Precious metals producer First Majestic Silver on Tuesday reported a 7.9% quarter-over-quarter drop in silver equivalent ounces (SEO) to 4.68-million ounces, as lower grades at key mines impacted the company’s second-quarter performance.
Lower output from the Santa Elena mine, which produced 9.6% less at 1.56-million SEO, and La Encantada, which produced 25.2% less than in the prior quarter at 623 070 SEO, were the main drivers behind the declining output, however, the average silver grade of the company’s six Mexican mines also fell 8% quarter-over-quarter to 148 g/t.
