MAG:CC - MAG Silver says commercial production achieved at Juanicipio mine
2023-06-05 09:57:22 ET
MAG Silver ( NYSE: MAG ) +2.9% in early trading Monday after saying it reached commercial production at its primary asset, the Juanicipio silver mine in Mexico; MAG owns 56% and Fresnillo ( OTCPK:FNLPF ) holds a 44% stake in the project.
MAG Silver ( MAG ) said the Juanicipio mill is operating at ~85% of its design capacity of 4K metric tons/day, with silver recovery consistently above 88%.
On a 100% basis, the miner said ~3.2M silver oz have been produced from the Juanicipio processing facility from March to the end of May, and it expects production will increase steadily through Q3, advancing toward running at design capacity.
"Reaching this important milestone of commercial production at Juanicipio completes our transformation from developer to producer," MAG Silver ( MAG ) President and CEO George Paspalas said.
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MAG Silver says commercial production achieved at Juanicipio mine