First Majestic Silver Corp. said Tuesday it completed a key phase of an expansion at its La Parrilla Silver Mine in Mexico, which will result in the facility being able to double production to more than 3 million ounces of silver per year.

The company completed a 1,000 ton per day flotation circuit, which has been operating since Sept. 1, 2011, at an average rate of 787 tons per day, bringing the total mill throughput to 1,254 tons per day.

Meanwhile, the expansion of the cyanidation circuit is expected to be finished in October with start-up in November.

Shares of First Majestic Silver jumped 66 cents, or 3.28 percent, to $20.80 in afternoon trading.