Sierra Metals Releases 2Q22 Production Results

The Canada-based Sierra Metals published its 2Q22 production results, featuring a 12 percent copper production increase compared to 1Q22. The increase was driven by three of its Latin American assets in Peru and Mexico: the Bolivar and Cusi mines in Chihuahua and the Yauricocha mine in Peru.

“We continue to focus on the goals set forth when we announced our operational turnaround program, maintaining our strong commitment to health, safety, environment and the well-being of our stakeholders. In the current reduced commodities price and high inflation environment, we continue to monitor operations and production to determine any necessary modifications to our plans,” comments Luis Marchese, CEO, Sierra Metals.

According to the company, the consolidated copper equivalent production stood at 17.8 million pounds with an average throughput of 2,930t/d at Bolivar, a 37 percent increase compared to 1Q22. At Bolivar “we brought in 13 pieces of new, larger-scale equipment and we can now process about 3,000t/d,” said Mike McAllister, Vice President of Corporate Development, Sierra Metals to MBN. The company’s throughput was 256,372 tons during 2Q22. Higher copper, silver and gold grades resulted in a 62 percent increase of copper equivalent pound production compared to the previous quarter.

Moreover, the company informed that throughput at Bolivar was 33 percent lower compared to 2Q21 and grades for all metals except for gold were lower with a 46 percent decrease in copper equivalent pounds produced.

At Cusi, throughput was 66,722 tons during 2Q22, a 21 percent decrease compared to 1Q22, with an average throughput of 763t/d. The company compared 2Q22 to 2Q21 and noticed that silver equivalent production remained flat at 283,000oz due to higher head grades for all metals, despite a 9 percent decrease in throughput. Silver production decreased 4 percent to 0.3 million ounces, gold production increased 13 percent to 160oz and lead production increased 112 percent to 0.3 million pounds.  

“Earlier this year, we provided a timeline for delivering initial improvements at our operations, which included a plan to ramp up production starting in 2Q22 of this year. Our turnaround program is starting to take effect with quarter-over-quarter improvements,” added Luis Marchese.

Located in the Piedras Verdes district in Chihuahua, Sierra’s complex consists of 14 mineral concessions. Its main deposit is a copper-zinc skarn, alongside many other base metals common in the Sierra Madre belt that runs through the states of Durango, Chihuahua and Sonora.