Canadian mining company First Majestic produced a new quarterly record of 8.6 million silver equivalent ounces during the fourth quarter of 2021 in Mexico.

With this, for fiscal year 2021, the company achieved a new historical maximum of annual production of 26.9 million silver equivalent.

The  is in the business of producing, developing, exploring and acquiring mineral properties with a focus on silver and gold production in Mexico.

Fistr Majestic owns and operates three producing mines in Mexico:

• The San Dimas Silver/Gold Mine in the state of Durango.
• The Santa Elena Silver/Gold Mine in the state of Sonora.
• And the La Encantada Silver Mine in the state of Coahuila.

First Majestic

Within the data for the fourth quarter of 2021, production consisted of 3.4 million ounces of silver and 67,411 ounces of gold, which represents an increase of 17% compared to the previous quarter.

At the same time, full-year 2021 production was made up of 12.8 million ounces of silver and 192,353 ounces of gold, or a 32% increase over 2020.

The company also announced its forecast for 2022 to produce between 32.2 and 35.8 million silver equivalent ounces, consisting of 12.2 to 13.5 million ounces of silver and 258,000 to 288,000 ounces of gold.

Mines

San Dimas produced a record 4.0 million silver equivalent ounces, consisting of 2.2 million silver ounces and 23,795 gold ounces, representing a 17% increase in total production over the previous quarter and quarterly production. highest since the acquisition of the mine in 2018.

In November, the company began testing shallow stockpile batches of Ermitaño at the Santa Elena processing plant and declared initial production in December, ahead of schedule, resulting in a new quarterly production record at Santa Elena.

Additionally, a total of 2.0 million silver equivalent ounces were produced in the quarter, consisting of 426,870 ounces of silver and 19,810 ounces of gold.

This represents a significant 84% increase in total production from the previous quarter and the highest quarterly production since the mine acquisition in 2015.

At the end of the fourth quarter, 21 exploration drill rigs were active at the company’s mines, seven rigs at San Dimas, nine rigs at Jerritt Canyon, three rigs at Santa Elena and two rigs at La Encantada.