UPDATE: First Majestic Inks $50 Million Forward Sale Contract on Base Metals; Stocks Hit New Year Highs

A generic image of a pen and on top of a chart. Credit: Shutterstock photo

First Majestic Silver Corp. (FR.TO) has entered into a US$50 million forward sale contract with Bank of America Merrill Lynch on a portion of its future lead and zinc production.

The company has executed the forward sale contract at fixed prices of US$1.01 per pound (US$2,236 per metric tonne) for lead and US$0.96 per pound (US$2,116 per metric tonne) for zinc. The contract term is valid from January 2013 to June 2016, with a 6 month repayment holiday from January to June 2013.

FR has hit a new year high of $20.29 today. It is now trading at $20.26 on volumes of over 57,000.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.