Sierra Metals says 'tough challenges' impact its Q3 production
(Kitco News) - Sierra Metals (TSX: SMT) today reported that its Q3 2021 zinc equivalent production of 68,489 thousand pounds was 29% lower than in Q3 2020.
In Q3 2021, the company produced 8.3 million pounds of copper, a 32% decrease from Q3 2020; 19.1 million pounds of zinc, a 23% decrease from Q3 2020; 0.8 million ounces of silver, a 21% decrease from Q3 2020; 7.8 million pounds of lead, a 20% decrease from Q3 2020; 2,261 ounces of gold, a 43% decrease from Q3 2020.
CEO Luis Marchese commented, "The third quarter has been particularly difficult for the company. It has presented us with tough challenges arising from sequencing issues due to the COVID-19 limitations over the last year, as well as unexpected equipment availability issues that impacted throughput, head grades and recoveries, particularly at the Bolivar mine. Additionally, during the quarter, Cusi presented operational limitations caused by high temperatures at the available mineable areas."
However, the company pointed out that these issues are temporary in nature, and that it expects to meet the lower end of the revised annual production guidance.
"With a renewed focus and refined strategy, we expect to continue on a path of striving for production growth while optimizing and improving operations with a goal of cost reduction as we complete this year and continue into 2022, which will benefit all stakeholders in the company," Marchese added.
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.