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First Majestic Update on Operations in Response to COVID-19

Mining News - Published on Mon, 06 Apr 2020

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First Majestic Silver Corp announced that operations at its San Dimas, Santa Elena and La Encantada mines in Mexico will be temporarily suspended in accordance with Mexico’s Ministry of Health’s Decree to mitigate the spread and transmission of COVID-19. On March 31, 2020, the Ministry of Health issued the Decree requiring non-essential businesses, including mining, to temporarily suspend activities until April 30, 2020. Since the Decree was announced, the Company has been working with local and state officials, industry task force groups and other mining companies to make the case to the Federal Government that mining, especially silver mining, is essential and critical to the medical industry given silver’s antibacterial properties which is proven to reduce the spread of viruses. The US Department of Homeland Security and Canada’s National Strategy for Critical Infrastructure have previously defined mining an essential business in their respective countries. Industry and Company discussions to support silver mining as an essential business continue to be held in Mexico City, but the Ministry of Health has not changed their position.

As a result, the Company is in the process of reducing its workforce on sites in compliance with the Decree and will implement care and maintenance activities during the suspension. Appropriate security and environmental procedures will remain fully functional. At this time, the Company is unable to determine how the temporary suspension will impact production and therefore has withdrawn its 2020 production and cost guidance.

First Majestic’s staff consists of 17 full-time physicians and several health care professionals who are working in collaboration with local and regional health authorities in Mexico. The Company has previously implemented several control measures to assist with preventing the spread of COVID-19. These include social distancing, the cancellation of any non-essential visit to the mines, comprehensive sanitation measures for the workplace and company transportation, and pre-screening for virus symptoms. Additionally, access restrictions to limit travel in and out of the local communities have previously been implemented.

First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

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Posted By : Rabi Wangkhem on Mon, 06 Apr 2020
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