First Majestic (NYSE:AG) Announces Acquisition of latest silver mine.
The San Dimas Silver/Gold Mine Acquisition is complete, announced by First Majestic within the last few hours.
- San Dimas was owned by Primero. The company hit the perfect storm in the silver world; holding heavy debt, a stifling royalty to Silver Wheaton, and a Government that increased Taxes.
- The new agreement restructures all of the finances related to the mine.
- AG announced an exploration program and revamp of production to increase efficiency.
- San Dimas adds 77Moz of reserves at an AISC of $10.23 per ounce.
- Adds over 10Moz equivalent production of Silver.
The share price jumped to 7.20ish on the news. If you were following me for the past year, i've been hounding about this company.
9 months Ago (6.25 price)
https://steemit.com/money/@peaceloveliberty/first-majestic-silver-nyse-ag-still-a-buy
3 months ago (5.77 price)
https://steemit.com/money/@peaceloveliberty/first-majestic-silver-nyse-ag-once-again-hits-my-buy-price
If you took action, you are up a healthy paper profit. I'm long on the company. This year won't produce major profits though. Everything will be about Capital work and drilling, in preparation for 2019. Who knows, maybe they can pull out another deal? There's a few Primeros around. It would be nice if they snaked another flagship mine.
Source:
https://www.firstmajestic.com/news/index.php?content_id=365
