Sierra Metals Reports Second Quarter 2022 Production Results
Sierra Metals reports positive Q2 2022 production results, achieving a 12% increase in consolidated copper equivalent production to 17.8 million pounds compared to Q1 2022. Bolivar mine saw a 37% increase in daily throughput, while Yauricocha achieved an 11% improvement in copper equivalent production. However, Cusi mine experienced a 38% decline in silver equivalent production due to flooding. Overall, the company maintains operational stability amidst challenging market conditions.
- 12% increase in consolidated copper equivalent production to 17.8 million pounds from Q1 2022.
- 37% increase in average daily throughput at Bolivar to 2,930 tonnes per day.
- Yauricocha mine showed an 11% increase in copper equivalent production over Q1 2022.
- 38% decline in silver equivalent production at Cusi due to flooding.
(All metal prices reported in USD)
Photo 1 Arial Photo of
Results are from Sierra Metals’ three underground mines in
Second Quarter 2022 Consolidated Production Highlights
- Consolidated production guidance met with ongoing operational turnaround program at Bolivar
-
Consolidated copper equivalent production of 17.8 million pounds; a
12% increase from Q1 2022 -
Average daily throughput at Bolivar of 2,930 tonnes per day; a
37% increase from Q1 2022
Consolidated Q2 2022 results will be released on
“Earlier this year, we provided a timeline for delivering initial improvements at our operations, which included a plan to ramp up production starting in Q2 of this year. Our turnaround program is starting to take effect with quarter-over-quarter improvements. At Yauricocha, we report quarter-over-quarter improvements to average daily tonnage and slightly higher grades for all metals except lead, with a
He concluded, “We are trending in the right direction with consolidated production improvements from our mines, having achieved production within our guidance for H1. Our disciplined approach to achieve stabilized mining operations continues, with our primary goal in mind – to achieve a full recovery at Bolivar. Infill drilling and exploration programs continue, in order to better define current resources and aim for new high grade ore bodies such as the Fortuna discovery at Yauricocha.”
Consolidated Production Results
Six months ended |
|||||||
Consolidated Production | Q2 2022 | Q1 2022 | % Var. | Q2 2021 | % Var. | 2022 |
2021 |
Tonnes processed | 640,181 |
590,730 |
|
787,534 |
- |
1,230,911 |
1,561,955 |
Daily throughput | 7,316 |
6,751 |
|
9,000 |
- |
7,034 |
8,925 |
Silver production (000 oz) | 608 |
734 |
- |
954 |
- |
1,342 |
1,915 |
Copper production (000 lb) | 8,334 |
6,324 |
|
9,535 |
- |
14,658 |
17,430 |
Lead production (000 lb) | 3,333 |
4,216 |
- |
7,960 |
- |
7,549 |
16,964 |
Zinc production (000 lb) | 10,426 |
10,492 |
- |
21,133 |
- |
20,918 |
45,256 |
Gold Production (oz) | 2,622 |
1,923 |
|
2,812 |
- |
4,545 |
5,448 |
Copper equivalent |
17,794 |
15,896 |
|
24,786 |
- |
33,670 |
50,157 |
(1) Copper equivalent pounds for Q2 2022 were calculated using the following realized prices: |
Q2 2022 throughput from the
At the
At Cusi, throughput was 66,722 tonnes during Q2 2022 or
When compared to Q2 2021, there was a
A summary of production from the
Six months ended |
|||||||
Yauricocha Production | Q2 2022 | Q1 2022 | % Var. | Q2 2021 | % Var. | 2022 |
2021 |
Tonnes processed | 317,087 |
315,250 |
|
328,909 |
- |
632,337 |
655,120 |
Daily throughput | 3,624 |
3,603 |
|
3,759 |
- |
3,613 |
3,744 |
Silver grade (g/t) | 44.65 |
39.40 |
|
56.94 |
- |
42.03 |
55.65 |
Copper grade |
|
|
|
|
|
|
|
Lead grade |
|
|
- |
|
- |
|
|
Zinc grade |
|
|
|
|
- |
|
|
Gold Grade (g/t) | 0.54 |
0.52 |
|
0.45 |
|
0.53 |
0.44 |
Silver recovery |
|
|
- |
|
- |
|
|
Copper recovery |
|
|
|
|
|
|
|
Lead recovery |
|
|
- |
|
- |
|
|
Zinc recovery |
|
|
- |
|
- |
|
|
Gold Recovery |
|
|
|
|
- |
|
|
Silver production (000 oz) | 267 |
256 |
|
483 |
- |
523 |
934 |
Copper production (000 lb) | 5,127 |
4,279 |
|
3,697 |
|
9,406 |
6,379 |
Lead production (000 lb) | 3,060 |
3,828 |
- |
7,831 |
- |
6,888 |
16,537 |
Zinc production (000 lb) | 10,426 |
10,492 |
- |
21,133 |
- |
20,918 |
45,256 |
Gold Production (oz) | 1,179 |
1,057 |
|
1,043 |
|
2,236 |
1,933 |
Copper equivalent |
12,105 |
10,876 |
|
15,308 |
- |
22,969 |
31,142 |
(1) Copper equivalent pounds for Q2 2022 were calculated using the following realized prices: |
The Bolivar mine processed 256,372 tonnes in Q2 2022, compared to 187,556 tonnes in Q1 2022, which was a
When comparing Q2 2022 to Q2 2021, tonnes were
While the operational turnaround effort continues at Bolivar, we expect higher plant throughput for the balance of the year, due to improved access to mineralized areas including higher contribution from the Bolivar Northwest zone.
