About the Company
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 owns five producing silver mines including the La Encantada Silver Mine, the La Parrilla Silver Mine, the San Martin Silver Mine, the La Guitarra Silver Mine and the Del Toro Silver Mine.
First Majestic's largest operation is the La Encantada Silver Mine. This property has been expanded several times since 2006 to reach the current capacity of 2,000 tpd. Running at full capacity, production at La Encantada is approximately 4.1 to 4.3 million ounces of silver, in the form of silver doré bars, annually.
The Company's second mine, the La Parrilla Silver Mine, is located conveniently outside the city of Durango. The property underwent a fifth major development project in 2012 that further expanded the mill to 2,000 tpd (from the previous 850 tpd). The expansion was deemed commercially effective on March 1, 2012 and the parallel 1,000 tpd flotation and 1,000 tpd cyanidation circuits became fully operational. At the current run rate of 2,000 tpd it is anticipated that La Parrilla will produce in the range of 3.3 to 3.5 million ounces of silver equivalent annually.
First Majestic's third operating mine, the San Martin Silver Mine, recently underwent an expansion from 950 tpd to 1,300 tpd. This expansion was completed in October 2013. At full capacity of 1,300 tpd, San Martin's annual silver production is anticipated to increase by over 50% to approximately 1.4 - 1.6 million ounces of silver in the form of doré bars.
In 2012, the Company completed the acquisition of Silvermex Resources which resulted in the La Guitarra Silver Mine becoming the Company's fourth producing silver mine. Since acquiring the mine, First Majestic has increased the mill capacity from 350 tpd to 500 tpd. Further planning and permitting is underway for an additional mill upgrade to 1,000 tpd.
The Company's newest producing mine, the Del Toro Silver Mine, began Phase 1 of operations in the first quarter of 2013 at 1,000 tpd through flotation. By the fourth quarter of 2013, the cyanidation circuit was successfully commissioned allowing for the production of silver doré bars. Further to that, the Company is planning to accelerate the ramp up of the cyanidation circuit to 2,000 tpd in early 2014.
Management feels strongly that investors will continue to witness a dramatic bull market in precious metals over the coming years. For this reason, a focus to continue to develop and increase production at its core assets will continue. In addition, management is determined to expand First Majestic's asset base and thus continues to investigate other interesting advanced stage silver projects in Mexico. With a Management team comprised of proven company and mine builders; shareholders are poised to capitalize on First Majestic's rapid evolution into a world class silver producer.