First Majestic's new mine increase silver production by 21%
The addition of the First Majestics' San Dimas Mine bumped silver production from 2.29 million ounces to 2.75 million ounces.
The Vancouver-based silver company (TSE:FR) announced its second quarter on Monday.
“During the quarter, the integration of the newly acquired San Dimas mine into our Mexican portfolio was our primary focus,” said Keith Neumeyer, President & CEO, in a news release.
San Dimas was acquired May 2018.
“Short term, we are focused on reducing underground dilution and implementing mill automation processes, including the installation of high intensity grinding technologies in order to increase efficiencies and reduce production costs.
"In addition, under the new streaming agreement, we are going back to mine numerous high-grade silver veins that were previously deemed uneconomic by the previous operator. In 2018, all-in sustaining costs at San Dimas are projected to be between $6.99 to $8.19 per ounce, making it our lowest cost and our largest producing mine.”
Creative Commons image courtesy of Scott Robinson