Published: Feb. 1, 2024 at 7:34 a.m. ET
By Robb M. Stewart
Sierra Metals forecasts steady base metal production this year as it prepares its core mines for longer-term growth following an increase in output in 2023.
On 2024 guidance:
The…
By Robb M. Stewart
Sierra Metals forecasts steady base metal production this year as it prepares its core mines for longer-term growth following an increase in output in 2023.
On 2024 guidance:
The Canadian mining company, which is focused on copper production at its Yauricocha mine in Peru and Bolivar mine in Mexico, said it expects 2024 to be a year of stable operations as it works through the final stage of the process to gain a permit to operate deeper at the Yauricocha mine. It also has plans to boost capacity of the mine-waste dame at Bolivar, which will enable the plant to increase production levels.
Sierra said it anticipates receiving the permit to operate below the 1120 level by the end of March, and then for it to take six to nine months to reach full production below 1120.
Production of copper is projected to be between 37.5 and 43.3 million pounds this year, compared with 40.3 million in 2023. Zinc production is expected at 38.6 million to 44.5 million pounds, versus 43.6 million last year, and lead output is targeted at 10.2 million to 11.8 million pounds, down from 13.3 million in 2023. Silver production is expected to fall to 1.5 million to 1.75 million ounces, from 1.8 million last year, and gold output to 10,100 to 11,600 ounces from 16,461.
On 2023 production:
For the final quarter of last year, copper-equivalent production rose to 21.1 million pounds from 18.5 million in the preceding quarter and 11.9 million in the same three months of 2022.
Consolidated copper-equivalent production in 2023 totaled 76.7 million pounds, up 37% from the year before and in line with the company’s guidance.
Write to Robb M. Stewart at robb.stewart@wsj.com
