Sierra Metals Exceeds Second-Quarter Production Expectations
Sierra Metals, a Canadian mining company, announced on Monday that it has surpassed its production goals for the second quarter of the year, largely due to higher-than-anticipated output at its Bolivar mine in Mexico.
Meeting Production Targets:
Sierra Metals remains confident in its ability to achieve its copper-equivalent production target for the year, estimated to be between 74.3 million and 83.3 million pounds. In the first six months of 2023, the company produced 38.5 million pounds, excluding output from its non-core Cusi mine in Mexico.
The production forecast for other metals is as follows: silver - between 1.5 million and 1.7 million ounces, gold - between 13.5 million and 15.4 million ounces, copper - between 37.3 million and 42.4 million pounds, lead - between 14 million and 15.4 million pounds, and zinc - between 46 million and 50.5 million pounds.
Impressive Second-Quarter Figures:
During the second quarter, Sierra Metals achieved significant growth in production at both the Bolivar mine and Yauricocha Mine in Peru. Total copper-equivalent output reached 21.7 million pounds, a remarkable increase of 21% compared to the previous quarter and 22% higher than the same period last year.
Specifically, copper production rose to 10.5 million pounds from 8.3 million pounds in the corresponding period in 2022. Silver production experienced a 19% surge, reaching 740,000 ounces, while gold production saw a commendable 14% increase to 4,442 ounces.
Moreover, zinc production improved by 17%, totaling 12.2 million pounds, while lead output exhibited substantial growth of 28%, amounting to 4.3 million pounds.
Sierra Metals is pleased with the positive developments and the momentum it has gained in meeting its production targets. With these impressive figures, the company is well-positioned to achieve a successful year.
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