A summary of production for the
Six months ended |
|||||||
Bolivar Production | Q2 2022 | Q1 2022 | % Var. | Q2 2021 | % Var. | Q2 2022 |
Q2 2021 |
Tonnes processed (t) | 256,372 |
187,556 |
|
385,331 |
- |
443,928 |
756,939 |
Daily throughput | 2,930 |
2,144 |
|
4,404 |
- |
2,537 |
4,325 |
Copper grade |
|
|
|
|
- |
|
|
Silver grade (g/t) | 12.36 |
10.97 |
|
19.06 |
- |
11.77 |
19.31 |
Gold grade (g/t) | 0.24 |
0.16 |
|
0.21 |
|
0.20 |
0.20 |
Copper recovery |
|
|
|
|
|
|
|
Silver recovery |
|
|
- |
|
- |
|
|
Gold recovery |
|
|
|
|
|
|
|
Copper production (000 lb) | 3,207 |
2,045 |
|
5,838 |
- |
5,252 |
11,051 |
Silver production (000 oz) | 83 |
58 |
|
202 |
- |
141 |
399 |
Gold production (oz) | 1,283 |
592 |
|
1,627 |
- |
1,875 |
3,218 |
Copper equivalent |
4,199 |
2,597 |
|
7,754 |
- |
6,788 |
15,024 |
(1) Copper equivalent pounds for Q2 2022 were calculated using the following realized prices: |
Operating at an average throughput of 763 tpd, Cusi processed
When comparing Q2 2022 to Q2 2021, the mine processed
A summary of production for the
Six months ended |
||||||||
Cusi Production | Q2 2022 | Q1 2022 | % Var. | Q2 2021 | % Var. | Q2 2022 | Q2 2021 | % Var. |
Tonnes processed (t) | 66,722 |
87,924 |
- |
73,294 |
- |
154,646 |
149,896 |
|
Daily throughput(2) | 763 |
964 |
- |
838 |
- |
884 |
857 |
|
Silver grade (g/t) | 146.34 |
173.96 |
- |
138.94 |
|
162.04 |
148.28 |
|
Gold grade (g/t) | 0.17 |
0.19 |
- |
0.16 |
|
0.18 |
0.16 |
|
Lead grade |
|
|
- |
|
|
|
|
|
Silver recovery (flotation) |
|
|
- |
|
|
|
|
|
Gold recovery (lixiviation) |
|
|
- |
|
|
|
|
|
Lead recovery |
|
|
|
|
- |
|
|
|
Silver production (000 oz) | 258 |
420 |
- |
269 |
- |
678 |
582 |
|
Gold production (oz) | 160 |
274 |
- |
142 |
|
434 |
297 |
|
Lead production (000 lb) | 273 |
388 |
- |
129 |
|
661 |
427 |
|
Silver equivalent ounces (000's)(1) | 283 |
458 |
- |
283 |
|
742 |
617 |
|
(1) Silver equivalent ounces for Q2 2022 were calculated using the following realized prices: |
Quality Control
Américo Zuzunaga, FAusIMM (
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Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian and
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
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FAQ
What were Sierra Metals' production results for Q2 2022?
How much did the Bolivar mine's throughput increase in Q2 2022?
What caused the decline in Cusi mine's production in Q2 2022?
When will Sierra Metals release its consolidated Q2 2022 results?