Sierra Metals produces 21.9 M lb of CuEq in Q3 2021
Sierra Metals Inc. [SMT-TSX; SMTS-NYSE American] reported third quarter 2021 production results. Results are from its three underground mines in Latin America: the Yauricocha polymetallic mine in Peru, and the Bolivar copper and Cusi silver Mines in Mexico.
Third Quarter 2021 Consolidated Production Results
Copper production of 8.3 million pounds; a 32% decrease from Q3 2020
Zinc production of 19.1 million pounds; a 23% decrease from Q3 2020
Silver production of 0.8 million ounces; a 21% decrease from Q3 2020
Lead production of 7.8 million pounds; a 20% decrease from Q3 2020
Gold production of 2,261 ounces; a 43% decrease from Q3 2020
Copper equivalent production of 21.9 million pounds; a 38% decrease from Q3 2020
Luis Marchese, CEO, commented: “The third quarter has been particularly difficult for the company. It has presented us with tough challenges arising from sequencing issues due to the COVID-19 limitations over the last year, as well as unexpected equipment availability issues that impacted throughput, head grades and recoveries, particularly at the Bolivar Mine. Additionally, during the quarter, Cusi presented operational limitations caused by high temperatures at the available mineable areas. However, these issues are temporary in nature, and we expect to meet the lower end of the revised annual production guidance.”
He continued, “With the strategic review now completed, we can now focus all of our efforts on stabilizing our operations to their full potential. We see improved workforce and contractor availability which should allow us to catch up on the development and preparation of higher grade stopes for inclusion into the mine plan in the coming quarters. We have reinitiated work on a backlog of accumulated sustaining infrastructure projects as well as on exploration from our brownfield drilling programs which are expected to improve the quality and tonnage of our mineral resources. We also expect to publish the Preliminary Feasibility Study for Bolivar by year end, followed by Q1 2022 for Yauricocha and Cusi by Q2 2022, which support planned throughput growth at the mines.”
He concluded, “Despite the difficult challenges encountered this year, the quality of the resource base at our three mines underpins an improved outlook for the Company. With a renewed focus and refined strategy, we expect to continue on a path of striving for production growth while optimizing and improving operations with a goal of cost reduction as we complete this year and continue into 2022, which will benefit all stakeholders in the company.”