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(Kitco News) - Sierra Metals (TSX: SMT) announced on Tuesday that its Q1 2023 consolidated copper equivalent production of 18 million pounds increased 28% and 13% when compared to Q4 2022 and Q1 2022, respectively, as a result of operational optimization and overall improvements in operating performance at Sierra’s core assets.
In a press release, the company said that Bolivar’s path toward improved operating performance continues with an 11% and 59% increase in throughput over Q4 2022 and Q1 2022, respectively, adding that Q1 2023 copper equivalent production of 7.6 million pounds increased 18% over Q4 2022 and 192% when compared to Q1 2022.
Sierra Metals noted that following the implementation of new technology and safety measures to safeguard against similar occurrences to last year’s mudslide incident, Yauricocha operations have recovered, and production is on track, with a 44% increase in throughput and a 65% increase in copper equivalent production over the previous quarter.
Interim CEO Ernesto Balarezo commented, “Production during the first quarter of the year indicates that we are beginning to realize the benefits of our plan to optimize all aspects of our operations. On a consolidated basis, we achieved a 28% increase in copper equivalent production over the last quarter and a 13% increase over the first quarter of 2022.
“As anticipated, copper equivalent production at Yauricocha has decreased year-over-year due to mining activity being restricted to permitted areas only. We expect Yauricocha will continue to operate below full capacity of 3,600 tonnes per day until the permit to mine below the 1120 level is obtained. The permit will ultimately lead to higher throughput rates, allowing access to higher-grade ore bodies. At Bolivar, we are pleased with the continued operational recovery.”
He added, “As we complete the first quarter of a new chapter at Sierra Metals, I remain optimistic about the company’s future. We have made both managerial and operational changes that promote a culture of safety and integrity at all levels while we continue to pursue stable, reliable, safe, and efficient operations with full transparency to our stakeholders and shareholders. We remain dedicated to continuing these efforts.”
Sierra Metals is a diversified Canadian mining company with green metal exposure including copper, zinc and lead production with precious metals byproduct credits, focused on the production and development of its Yauricocha mine in Peru and its Bolivar mine in Mexico.
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| Anglo American says its copper equivalent production up 9% in Q1, driven by Quellaveco |
