➡ First Majestic Silver released their third quarter production report, showing they produced 5.5 million silver equivalent ounces, including 2 million ounces of silver and 41,761 ounces of gold. They also reported active exploration programs and the discovery of a new high-grade silver and gold vein system. The company is making efforts to reduce carbon emissions by 25 percent by replacing diesel generators with liquid natural gas at their San Dimas location. They expect to see increased production in the fourth quarter due to resolving a water issue.

Well, hello there my friends, Chris Marcus here with you for Arcadia Economics and a quick video today because we did have some news out from First Majestic Silver this morning as they released their third quarter production report which came in at 5.5 million silver equivalent ounces which is 2 million ounces and of silver and 41,761 ounces of gold and let us take a look into the numbers obviously you saw and heard what they just had in the third quarter and then here in terms of the first nine months they came back at 6 million ounces of silver and 117,000 gold ounces for a total of 15.9 silver equivalent ounces again obviously they had their deal with gatos and assuming that goes through that would basically be bringing their overall silver equivalent production to about 31 to 32 million ounces leaving them about a 50-50 split of gold and silver so I’ll link to the at the end of this video I’ll link to a call we did recently with Keith Newmeyer where he talked specifically about the deal in case you missed that and would like to see his thoughts and get some more information we’ll have that coming up right at the end but anyway in terms of some of the third quarter highlights higher Q3 silver equivalent production mentioned that part already they do have continued active exploration programs completed 50,000 meters of drilling across Mexico and at Jared Canyon and they have 28 drill rigs active 14 at San Dimas 9 at Santa Elena we had Jared Canyon and two at Lawton Quintada where again I will reiterate as is mentioned in that clip I talked about Keith that will be coming your way shortly they have gotten the water issue resolved and should see the full effects of that especially in the fourth quarter slightly towards the end of the third quarter and back to our press release here in terms of high-grade gold and silver discovery they did announce the discovery of a new high-grade silver gold and silver vein hosted system the NaviDOT system which we also talked about and if you go to this press release which is in the description field below you can click on that for the press release about the discovery results they’re continuing to mine at Jared Canyon interesting had things played out a year later that was another thing I asked Keith about certainly at the higher gold price may have been able to continue it although he had some good points as well about how still would have ultimately been better to redo some of the work that had been done there but anyway keep in mind that the gold price stays where it is let alone does go higher that certainly that brings Jared Canyon back into more feasible territory and then we have a few other highlights San Dimas hydroelectric plant is at full capacity and the conversion to liquid natural gas at San Dimas where they are actively renewing the replacement of diesel generators and putting on-site backup power which will generate cost savings and reduce carbon emissions of up to 25 percent when that is in effect and then first mint they began these sales in March and they’ve been trying to get more and more through that I think it’s been around 10 percent I know Keith would like to get it higher not sure that its goal is to necessarily have 100 percent there but something that they’re trying to put more of the metal through their store similar we saw a story about Newmont doing something to that effect as well so perhaps a good trend starting here and we’ll have a comment here from Keith Neumeier mentioned Santalena continues to deliver strong performance quarter after quarter operational results at Santalena along with recent Navidad discovery made this a truly world-class district and they’re focusing on improving the performance at San Dimas where production had been down and encouraged by the recent agreement reached with and hope to finish the year on a strong note and here’s that other part I mentioned about La Encantada we built up water inventory levels at La Encantada and increase throughput rates in excess of 3,000 tons per day by the end of the quarter and they’re anticipating a strong fourth quarter at La Encantada in terms of the breakdown at the individual mines there’s Santalena 2.685 million silver equivalent ounces 376,000 ounces of silver 27,435 ounces of gold silver and gold recoveries at 67 and 94 respectively and as I mentioned they had the nine drill rigs turning there which have completed just under 15,000 meters of drilling and at San Dimas they had 2.1 million silver equivalent ounces in the third quarter 1.046 million ounces of silver 12,582 ounces of gold silver production was decreased by 8% driven by lower silver grades and recoveries and gold production of 4% which was driven by an increase in processed ore mill processed 195,000 tons of ore silver grades of 180 grams per ton gold grades of 2.12 grams per ton silver recoveries came in at 89% gold recoveries at 95% and negotiations with the unionized workers have continued throughout their quarter and an agreement was reached in August and they had 14 drill rigs active four on surface 10 underground and they completed 29,172 meters of drilling and the drilling continues in the fourth quarter here at La Encondada they came back with 545,000 ounces of silver and water inventory levels achieved capacity by the end of the quarter which has allowed the plant ore throughput rates to return to targeted levels and the mill processed 223,000 tons of ore the average silver grades of 111 grams per ton and the silver recovery for the quarter was 69% and they had two surface drill rigs running which completed 862 meters of drilling on the property and all of these numbers as you would imagine are up compared to the prior quarter as they ramped back up to full production in La Encondada so those are the highlights of first majestic’s third quarter production report and again as I mentioned to hear the latest not quite the latest but the last call I had with Keith which was just a couple weeks ago where he talked in particular about the gato steel well that one’s coming your way and just click on the video that’s popping up now
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