Sierra Metals Reports Third Quarter 2023 Production Results
- Copper, silver, and gold production increased by 35%, 38%, and 92% respectively in 2023 compared to 2022
- Copper equivalent production in Q3 2023 was 27% higher than Q3 2022
- The Cusi Mine is being sold
- None.
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On a 2023 year-to-date consolidated basis, excluding Cusi, copper, silver, and gold production increased by
35% ,38% , and92% , respectively, when compared to 2022. -
Consolidated copper equivalent production, excluding Cusi, was
27% higher in Q3 2023 when compared to Q3 2022. - The Cusi Mine was placed in care and maintenance during the quarter, with the process to sell the mine currently underway.
(All metal prices reported in USD)
The Company’s Q3 2023 results will be released on Monday, November 13, 2023 before the market open, with management hosting a conference call and webcast the same day at 11:00 AM EST. Click here to register.
Ernesto Balarezo, CEO of Sierra Metals, commented, “During the quarter we continued to make tremendous strides in optimizing our strong portfolio of assets. We have been able to maintain Bolivar at desired levels of output and we are happy to see that our efforts at Yauricocha are paying off. We are now well along the process of divesting our Cusi silver mine, obtaining the permit to mine below the 1120 level at Yauricocha and improving our balance sheet. We remain steadfast in our focus to safely grow our business and create long-term value.”
Consolidated Production Results (Excluding Cusi)
Consolidated production results include the Yauricocha Mine and Bolivar Mine and do not include results from the Cusi Mine, which the Company deems to be a non-core asset.
Consolidated Production |
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Nine Months Ended September 30, |
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Excluding Cusi |
Q3 2023 |
Q2 2023 |
Q3 2022 |
2023 |
2022 |
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Tonnes processed |
622,622 |
650,302 |
496,726 |
1,791,086 |
1,572,991 |
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Daily throughput |
7,116 |
7,432 |
5,677 |
6,823 |
5,992 |
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Silver production (000 oz) |
458 |
523 |
327 |
1,370 |
991 |
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Copper production (000 lb) |
9,477 |
10,459 |
6,299 |
28,221 |
20,957 |
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Lead production (000 lb) |
4,084 |
3,930 |
3,579 |
10,792 |
10,467 |
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Zinc production (000 lb) |
11,176 |
12,228 |
10,815 |
33,983 |
31,733 |
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Gold Production (oz) |
3,651 |
4,311 |
2,010 |
11,753 |
6,121 |
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Copper equivalent |
18,496 |
20,246 |
14,593 |
55,342 |
44,261 |
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(1) Copper equivalent pounds were calculated using the following realized prices: | ||||||||||
Q3 2023 - |
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Q2 2023 - |
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Q3 2022 - |
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9M 2023 - |
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9M 2022 - |
Consolidated throughput in Q3 2023 was
The Cusi Mine, which was considered a non-core asset in Q1 2023, was placed in care and maintenance on September 20, 2023.
Yauricocha Mine,
The Yauricocha Mine processed 259,732 tonnes during Q3 2023, an increase of
Copper equivalent production for Q3 2023 of 10.4 million pounds represented a
When compared to Q3 2022, the
A summary of the Yauricocha Mine production is provided below:
Yauricocha Production |
|
Nine Months Ended September 30, |
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Q3 2023 |
Q2 2023 |
Q3 2022 |
2023 |
2022 |
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Tonnes processed | 259,732 |
244,315 |
269,057 |
723,192 |
901,394 |
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Daily throughput | 2,968 |
2,792 |
3,075 |
2,755 |
3,434 |
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Silver grade (g/t) | 58.72 |
54.83 |
47.61 |
53.69 |
43.70 |
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Copper grade |
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Lead grade |
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Zinc grade |
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Gold Grade (g/t) | 0.41 |
0.40 |
0.41 |
0.42 |
0.49 |
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Silver recovery |
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Copper recovery |
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Lead recovery |
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Zinc recovery |
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Gold Recovery |
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Silver production (000 oz) | 310 |
316 |
256 |
875 |
779 |
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Copper production (000 lb) | 3,806 |
2,808 |
3,514 |
9,509 |
12,920 |
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Lead production (000 lb) | 4,084 |
3,930 |
3,579 |
10,792 |
10,467 |
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Zinc production (000 lb) | 11,176 |
12,228 |
10,815 |
33,983 |
31,733 |
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Gold Production (oz) | 686 |
633 |
743 |
2,073 |
2,979 |
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Copper equivalent |
10,396 |
9,525 |
10,794 |
28,950 |
33,702 |
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(1) Copper equivalent pounds were calculated using the following realized prices: | ||||||||||
Q3 2023 - |
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Q2 2023 - |
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Q3 2022 - |
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9M 2023 - |
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9M 2022 - |
Bolivar Mine,
The Bolivar Mine processed 362,890 tonnes in Q3 2023, which was a
A summary of the Bolivar Mine production is provided below:
Bolivar Production | Nine Months Ended September 30, |
