Yahoo Finance MAG Silver (MAG) Posts Preliminary '24 Outlook for Juanicipio
MAG Silver Corp. MAG announced preliminary 2024 guidance for its Juanicipio Project.
Per Fresnillo FNLPF, the project operator, the silver head grade at Juanicipio is predicted to be between 380 grams per ton (g/t) and 420 g/t in 2024, indicating significant silver production potential. The facility is expected to run at nameplate capacity every operating day, with an effective utilization rate of 91%.
The Juanicipio Project started commercial production on Jun 1, 2023, marking MAG Silver’s transition from a developer to a producer. The Juanicipio Project, located in Zacatecas, Mexico, is a joint venture between MAG and FNLPF. MAG Silver owns a 44% stake in the Juanicipio Project and Fresnillo holds the remaining 56%.
The project is situated in the Fresnillo Silver Trend in Mexico, which is one of the world's premier silver mining camps. In addition to underground mine production and processing of mineralized material, MAG Silver has an expanded exploration program in place targeting multiple highly prospective targets in the region.
MAG is on track to release an updated technical report by the end of the first quarter of 2024, offering more specific guidance and strengthening its view for the Juanicipio Mine.
The Juanicipio Project achieved notable results in the fourth quarter of 2023, producing 4.5 million ounces of silver and 10,591 ounces of gold. This brings the total output for 2023 to 16.8 million silver ounces and 36,732 gold ounces. These figures demonstrate a robust performance, especially considering that 2023 marked the project's inaugural year and ramp-up phase.
In the fourth quarter, Juanicipio processed 346,766 tons of mineralized material, showcasing an increase from 322,249 tons in the third quarter. This uptick reflects MAG Silver’s continuous efforts to enhance production and optimize operational efficiency. For the entire year, Juanicipio processed a total of 1,268,756 tons of mineralized material.
Price Performance
Shares of MAG Silver have lost 21.8% in the past year compared with the industry’s decline of 5.6%.
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Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Ecolab Inc. ECL and Carpenter Technology Corporation CRS. While ECL sports a Zacks Rank #1 (Strong Buy), CRS carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.8% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.00 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 33.5% in a year.
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Ecolab Inc. (ECL) : Free Stock Analysis Report
Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
Fresnillo PLC (FNLPF) : Free Stock Analysis Report
MAG Silver Corporation (MAG) : Free Stock Analysis Report
