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Sierra Metals (TSX:SMT) announced the resignation of CEO Luis Marchese and appointed Ernesto Balarezo Valdez as Interim CEO. This change aims to guide the company through its ongoing strategic review, led by its Special Committee. Balarezo brings over 30 years of mining experience and will also join the Board. The company will hold a conference call on November 30, 2022, to discuss this leadership transition.
Sierra Metals Inc. (TSX:SMT, NYSE American:SMTS) announced its financial results for 2020, reporting a revenue of $246.9 million, an 8% increase from 2019. Adjusted EBITDA rose 49% to $97.0 million, driven by higher copper sales and lower operating costs at its Yauricocha and Bolivar mines. The company produced 44.3 million pounds of copper and employed strategies to manage COVID-19 challenges. Cash and cash equivalents increased to $71.5 million, supporting future growth. A conference call is scheduled for March 19, 2021, to discuss these results.
Sierra Metals Inc. has secured an Informe Tecnico Sustentatorio (ITS) permit from Peru's Ministry of Environment, advancing its efforts to increase the Chumpe Plant's throughput at the Yauricocha Mine to 3,600 tonnes per day. CEO Luis Marchese expressed satisfaction with this milestone, indicating plans to submit documentation for the final Informe Tecnico Minero (ITM) permit expected in Q2 2021, which would lead to a 20% throughput increase. The company is also completing a Prefeasibility Study for future increases at Yauricocha and other mines.
Sierra Metals Inc. (TSX:SMT, BVL:SMT, NYSE AMERICAN:SMTS) disclosed its unaudited financial results for Q4 2020, highlighting revenues of US$45.2 million, a 7% increase from Q4 2019. Adjusted EBITDA rose 25% to US$22.5 million. Total tonnes processed decreased by 3% year-over-year. Despite an increase in cash and cash equivalents to US$65 million, net income for the year dropped 19% to US$28.2 million, attributed to significant treatment and refining cost increases. The company aims for a 20% throughput increase at its Yauricocha Mine in 2021.
Sierra Metals Inc. has reported its fourth quarter 2020 financial results for Sociedad Minera Corona S.A., showing revenues of US$45.2 million, a 7% increase from Q4 2019. Adjusted EBITDA rose by 25% to US$22.5 million. However, total tonnes processed decreased by 3% to 311,946, and copper equivalent production fell by 20%. The all-in sustaining cost per copper equivalent payable pound increased 17% to US$2.47. Cash and cash equivalents grew to US$65 million, reflecting a 27% rise in operating cash flows despite lower overall annual revenues by 6%.
Sierra Metals has appointed Jose Vizquerra Benavides as the new Chairman of the Board, succeeding Alberto Arias, who held the position since March 2013. Vizquerra brings extensive experience from his roles as President, CEO, and Director of O3 Mining Inc., and has a background in business development at Compañía de Minas Buenaventura S.A.A. His appointment is expected to provide fresh perspectives to the company's operations in Peru and Mexico, enhancing their focus on precious and base metals production. The company continues to explore new opportunities across its mining sites.
Sierra Metals Inc. reported that Arias Resource Capital Fund I has distributed 52,721,964 common shares as part of its winding-up process. This move aligns with the ongoing strategic review supported by Sierra's Board and key stakeholders, including Arias Resource Capital Fund II, the company's largest shareholder. Sierra Metals is focused on increasing production from its Yauricocha, Bolivar, and Cusi mines, highlighting recent discoveries and future exploration opportunities.
Sierra Metals reported its production results for Q4 2020 and full-year 2020, with notable increases in copper, silver, and gold outputs. Copper production rose by 11% for the year to 44.3 million pounds, while silver and gold production increased by 3% and 18%, respectively. Despite operational challenges due to COVID-19, the firm achieved a 6% increase in total ore processed. However, Q4 showcased declines in copper, gold, zinc, and lead outputs. The firm anticipates a 20% production capacity increase for Yauricocha in 2021, supported by positive economic assessments for all mines.
Sierra Metals Inc. (TSX: SMT) (NYSE AMERICAN: SMTS) is exploring strategic alternatives to maximize shareholder value, backed by its major shareholders. The Board has engaged CIBC World Markets to assist in this review, which may lead to the sale of assets or a merger. However, no specific decisions have been made, and there's no guarantee that this exploration will result in a transaction. The company continues its focus on increasing production and mineral resources across its mines in Peru and Mexico, where it has significant exploration opportunities.
Sierra Metals (TSX: SMT; NYSE AMERICAN: SMTS) has published an independent technical report on its Cusi Mine in Mexico, prepared by SRK Consulting. The report, effective August 31, 2020, reveals significant increases in mineral resources: Total Measured and Indicated Resources rose by 18% to 5,356,000 tonnes, while Total Inferred Resources surged by 200% to 4,893,000 tonnes. Key figures include Measured Mineral Resources averaging 213 g/t silver and Indicated Mineral Resources averaging 176 g/t silver. This updated estimate integrates new drilling, sampling, and mapping data for enhanced geological models.
