Friday, October 24, 2014 12:20:44 PM
Some recent equity research from Daniel Earle finds recent impact to be negative.
First Majestic announced Q3/14 production results this morning, announcing production of 3.52 Moz AgEq, which were below Daniel Earle's forecasts of 3.96 Moz AgEq.
Silver production totaled 2.68 Moz (vs previous estimates of 3.35 Moz) compared to 3.1 Moz in Q2/14, due to lower throughput rates at Del Toro and disruptions due to weather during the Mexican rainy season which affected the La Parrilla, San Martin and Del Toro mines
First Majestic has indicated that it has elected to temporarily suspend silver sales, and the inventory of unsold ounces are expected to be sold in Q4/14, according to the company (as of September 30, approximately 934 koz Ag were held in inventory)
According to Daniel Earle, the production results are negative compared to recent production results. The company processed a total of 621,196 tonnes in the quarter, representing a 7% decrease from Q2/14 due to lower throughput rates at Del Toro and disruptions due to weather during the Mexican rainy season which affected the La Parrilla, San Martin and Del Toro mines.
The average head grade decreased to 196 g/t Ag from 212 g/t Ag (down 7%) in Q2/14, primarily due to lower grades at La Encantada and combined silver recoveries remained flat at 68%. In an effort to cut costs, the company continues to trim its workforce (including contractors), as total personnel decreased to 3,800 employees (down 4% from Q2/14) and costs savings are expected to be realized in Q4/14
Recent FR News
- First Industrial Realty Trust Declares Common Stock Dividends • PR Newswire (US) • 04/30/2024 08:15:00 PM
- First Industrial Realty Trust Reports First Quarter 2024 Results • PR Newswire (US) • 04/17/2024 08:56:00 PM
- First Industrial Realty Trust To Host First Quarter 2024 Results Conference Call On April 18 • PR Newswire (US) • 03/20/2024 08:18:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 10:20:11 PM
- First Industrial Realty Trust To Present At Citi's 2024 Global Property CEO Conference • PR Newswire (US) • 02/29/2024 10:59:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 10:30:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/15/2024 09:31:24 PM
- First Industrial Realty Trust Announces Annual Meeting of Stockholders and Record Date • PR Newswire (US) • 02/15/2024 09:20:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/14/2024 10:03:32 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 07:20:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/07/2024 09:41:55 PM
- First Industrial Realty Trust Reports Fourth Quarter and Full Year 2023 Results • PR Newswire (US) • 02/07/2024 09:29:00 PM
- First Industrial Realty Trust Reports Tax Treatment of Common Stock Distributions • PR Newswire (US) • 01/19/2024 09:28:00 PM
- First Industrial Realty Trust To Host Fourth Quarter And Full Year 2023 Results Conference Call On February 8 • PR Newswire (US) • 01/17/2024 09:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 10:23:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 10:22:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 10:22:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 10:21:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 10:21:49 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/05/2023 09:39:17 PM
- First Industrial Realty Trust Declares Common Stock Dividends • PR Newswire (US) • 11/01/2023 08:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 10/20/2023 08:14:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/18/2023 09:25:14 PM
- FIRST INDUSTRIAL REALTY TRUST REPORTS THIRD QUARTER 2023 RESULTS • PR Newswire (US) • 10/18/2023 09:08:00 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM