Lower Grades, Weather Hit Sierra Metals’ Bolivar Mine Output

Sierra Metals reported production results for 1Q25 from the Yauricocha mine in Peru and the Bolivar mine in Chihuahua. The company reported a significant decrease in Bolivar operations due to maintenance, lower grades, and unfavorable weather conditions. 

The Bolivar mine in Mexico processed 423,408t during 1Q25. This represents a 6% increase in throughput compared to 1Q24. However, production figures for the period showed declines across key metals, primarily due to anticipated lower head grades. Copper production in 1Q25 totaled 5.9 million lb, a decrease of approximately 25% year-over-year. Silver production was 191,000oz, a decline of about 6%, and gold production reached 2,604oz, a reduction of approximately 35% when compared to 1Q24.

Compared to 4Q24, throughput at Bolivar saw a 6% decrease, mainly attributed to adverse weather conditions impacting ore hauling early in the quarter and a planned two-day mill shutdown for maintenance. These factors, combined with declining grades, except for silver, resulted in quarter-over-quarter production decreases of 15% for copper, 3% for silver, and 15% for gold.

At the Yauricocha mine in Peru, 1Q25 throughput totaled 329,363t, marking a 37% increase over 1Q24. The mine reported higher head grades for copper, silver, and gold compared to the first quarter of last year, driven by ongoing mining in the copper-rich Esperanza zone. As a result, metal production at Yauricocha closely followed grade trends, with copper output more than doubling and gold production nearly tripling year-over-year. Compared to 4Q24, Yauricocha experienced a slight decrease in throughput, which was offset by improved grades across most metals, leading to higher production volumes for copper, silver, gold, and lead.

On a consolidated basis, Sierra Metals reported a total of 752,771t processed in 1Q25, resulting in a daily throughput of 8,603t. Consolidated ore throughput saw an 18% increase in 1Q25 compared to 1Q24, reflecting stronger processing volumes at the Yauricocha and Bolivar operations. Consolidated copper production rose by 14% year-over-year, primarily driven by the increase in output at Yauricocha. “We are pleased with the strong start to 2025, marked by significant improvements in both throughput and copper production compared to the same period last year. These results reflect the successful execution of our operational improvement initiatives across both mines. We remain focused on driving further efficiencies, enhancing production, and delivering long-term value to our shareholders,” said Ernesto Balarezo, CEO, Sierra Metals.