Sierra Metals says 'tough challenges' impact its Q3 production
(Kitco News) - Sierra Metals (TSX: SMT) todayreported that its Q3 2021 zinc equivalent production of 68,489 thousand poundswas 29% lower than in Q3 2020.
In Q3 2021, the companyproduced 8.3 million pounds of copper, a 32% decrease from Q3 2020; 19.1million pounds of zinc, a 23% decrease from Q3 2020; 0.8 million ounces ofsilver, a 21% decrease from Q3 2020; 7.8 million pounds of lead, a 20% decreasefrom 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 haspresented us with tough challenges arising from sequencing issues due to theCOVID-19 limitations over the last year, as well as unexpected equipmentavailability issues that impacted throughput, head grades and recoveries,particularly at the Bolivar mine. Additionally, during the quarter, Cusipresented operational limitations caused by high temperatures at the availablemineable areas."
However, the company pointedout that these issues are temporary in nature, and that it expects to meet thelower end of the revised annual production guidance.
"With a renewed focus andrefined strategy, we expect to continue on a path of striving for productiongrowth while optimizing and improving operations with a goal of cost reductionas we complete this year and continue into 2022, which will benefit allstakeholders in the company," Marchese added.
Sierra Metals is adiversified Canadian mining company focused on the production and developmentof precious and base metals from its polymetallic Yauricocha mine in Peru, andBolivar and Cusi mines in Mexico.
By Vladimir BasovFor Kitco News
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