Welcome to our dedicated page for First Majestic news (Ticker: AG), a resource for investors and traders seeking the latest updates and insights on First Majestic stock.
First Majestic Silver Corp. reports developments tied to silver and gold mining in North America, with recurring updates on four producing underground mines in Mexico: Santa Elena, Los Gatos, San Dimas and La Encantada. The company's news also covers its 70% interest in the Los Gatos joint venture, production of silver, gold, zinc, lead and copper, and sales exposure to precious metals in doré and concentrate form.
Company updates frequently address mineral reserve and resource estimates, exploration drilling, operating and financial results, dividend actions, shareholder voting matters, governance and capital-structure disclosures. Jerritt Canyon in Nevada is a recurring exploration and development topic within the company's asset portfolio.
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First Majestic Silver Corp. has received regulatory approval for a 12-month extension of its share repurchase program, allowing the company to buy back up to 10 million common shares, representing about 4.5% of its outstanding shares. The program aims to enhance shareholder value by increasing equity interests, especially when shares may not reflect the company's underlying value. The repurchase will occur through the Toronto Stock Exchange, with a daily limit on purchases. The previous repurchase program did not result in any share buybacks.
First Majestic Silver Corp. is acquiring Jerritt Canyon Canada Ltd. from Sprott Mining Inc. for $470 million in shares and 5 million share purchase warrants. This acquisition enhances First Majestic's operational platform in Nevada, an attractive mining jurisdiction, and strengthens its portfolio with expected pro forma production of 30-33 million silver equivalent ounces. The transaction includes a $30 million private placement from Eric Sprott, post-acquisition, owning approximately 13.1% of First Majestic's common shares.
First Majestic Silver Corp. (AG) has issued a detailed response to recent misleading Mexican media reports about its ongoing tax dispute with the Mexican government. The company asserts that it is compliant with tax regulations in both Canada and Mexico. Notably, First Majestic filed a NAFTA Request for Arbitration to resolve differences regarding the tax assessments, which total approximately US$260 million. The dispute arose from tax assessments on PEM based on market prices instead of actual revenue, contradicting the previously agreed Advance Pricing Agreement with Mexican tax authorities.
First Majestic Silver Corp. (AG) announced its three operating mines in Mexico have received the 2021 Socially Responsible Business Distinction Award. This award recognizes the company’s commitment to sustainability, corporate ethics, and good governance practices. The San Dimas mine has received the award for the tenth consecutive year, while the Santa Elena mine for the seventh. The La Encantada mine achieved this recognition for the first time. The company aims to produce between 12.5 to 13.9 million silver ounces in 2021, reinforcing its position as a leader in Corporate Social Responsibility.
First Majestic Silver Corp. (AG) has filed for arbitration with the International Centre for Settlement of Investment Disputes (ICSID) against the Government of Mexico, citing breaches of the Advance Pricing Agreement affecting its subsidiary, Primero Empresa Minera S.A. de C.V. (PEM). Despite efforts for negotiation, the government refused engagement. The company is seeking a neutral tribunal to resolve the dispute under NAFTA's provisions. First Majestic operates multiple silver and gold mines in Mexico, targeting production of 12.5 to 13.9 million silver ounces in 2021.