Mining News
Sierra Metals puts Cusi silver mine on sale block, pivots toward copper
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(Kitco News) - Sierra Metals (TSX: SMT) (OTC Pink: SMTSF) announced today that it has placed the Cusi silver mine in Mexico on care and maintenance and initiated a process to sell the mine.
Sierra said that earlier this year the company deemed the Cusi silver mine a non-core asset and, given current market conditions, has made the “difficult decision” to put the mine on care and maintenance.
“In efforts to crystallize value for shareholders we have a process underway to sell Cusi,” said CEO Balarezo Valdez.
“Sierra is transitioning to become a copper-focused mining company, and the planned divestiture of Cusi will allow us to focus on our two key mines, Yauricocha in Peru and Bolivar in Mexico, where we have significant potential to continue growing our copper production," he added.
The Cusi mine is located in Chihuahua State, Mexico, approximately 135 kilometres from Chihuahua City. The property encompasses 73 concessions covering 11,665 hectares over a range of elevation of 2,000 to 2,500 meters above sea level in the Sierra Madre Occidental Mountain Range.
Cusi has the capacity to produce 1,200 tonnes per day and its processing plant includes a conventional ball mill and flotation plants fed from a crushing circuit. The flotation circuit has the ability to produce silver, lead and zinc concentrates.
In 2022, the Cusi underground mine produced 1,487,000 silver equivalent ounces using sub-level caving and long-hole mining methods, at an all-in sustaining cost (AISC) of $23.17 per silver equivalent ounce sold.
Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha mine in Peru and Bolivar mine in Mexico. The company is intent on safely increasing production volume and growing mineral resources.
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