First Majestic Silver Corp. (TSX:FR,NYSE:AG) released its Q3 financial results, commenting that it recorded a net loss after taxes of $1.8 million. Meanwhile, revenues came in at $44.7 million.
Other highlights include:
- Mine operating loss amounted to $3.6 million
- Operating cash flows before movements in working capital and taxes of $8.4 million or $0.07 per share
- Produced 3.6 million silver equivalent ounces, including 2.6 million ounces of pure silver
- Total cash cost, net of by-product credits, was $8.77 per payable silver ounce
- All-in sustaining cost (“AISC”) was $14.41 per payable silver ounce, a 28% reduction compared to $19.89 per ounce in third quarter of 2014 and consistent with the previous quarter.
- Average realized selling price for silver was $15.16 per ounce, compared to the quarterly COMEX average silver price of $14.87 per ounce
- Cash and cash equivalents of $26.1 million held at the end of the quarter, excluding $28.6 million of cash received from the SilverCrest acquisition on October 1, 2015
Keith Neumeyer, president and CEO of First Majestic, commented:
Our operational team continued to make positive steps in reducing input costs during the third quarter. Consolidated production costs decreased to $41.81 per tonne which represents an 11% improvement when compared to the prior quarter and the lowest rate since the second quarter of 2013. More aggressive cost cutting initiatives were launched in the quarter resulting in 180 layoffs and additional personnel reductions are being completed in the fourth quarter. These difficult times are requiring difficult decisions, however, the Company remains focused on free cash flow and producing ounces that are profitable at current metal prices.
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