Sierra Metals Updates Bolivar to Include Iron and Ore ProductionBy Antonio Trujillo | Wed, 08/18/2021 - 12:21
The Bolivar Mine which is property of Canada-based Sierra Metals located in Chihuahua is getting an upgrade aimed to include production of iron and ore concentrate.
The company made the announcement following the results of an updated Preliminary Economic Assessment (PEA) carried out by Canadian company SRK Consulting Inc, still to be filed. The report includes several figures that breathe new life into the mine, considered the sixteenth most important amongst copper mines in the country, including important data like an estimated 14-year mine life given current numbers of existing mineral resources.
Located in the Piedras Verdes district in Chihuahua, the complex consists of 14 mineral concessions and its main deposit is a Cu-Zn skarn, alongside many other base metals common in the Sierra Madre belt, that run through the states of Durango, Chihuahua, and Sonora.
Luis Marchese, CEO of Sierra Metals, said he was very enthusiastic about the results of the PEA, showcasing the inclusion of iron and ore. Comparing the results to the previous year’s PEA, Marchese remains confident that the value could still increase thanks to magnetite as a by-product. “Today we are happy to report that we are confirming enhanced economics and improving the value of the Bolivar Mine,” he further added.
Sierra Metals is no novice when it comes to operational adaptability and evolution. Back in 2020, as reported in an article from MBN, the company documented record 3Q20 ore outputs in their Cusi and, more importantly, Bolivar mines, even in the face of the pandemic and lockdowns, all thanks to strong operations.
Marchese expects to increase on a per-share basis and increase in the mineral resource base, while at the same time strengthening efforts to mitigate the effects of the ongoing COVID-19 pandemic. Profitability and cash flows remain serious objectives for the company.
In regards to the mine, Bolivar is a producing operation for which the underground room and pillar mining are the main methods of extraction. Current plans are considering expanding the use of long-hole mining. Sierra Metals has operations in Peru and Mexico, and is dedicated to the production and development of base and precious metals.