First Majestic sets new production record; lifts revenue 78%

Mexico-focused silver miner First Majestic Silver on Wednesday reported record output for the three months ended September which, in combination with higher silver prices and ounces sold, lifted revenues 78% over the comparable period in 2015. The Vancouver-based company, which owns and operates six mines in Mexico and derives about 64% of its sales from silver, generated revenues of $79.3-million in the quarter, boosted by a 30% increase in the average realised silver price and a 30% upsurge in silver equivalent ounces sold on the back of First Majestic's acquisition of the Santa Elena mine in October 2015.