All First Majestic operating mine plans under review, lower full-year guidance possible

Dogged by falling grades at its largest mines and the continued weakness in metal prices, Mexico-focused miner First Majestic Silver is reviewing all its operating mine plans, which might result in reduced production targets at some of its operations to improve profitability. “[Owing] to the continued weakness in metal prices, we are modifying our operations to ensure free cash flow is generated across the entire business. These changes include additional layoffs and mine plan revisions. Once these changes are fully implemented and with the addition of the newly acquired Santa Elena mine, the company is expected to benefit from improved operating margins, increased cash flows and greater economies of scale,” president and CEO Keith Neumeyer stated on Wednesday.