Sierra Metals ups 2020 production by 6% despite COVID-19 challenges

(Kitco News) – Sierra Metals (TSX: SMT) reported Monday its fourth-quarter 2020 and full-year 2020 production results.

The company said that its consolidated copper equivalent production was 118.2 million pounds; an increase of 6% from 2019, which is within the upper end of revised guidance.
Sierra Metals added that it had achieved annual production guidance despite the various COVID-19 related operational challenges, including government-mandated shutdowns in the second quarter of the year.

Annual 2020 consolidated silver, copper, zinc, and gold production increased by 3%, 11%, 1%, and 18%, respectively, while lead production decreased by 7% compared to 2019.

In Q4 2020, consolidated quarterly ore throughput of 778,236 tonnes increased by 6% over Q4 2019, as higher throughput from the Mexican operations was partially offset by a 3% decline in Q4 2020 throughput from the Yauricocha mine.

The company anticipates that 2021 copper equivalent production will range between 130.0 to 141.0 million pounds; or silver equivalent production will range between 16.1 to 17.5 million ounces. The increase in 2021 guidance for copper pounds and silver ounces compared to the actual 2020 production is due to a 20% throughput and recovery increases planned at Yauricocha as well as increased daily throughput rates at Bolivar and Cusi.

Sierra Metals is a diversified Canadian mining company focused on the production and development of precious and base metals from its polymetallic Yauricocha mine in Peru, and Bolivar and Cusi mines in Mexico.

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