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First Majestic Silver Adjusts Production Target for 2023


By Robb M. Stewart

First Majestic Silver has revised its production forecast for the year to account for the cessation of operations at its Jerritt Canyon mine in Nevada. However, the company anticipates increased output in the second half of the year from its Santa Elena mine in Mexico, as well as improved grades from the Ermitano mine.

Revised Guidance

The precious metals miner now expects to produce between 26.2 million and 27.8 million silver equivalent ounces in 2023. This is a decrease from the previous forecast of 33.2 million to 37.1 million ounces. Silver production is projected to amount to between 10.5 million and 11.2 million ounces, up from the previous target of 10 million to 11.1 million, while gold output is expected to range from 190,000 to 201,000 ounces, compared to the previous guidance of 277,000 to 310,000 ounces.

Second Half Outlook

For the second half of the year, First Majestic aims to produce between 12.4 million and 13.8 million silver equivalent ounces, with silver output ranging from 5.3 million to 5.9 million ounces. In the first half of the year, the company reported a production total of 14.0 million silver equivalent ounces, including 5.2 million ounces of silver.

Second Quarter Performance

In terms of second-quarter production, Majestic reported a total of 6.3 million silver equivalent ounces. This represents a decrease from both the 7.7 million silver equivalent ounces produced in the same period last year and the 7.6 million ounces produced in the first quarter of this year. The second-quarter output included 2.6 million ounces of silver and 45,022 ounces of gold, primarily sourced from the company’s Mexican operations.

Jerritt Canyon Mine Impact

First Majestic disclosed that the Jerritt Canyon mine processed most of its remaining ore stockpiles and work-in-process inventory in April and May, yielding 4,364 ounces of gold in the quarter. Mining operations were suspended in March, and all activities at the mine’s processing plant ceased on April 24. The company intends to continue exploration efforts at Jerritt Canyon.

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