First Majestic Silver logs record production in last quarter of 2014

Del Toro mine, in Zacatecas. Courtesy of First Majestic. 

Mexico-focused First Majestic Silver (TSX:FR)(NYSE:AG) logged Tuesday a company record of 4,247,527 silver equivalent ounces produced in the fourth quarter of 2014 along with a full-year silver equivalent production record of 15.3 million ounces.

“Our fourth quarter production results show that our operations are back on track following a brief period of operational adjustments,” Keith Neumeyer, president and chief executive officer, said in a statement.

“We have made difficult but necessary changes to adapt to the current market environment and our recent cost cutting is beginning to be realized at the operations,” he added.

The Vancouver-based miner’s 2016 silver equivalent production guidance is expected to be between 15.3 million to 17.1 million ounces at all-in sustaining cash costs (AISC) — defined by the World Gold Council — between $13.96 and $15.48 per ounce. Excluding non-cash items, that range drops to between $13.50 and $14.96 per silver equivalent ounce, the company said.