Month: November 2019

“In the third quarter, our strong production results along with lower costs and higher metal prices drove a significant increase in cash generation for the business,” stated Keith Neumeyer, President and CEO of First Majestic.

“The third quarter performance, including our increased adjusted EBITDA results, demonstrates significant progress toward our twin financial goals of having no net revolver indebtedness at year end and refinancing our senior notes,” said Phillips S. Baker, Jr., President and CEO.

“In the third quarter, the Company was challenged by the continued low overall equipment availability of the aged mine fleet at the Florida Canyon Mine. We announced in early October the acquisition of a new loading and haulage fleet for Florida Canyon. This new equipment, a significant portion of which is already in operation, will have an immediate, meaningful positive impact on operations. Mine fleet availabilities in the third quarter were below 50%, and frankly, we did well to operate at roughly an operating cash flow neutral position,” said Mark Backens, President and CEO.

At the La Trinidad mine in Sinaloa, Mexico, gold production is nearing conclusion, with gold sales being used to fund ongoing reclamation and severance costs. Nearly all of the mining and process plant equipment has been moved to the United States with the exception of the laboratory equipment, which will be moved to Nicaragua imminently. Surplus equipment is expected to be sold over the coming months.

“Our operations performed well in Q3, generating $81.9 million in operating cash flow,” said Michael Steinmann, President and Chief Executive Officer.