Sierra Metals Inc
Sierra Metals Inc
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Production falls from Sierra Metals’ Bolivar mine in Mexico and COVID-19 impacts at Yauricocha in Peru have seen the company’s 1st qtr 2022 (Q1 22) copper equivalent output plunge 38% on Q1 21 to 15.89M/lbs in Q1 22.
The result was mainly down to a 50% decrease in throughput at Bolivar in conjunction with lower grade ore, with an improvement expected particular during the 2nd half of the year, and the COVID-19 hit on Yauricocha.
Peru/Mexico-focussed miner Sierra Metals has posted a $US50.7M turnaround for a Dec 2021 year (FY/CY 21) $27.3M net loss from the previous year’s $23.4M net income, with the bottom line including a $35M non-cash impairment charge related to the Cusi mine.
The adjusted net income was down to $21.6M from $30.8M on revenue up to $272M from $246.9M, the adjusted EBITDA up 2% to $104.7M, but with operating cash flows before movements in working capital down 4% to $93.4M.
An updated PEA on the expansion of miner Sierra Metals’ Yauricocha operation in Yauyos Province, Peru, has flagged an 11-year LoM generating payable copper of 332.9M/lbs, 399.9M/lbs zinc, 10.9Moz silver, 131.2M/lbs lead and 19,900oz of gold.
The Peru/Mexico-focussed miner envisages average LoM copper grades at 1.2%, 1.4% zinc, 31.12 g/t silver, lead at 0.4% and gold at 0.398 g/t, from existing mineralized material of 17.4 Mt and ascribes the project a LoM after-tax NPV8% of $273.1 M.
Continuing operational COVID-19 difficulties at all 3 of Sierra Metals’ underground mines in Peru and Mexico, have been the major contributors to the company’s Sept 2021 qtr (Q3 21) plunge to a $US4.8M net loss from Q2 21’s $9.08M profit.
Despite continuing operational COVID-19 difficulties at all 3 of its underground mines, particularly in Peru, Latin America precious/base metals miner Sierra Metals has managed a big jump in June 2021 qtr (Q2 21) net income to $US9.08M from Q1 21’s $3.08M, with adjusted net income tripling to $12.68M from $4.38M.
Revenues rose to $79.44M from $69.62M, adjusted EBITDA to $37.68M from $25.26M and operating cash flows before movements in working capital up to $35.84M from $25.62M.
Diversified precious/base metals miner Sierra Metals has produced a solid performance in the June 2121 qtr (Q2 21), but with continuing operational COVID-19 difficulties at all 3 underground mines, particularly in Peru, resulting in copper equivalent production easing to 24.8M/lbs from Q1 21’s 25.4Mlbs.
A new study estimates Sierra Metals’ Cusi Mine, in Mexico’s Chihuahua state, the smallest of the company’s 3 mining operations, has an initial 13-year LoM capable of producing 33.4Moz payable silver, 14,300oz gold, 15,400t zinc and 25,400t lead.
Higher throughput and metals production overcame lessening difficulties arising from the COVID-19 pandemic at all 3 of Sierra Metals’ operations in the Sept 2020 qtr to lift net income to $US17.5M from Q2 20’s meagre $154,000M.
Adjusted net income soared to $18.4M from $1.34M on revenues up to $73.2M from $41.9M and adjusted EBITDA to $37.2M from $12.6M, providing operating cash flows, before movements in working capital, up to $37.8M from $13.2M.
A slowly COVID-19 pandemic recovering Sierra Metals has seen Sept 2020 qtr (Q3 20) metal commodities production from its 3 operations in Mexico and Peru back in the black.
Sierra Metals has managed a $US2M turnaround to net income of $154,000 for the June 2020 qtr (Q2 20) from Q1 20’s $1.86M loss, despite production of all its commodities falling in the wake of the COVID-19 pandemic.