Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
First Majestic Silver Corp (NYSE:AG, TSX:FR) announced their first quarter results, including net earnings of $26.5 million.
As quoted in the press release:
2013 First Quarter Highlights
Silver ounces produced increased by 33% to 2,437,664 ounces compared to 1,826,803 ounces in Q1 2012
Silver equivalent ounces produced increased by 36% to 2,731,792 ounces compared to 2,007,219 ounces in Q1 2012
Net Earnings after Taxes amounted to $26.5 million, a 1% increase from Q1 2012
First Majestic’s President and CEO, Keith Neumeyer, said:
Despite the recent fall in silver prices we remain committed to aggressively growing our business while at the same time monitoring our investments and our production costs. This year marks a pivotal year for First Majestic with four major expansion projects underway simultaneously.
To view the whole press release, click here.
