Industrias Peñoles, S.A.B. de C.V. and Tormex Industrias S.A. de C.V. formed a joint venture, Minera La Encantada, in 1967. In 2004, Peñoles contracted Desmin S.A. de C.V. to operate the La Encantada mine and processing plant. Desmin operated the mine until November 1, 2006, when First Majestic acquired all shares of Desmin and subsequently purchased all shares of Minera La Encantada from Peñoles, becoming the sole owner of the mine and its assets. The mine operated a flotation plant until 2010, after which it transitioned to a cyanidation plant producing silver doré bars. Between 2007 and 2019, the plant and facilities underwent various expansions and modifications, including the construction of a roasting facility to enhance tailings processing. Engineering efforts are ongoing to resolve materials handling issues in the roasting system to assess the economic feasibility of tailings processing.
First Majestic Silver's Comment on Supply Chain
Industrias Peñoles, S.A.B. de C.V. and Tormex Industrias S.A. de C.V. formed a joint venture, Minera La Encantada, in 1967. In 2004, Peñoles contracted Desmin S.A. de C.V. to operate the La Encantada mine and processing plant. Desmin operated the mine until November 1, 2006, when First Majestic acquired all shares of Desmin and subsequently purchased all shares of Minera La Encantada from Peñoles, becoming the sole owner of the mine and its assets. The mine operated a flotation plant until 2010, after which it transitioned to a cyanidation plant producing silver doré bars. Between 2007 and 2019, the plant and facilities underwent various expansions and modifications, including the construction of a roasting facility to enhance tailings processing. Engineering efforts are ongoing to resolve materials handling issues in the roasting system to assess the economic feasibility of tailings processing.
Sources:
First Majestic Silver Corp 's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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