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First Majestic opens its own mint, aims to sell all silver mine production to physical market
First Majestic Announces the Opening of a Minting Facility
Company Announcement
Thursday, September 14, 2023
VANCOUVER, British Columbia, Canada -- First Majestic Silver Corp. is pleased to announce the launch of its 100%-owned and operated minting facility, First Mint LLC.
Located in Nevada, United States, First Mint will expand upon First Majestic's existing bullion sales through vertically integrating the production of investment-grade fine silver bullion. This will allow First Majestic to sell a substantially greater portion of its silver production directly to its shareholders and bullion customers.
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"The decision to open our own mint was made to ensure that our bullion store has adequate supplies to fulfill customer demand," stated Keith Neumeyer, president and CEO.
"Last year we sold over 440,000 ounces of silver bullion, generating over $11 million in revenue. However, sales could have been substantially higher had we not been constrained by limited supply from our minting partners due to the incredible demand the silver industry is currently experiencing.
"By minting our own silver, we are able to reduce unit production costs and expedite delivery time to our customers. Our goal is to sell 100% of the silver we produce directly to the physical market." ...
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