Mexico-focused silver miner First Majestic has an-nounced it closed an investment worth about C$ 71 million (US$59 mil-lion) by billionaire businessman Eric Sprott to finance the company’s ex-pansion.
First Majestic “intends to use the net proceeds of the Offering, together with the Company’s current cash resources, to develop mining projects and/or improve the Company's existing mines and to add to the Compa-ny's working capital,” the miner said in a statement.
Based in Canada’s Vancouver, First Majestic says it owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, all three located in Mexico. Production ac-tivities at these mines are projected to generate between 11 and 11.7 million silver oz, or 21.4 to 22.9 million silver equivalent oz in 2020, ac-cording to data released by the Mexico-focused miner.