First Majestic Silver Production up 8% in 2011

 @MikeObelm.obel@ibtimes.com
on January 12 2012 12:42 PM
Silver bars are displayed at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna February 28, 2011
Silver bars are displayed at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna February 28, 2011 REUTERS

(REUTERS) -- First Majestic Silver reported an 8 percent rise in silver production for 2011, helped in part by higher grades of ore, and said it expects higher output in 2012.

The Mexico-focused miner said it expects production to rise to 8.9 to 9.4 million ounces of equivalent silver in 2012, compared with 7.6 million ounces of silver equivalent produced in 2011.

The expected increase in 2012 production is partly due to the expansion of its La Parrilla silver mine in Mexico, the company said in a statement.

Shares of Vancouver-based First Majestic closed at C$18.99 on Wednesday on the Toronto Stock Exchange.

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