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