First Majestic Suspends Mining at Jerritt Canyon
“The decision to temporarily suspend mining activities at Jerritt Canyon, which represented approximately 21% of the company’s 2022 revenue, was driven by our goal to produce profitable ounces across the company,” said Keith Neumeyer, president and CEO of First Majestic. “We have invested heavily at Jerritt Canyon and have been successful in executing several key projects. We rehabilitated and reopened the West Generator and Saval II underground mines and have successfully upgraded and modified the roaster and refinery off-gas handling systems to ensure we remain fully compliant with all state and federal air quality standards.”
While mining activities have temporarily stopped, First Majestic intends to process approximately 45,000 metric tons (mt) of aboveground stockpiles during the next few months. The company said it will also continue exploring both nearmine and prospective regional greenfield targets to grow Jerritt Canyon’s resources, which could enhance the economics for an eventual restart.