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first majestic silver corp (FR) Snapshot

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08/27/13 - C$17.28
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05/29/14 - C$8.90
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first majestic silver corp (FR) Details

First Majestic Silver Corp. acquires, develops, and explores mineral properties with a focus on silver projects in México. The company owns and operates five producing mines, including the La Encantada silver mine in Coahuila State, the La Parrilla silver mine in Durango State, the San Martin silver mine in Jalisco State, the La Guitarra silver mine in México State, and the Del Toro silver mine in Zacatecas State; and two advanced-stage development silver projects, such as the La Luz silver project in San Luis Potosi State and the Plomosas silver project in Sinaloa State. It also owns and operates four exploration projects comprising the Peñasco Quemado silver project in Sonora State, the La Frazada silver project in Nayarit State, and the Los Lobos silver project in Sonora State; and has interest in certain exploration properties in Jalisco State, México. The company was formerly known as First Majestic Resource Corp. and changed its name to First Majestic Silver Corp. in November 2006. First Majestic Silver Corp. was founded in 1979 and is headquartered in Vancouver, Canada.

Founded in 1979

first majestic silver corp (FR) Top Compensated Officers

Chief Executive Officer, President and Non-In...
Total Annual Compensation: C$841.1K
Chief Financial Officer and Principal Account...
Total Annual Compensation: C$400.0K
Chief Information Officer
Total Annual Compensation: C$275.0K
Corporate Secretary
Total Annual Compensation: C$250.0K
Compensation as of Fiscal Year 2013.

first majestic silver corp (FR) Key Developments

First Majestic Mulls Acquisitions

First Majestic Silver Corp. (TSX:FR) is seeking acquisition opportunities. First Majestic is aggressively pursuing the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to First Majestic achieving its corporate growth objectives.

First Majestic Silver Corp. Wins Application to Dismiss Appeal

First Majestic Silver Corp. announced that the Court of Appeal dismissed the appeal filed by Hector Davila Santos and Minerales y Minas Mexicanas, S.A. de C.V. (MMM). Previously, The Supreme Court of British Columbia awarded judgment of USD 93.84 million in favor of First Majestic in the litigation against Hector Santos and MMM. This judgment was subsequently appealed by Hector Santos and MMM. On June 27, 2013, the Court of Appeal for British Columbia ordered Hector Santos and MMM to post security for the unpaid trial judgment in the amount of $79 million, (being the approximate difference between the judgment amount of USD 93.84 million, less the funds of CAD 14.85 million previously received by First Majestic) or in the alternative to post a letter of credit in that amount within 90 days of the order. As Hector Santos and MMM failed to comply with the Court's order to post security or provide a letter of credit, First Majestic successfully applied for an order dismissing their appeal as abandoned. However, on March 27, 2014, the dismissal was set aside for jurisdictional reasons. First Majestic brought a new application to dismiss the appeal which was heard by the Court of Appeal on April 8, 2014. On June 5, 2014, the Court of Appeal dismissed the appeal of Hector Santos and MMM, stating that the Court will not condone breaches of its own orders. The Court also dismissed applications by Hector Santos and MMM seeking to have the Security Order varied or set aside.

First Majestic Silver Corp. Announces Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014

First Majestic Silver Corp. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2014. For the quarter, the company reported revenues of $65.3 million against $67.1 million a year ago. Net earnings were $6.0 million against $26.5 million a year ago. Operating cash flows before movements in working capital and income taxes was $25.4 million against $44.9 million a year ago. Earnings per share were $0.05 against $0.23 per share a year ago. Adjusted EPS were $0.06 against $0.21 a year ago. The revenue was 3% decrease compared to the first quarter of 2013, primarily due to a 29% decrease in the average realized silver price per ounce, partially offset by 33% increase in production. Compared to the previous quarter, revenues increased 11% primarily due to a 6% increase in production. For the quarter, the company produced silver equivalent ounces of 3,631,672 against 2,731,792 a year ago. Silver ounces were 2,895,497 against 2,437,664 a year ago. Payable silver ounces were 2,224,819 against 1,766,160 a year ago. Total ore processed during the first quarter amounted to 637,663 tonnes milled, representing a decrease of 63,954 tonnes or 9% compared to the previous quarter primarily attributed to a reduction of tonnes milled at La Encantada due to management's decision to process only fresh mined ore and suspend the feed of old tailings in the current low silver price environment.


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