12:53 PM EDT, 05/10/2018 (MT Newswires) -- (Updates with acquisition close; adds detail on quarterly result; updates shares.)

First Majestic Silver (FR.TO) was up 5.6% despite reporting a larger-than-expected first-quarter loss as its Mexican mines tapped lower-quality ores and it closed its US$320 million acquisition of Primero Mining (P.TO).

The company, which operates six silver mines in Mexico said its adjusted loss per share fell to US$0.06, compared to an adjusted profit per share of US$0.02 in the first quarter of 2017. Analysts polled by Capital IQ were expecting an adjusted loss of US$0.02 per share. Its net loss wasa US$5.6 million, compared to a US$2.7 million year prior profit and revenue fell 15% to US$58.6 million,

All-in sustaining costs rose 31% to US$16.01 per silver equivalent ounce, within the company's 2018 guidance range of US$15.70 to US$17.50 per SEO.

First Majestic also said it closed its acquisition of Primero Mining, to add the San Dimas mine in Mexico. It said Primero's shares will be delisted within three business days.

First Majestic shares were up $0.45 to $9.25 at last look on the Toronto Stock Exchange. The shares have dropped 18% over the past 12 months.

Price: 9.27, Change: +0.47, Percent Change: +5.34