1Q21 Shows Strong Operations, More Sustainable PracticesBy Paloma Duran | Thu, 05/06/2021 - 15:33
First Majestic announced its financial results and the appointment of the new Vice President of Operations for Mexico. Golden Minerals reported its activities and announced development and exploration plans. Additionally, Mexican mining companies continue to implement sustainable practices, despite the many challenges they face.
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First Majestic Silver Corp. (First Majestic) released its 1Q21 financial results, which included revenues of US$100.5 million, mine operating earnings of US$28.1 million and a net profit of US$1.9 million. The company's total production was 4.5 million silver equivalent ounces, of which 2.9Moz were silver and 23,873oz gold. First Majestic also announced the appointment of Colin Bower as Vice President of Operations, who will be in charge of operations in Mexico.
Golden Minerals Company (Golden) announced its financial and operating results for 1Q21, including the growth of its Mexican assets. The company announced revenues of US$1.8 million from the sale of gold and silver bars from its Rodeo operations, the promising results of its drilling program at Yoquivo and Phase II of its drilling program. Golden has allocated US$3.2 million for exploration activities and associated costs to its portfolio in Mexico, Argentina and Nevada, including the evaluation costs of projects such as Rodeo and Yoquivo.
Alamos Gold (Alamos) reported a strong production that exceeded expectations during 1Q21. Among the company´s highlights for the quarter was production totaling 125,800oz of gold and a cash flow of US$99.3 million from operating activities, which are 14 percent and 75 percent higher, respectively, than last year´s 1Q20 records. The company explained that thanks to Alamos' measures and work culture, its operations remain relatively unaffected by COVID-19.
Equinox Gold’s summary of financial and operating results for 1Q21 show that the company is on track to develop and expand its current projects. The company highlights included cash and equivalents of US$350 million, a 100 percent interest in the Mercedes mine in Mexico, a 50 percent interest in the Greenstone Project in Canada and the release of its first ESG report.
Telson Mining Corporation (Telson) has received US$2 million from its silver stream agreement with Empress Royalty Corp, which is part of the US$25 million offered by Empress, Accendo Banco and Endeavour Financial. In a press release, Telson explained that once the full financing package is received, it will complete the construction of its processing plant and other infrastructure works to begin pre-production in Tahuehueto by the end of 2021.
Net zero ambitions, decarbonization and clean energy are no longer vague buzzwords for Mexico’s mining industry. Companies have taken serious steps to impulse their own sustainability through various avenues, this includes addressing their energy supply. Despite Mexico’s private energy industry facing more barriers than it has in years, the progress continues. Among the companies that are promoting sustainable practices are Torex Gold, which will implement solar panels at its El Limón-Guajes project in Guerrero; Newmont's plans to fully decarbonize its operations by 2050; and Fresnillo that is switching to wind power. .
Agnico Eagle’s emphasis on social and environmental responsibility has again borne fruit. The company won TSM Excellence Award for its project to bring water to Yepachic, Chihuahua, a community 45km from its Pinos Altos mine. The project ensured clean water and responsible management of the resource, which has benefited the 1,120 people.