Sierra Metals Inc. (NYSE:SMTS) rose in Wednesday trading. The company, last week, released Q1 results.
Results are from Sierra Metals’ three underground mines in Latin America: The Yauricocha polymetallic mine in Peru, and the Bolivar copper and Cusi silver mines in Mexico.
Silver production was one million ounces; a 1% increase from Q1 2020. Copper production of 7.9 million pounds; a 33% decrease from Q1 2020; mainly due to a temporary shift from copper-rich zones to lower grade polymetallic areas at Yauricocha caused by temporary operational challenges.
Lead production of 9.0 million pounds; a 1% decrease from Q1 2020. Zinc production of 24.1 million pounds; an 11% increase from Q1 2020
Gold production of 2,636 ounces; a 28% decrease from Q1 2020. Copper equivalent production of 25.5 million pounds; an 18% decrease from Q1 2020. Record quarterly throughput of 3,728 tpd at the Yauricocha Mine.
The Yauricocha Mine achieved 14% higher throughput as compared to Q1 2020 despite the various operational challenges still posed by the COVID-19 pandemic. Lower grades for all metals negated the impact of higher throughput resulting in a 21% decrease in copper equivalent pounds produced during Q1 2021 compared to Q1 2020.
CEO Luis Marchese commented, "The health and safety of our work force and surrounding communities continues to be of the utmost importance and we continue to manage the implications of COVID-19 using best practices with a goal of avoiding any mine closures, while continuing to aim for production targets."
SMTS shares picked up 40 cents, or 14.2%, to $3.22.
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