August 30, 2021 (Investorideas.com Newswire) BMO Capital Markets commented in a research report that MAG Silver Corp. remains on-track with the buildout of its advanced material processing plant at its Juanicipio JV project in Zacatecas state, Mexico expected in Q4/21.
BMO Nesbitt Burns Inc. (BMO Capital Markets) Analyst Ryan Thompson, CFA commented in a July 28 research note that MAG Silver Corp. (MAG:TSX; MAG:NYSE American) is on-track to complete construction and commence operations at its new material processing plant in Q4/21.
The Analyst noted that MAG Silver is proceeding with normal operations on the ground at the JV as construction efforts continue in parallel at the new processing facility. At present, the development ore mined from Juanicipio JV project is being processed at the Fresnillo processing plant. BMO Capital Markets advised that its attributed share of the production during Q2/21 was 191 Koz Ag and remarked that the total was a bit below its 225 Koz Ag forecast. Thompson added that MAG’s attributed share of gold production in Q2/21was 346 oz.
Analyst Thompson indicated that 44,435 tonnes of material were processed at Fresnillo, which was just below the goal of 48,000 tonnes, or about 16,000 tonnes monthly. It is expected that production will remain steady at these levels until the new plant is finished later this year.
BMO estimates that the JV which generated approximately $12 million in revenue from current operations and mentioned that it plans to utilize those proceeds to offset the projects capital expenditures. MAG Silver advised that floatation cells and filters were installed at the new plant in Q2/21 and stated that it anticipates that the new plan will be ready to open in as scheduled in Q4/21.
BMO Capital Markets advised that it presently has a “Market Perform” rating for MAG Silver Corp. with a target price of CA$23.50 per share. The company’s shares trade on the Toronto Stock Exchange under the symbol MAG and are currently trading at CA$24.47/share.
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