Published: January 16, 2025 |

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First Majestic Silver has completed the acquisition of Gatos Silver through a plan of merger for $970 million.

Gatos is a silver dominant producer with a 70 percent interest in the Los Gatos joint venture, which owns the producing Cerro Los Gatos underground silver mine in Chihuahua, Mexico.

“With the closing of this transaction, First Majestic is integrating a high-quality, long-life and positive free cash flow operation into our portfolio of producing mines in Mexico. Cerro Los Gatos is truly a world-class district with robust production and cost profile combined with meaningful exploration potential. Over the coming quarters, we will continue to communicate our plans for Cerro Los Gatos, which will include ways to realize synergies and integration throughout the business,” said Keith Neumeyer, First Majestic’s president and CEO.

“I would like to take this opportunity to personally welcome Gatos Silver stockholders into First Majestic as we create the industry’s leading intermediate primary silver producer. Finally, I would like to welcome our joint venture partner Dowa Metals and Mining, whom we look forward to working with closely at Cerro Los Gatos as a supportive and trusted partner,” added Neumeyer.

First Majestic Silver is a publicly traded mining company focused on silver and gold production in Mexico and the United States. First Majestic presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine, all located in Mexico, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada.

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