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First Majestic's Q3 output slides 12% YOY

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First Majestic's Q3 output slides 12% YOY

First Majestic Silver Corp. said Oct. 17 that third-quarter silver equivalent production from its six operating silver mines dropped 12% year over year, to about 4 million ounces.

The silver equivalent figure comprises 2.4 million ounces of silver, 15,414 ounces of gold, 5.2 million pounds of lead and 922,666 pounds of zinc.

Silver production decreased 22%, lead production decreased 36%, zinc production dropped 39% and gold production increased 7% on an annual basis.

First Majestic operates the Santa Elena, La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra mines in Mexico.

Consolidated silver grades averaged 131 g/t during the quarter, compared to 150 g/t the year before, while recoveries averaged 78%, up slightly year over year from 77%.

The company noted that while higher silver grades were mined and processed at La Encantada and San Martin, consolidated silver grades were offset by lower grades at Del Toro.

First Majestic also reported that 13% less ore was processed during the period, coming in at 730,652 tonnes.