workers' Participation |
0.16 – 0.10 |
Royalties and 0.5% Mining Environmental Fee |
0.12 – 0.13 |
Sustaining Development Costs |
1.51 – 1.69 |
Sustaining Plant, Property and Equipment Costs |
1.71 – 1.91 |
Sustaining Exploration Costs |
0.28 – 0.31 |
Share-based Payments (non-cash) |
0.38 – 0.43 |
Accretion of Reclamation Costs (non-cash) |
0.08 – 0.09 |
All-In Sustaining Costs: (WGC definition) |
13.96 – 15.48 |
All-In Sustaining Costs: (WGC excluding non-cash items) |
13.50 – 14.96 |
1. |
AISC is a non-GAAP measure and is calculated based on guidance provided by the World Gold Council ("WGC") in June 2013. AISC is used as a comprehensive measure for the Company's consolidated operating performance. WGC is a not a regulatory industry organization and does not have the authority to develop accounting standards for disclosure requirements. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles, the definition of "sustaining costs" and the distinction between sustaining and expansionary capital costs. |
In 2015, the Company plans to invest a total of $75.6 million on capital expenditures consisting of $44.7 million for sustaining requirements and $30.9 million for expansionary projects. This total represents a significant reduction in capital expenditures compared to the prior year.
The 2015 annual budget includes a total of $29.1 million to be spent towards property, plant and equipment, $37.1 million towards total development, $8.1 million in total exploration and $1.3 million towards corporate projects. Management has the option to make adjustments to the projected 2015 budget should metal prices continue to remain weak in 2015.
First Majestic is a mining company focused on silver production in México and is aggressively pursuing the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of First Majestic Silver Corp. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver and other metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of First Majestic Silver Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in First Majestic Silver Corp.'s Annual Information Form for the year ended December 31, 2013, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic Silver Corp. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. First Majestic Silver Corp. does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE First Majestic Silver Corp.
Copyright 2015 PR Newswire
1 Year First Majestic Silver Chart |
1 Month First Majestic Silver Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions