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Sierra Metals increases copper equivalent production in Q2 2021

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(Kitco News) - Sierra Metals (TSX:SMT) reported today that in Q2 2021, the company produced 24.8 million copper equivalent pounds, which is 9% higher compared to Q2 2020.

The company's consolidated copper production decreased 2% to 9.5 million pounds, silver increased 67% to 1.0 million ounces, zinc increased 54% to 21.1 million pounds, lead increased 24% to 8.0 million pounds, and gold increased 2% to 2,812 ounces compared to Q2 2020.

Sierra said that in Q2 2021, it had achieved 62% and 25% increase in throughput as compared to Q2 2020, at its Yauricocha and Bolivar mines, respectively. The Yauricocha mine achieved 328,909 tonnes during the quarter at an average rate of 3,759 tpd. Earlier during the quarter, the company announced receipt of permit to build and operate an expansion of its capacity to 3,600 tpd plus an allowance for up to an additional 5%.

President and CEO Luis Marchese commented, "Despite the challenges we have faced due to the Covid-19 pandemic, I am pleased with the relatively solid production performance in Q2 2021. The company continues to face operational difficulties related to COVID-19 at all mines but particularly in Peru. We expect that we will continue to be impacted for the remainder of the year and as such we are reviewing our production guidance and may revise it as part of our Q2 2021 consolidated financial results."

He continued, "Looking ahead to the second half of 2021, we anticipate seeing an improvement in production results over the first half of the year as we continue to manage the implications of COVID-19 using best practices."

Sierra Metals is a diversified Canadian mining company focused on the production and development of precious and base metals from its polymetallic Yauricocha mine in Peru, and Bolivar and Cusi mines in Mexico.

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