First Majestic Silver’s (TSX: AG; NYSE: AG) new mint in Las Vegas began production last month, completing the company’s vertical integration, vice-president for corporate development Mani Alkafaji said in an interview.
As the mint ramps up production towards its first profits, the mine-to-money strategy looks set to boost margins by lowering costs. Alkafaji suggests silver prices could climb much more.
“As the supply-demand deficit widens, First Majestic stands ready to seize the opportunity,” Alkafaji said last month during the Gold Forum Americas. “With the continuing supply-demand deficit and growing need for silver in green energy, we believe it’s only a matter of time before the price reflects this scarcity—potentially reaching US$100 per ounce.”
Meanwhile, First Majestic announced last month the US$970 million acquisition of Gatos Silver to strengthen its production portfolio, adding another Mexico asset with potential synergies with its other local assets.
Watch the interview below with The Northern Miner’s western editor, Henry Lazenby.
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