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Q3 2023 | Q2 2023 | Q3 2022 | 2023 |
2022 |
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Tonnes processed (t) | 362,890 |
405,987 |
227,669 |
1,067,894 |
671,597 |
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Daily throughput | 4,147 |
4,640 |
2,602 |
4,068 |
2,558 |
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Copper grade |
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Silver grade (g/t) | 15.44 |
19.65 |
12.14 |
17.59 |
11.90 |
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Gold grade (g/t) | 0.37 |
0.42 |
0.27 |
0.41 |
0.23 |
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Copper recovery |
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Silver recovery |
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Gold recovery |
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Copper production (000 lb) | 5,671 |
7,651 |
2,785 |
18,712 |
8,037 |
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Silver production (000 oz) | 148 |
207 |
71 |
495 |
212 |
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Gold production (oz) | 2,965 |
3,678 |
1,267 |
9,680 |
3,142 |
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Copper equivalent |
8,100 |
10,721 |
3,799 |
26,392 |
10,559 |
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(1) Copper equivalent pounds were calculated using the following realized prices: | ||||||||||
Q3 2023 - |
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Q2 2023 - |
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Q3 2022 - |
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9M 2023 - |
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9M 2022 - |
Cusi Mine,
The Company is currently engaged in discussions with interested parties for the sale of the Cusi Mine.
As a result of being placed in care and maintenance late in Q3 2023, the Cusi Mine only processed 29,050 tonnes of ore during Q3 2023, which was
A summary of the Cusi Mine production, not included in the consolidated production numbers, is provided below:
Cusi Production | Nine Months Ended September 30, |
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Q3 2023 | Q2 2023 | Q3 2022 | 2023 |
2022 |
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Tonnes processed (t) | 29,050 |
51,750 |
65,180 |
139,922 |
219,826 |
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Daily throughput | 332 |
591 |
745 |
533 |
837 |
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Silver grade (g/t) | 126.86 |
160.18 |
187.44 |
145.50 |
169.57 |
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Gold grade (g/t) | 0.15 |
0.14 |
0.19 |
0.14 |
0.18 |
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Lead grade |
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Silver recovery (flotation) |
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Gold recovery (lixiviation) |
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Lead recovery |
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Silver production (000 oz) | 99 |
217 |
342 |
549 |
1,020 |
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Gold production (oz) | 81 |
131 |
189 |
330 |
623 |
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Lead production (000 lb) | 251 |
326 |
299 |
859 |
960 |
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Silver equivalent ounces (000's)(1) | 117 |
241 |
374 |
612 |
1,115 |
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(1) Silver equivalent ounces were calculated using the following realized prices: | ||||||||||
Q3 2023 - |
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Q2 2023 - |
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Q3 2022 - |
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9M 2023 - |
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9M 2022 - |
Conference Call and Webcast
Management will host a conference call and webcast to discuss Q3 2023 financial and operating results on November 13, 2023 at 11:00 am (Eastern). Details are as follows:
- Webcast: https://services.choruscall.ca/links/sierrametalsq32023.html
-
Dial-in:
Canada /US toll free: 1-800-319-4610 - Other dial-in: +1-416-915-3239
Participants are asked to dial-in five to ten minutes before the scheduled start time and ask to join the Sierra Metals Third Quarter 2023 Consolidated Financial Results call.
About Sierra Metals
Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in
Forward Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra Metals and reflects management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action including the accuracy of the Company's current mineral resource estimates, that the Company's activities will be conducted in accordance with the Company's public statements and stated goals, and that there will be no material adverse change affecting the Company, its properties or its production estimates, the expected trends in mineral prices, inflation and currency exchange rates, that all required approvals will be obtained for the Company's business operations on acceptable terms, and that there will be no significant disruptions affecting the Company's operations. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. Forward-looking statements include statements with respect to the timing of the release of its Q3 2023 results and the sale of Cusi. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra Metals to be materially different from any anticipated performance expressed or implied by such forward-looking information.
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 March 28, 2023 for its fiscal year ended December 31, 2022 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231019152017/en/
For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:
Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com
Source: Sierra Metals Inc.
FAQ
What is the increase in copper production in 2023 compared to 2022?
What is the increase in silver production in 2023 compared to 2022?
What is the increase in gold production in 2023 compared to 2022?
What is the increase in copper equivalent production in Q3 2023 compared to Q3 2022?
What is happening with the Cusi Mine?