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First Majestic Silver Corp.

Company Detail

Description

First Majestic Silver Corp. is a Canadian mining company focused on silver production in Mexico and pursuing the development of its existing mineral property assets. It owns five producing silver mines: La Encantada, La Parrilla, San Martin, La Guitarra and Del Toro. First Majestic's largest operation is the La Encantada silver mine, which has been expanded several times since 2006 to reach current capacity of 2,000t/d. Running at full capacity, La Encantada can produce around 4.1-4.3Moz/y of silver, in the form of silver doré bars. The company's newest producing asset, the Del Toro silver mine, began phase one operations in the first quarter of 2013 at 1,000t/d through flotation. In 2012, First Majestic acquired Silvermex Resources Inc. In 2015, First Majestic completed the acquisition of SilverCrest Mines in a US$116mn friendly takeover. Under the deal, SilverCrest's Santa Elena became First Majestic's sixth Mexican silver mine, with the latter also eyeing potential synergies and reduced production costs given Santa Elena's low all-in sustaining costs.

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