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Sierra Metals has appointed Jose Vizquerra Benavides as the new Chairman of the Board, succeeding Alberto Arias, who held the position since March 2013. Vizquerra brings extensive experience from his roles as President, CEO, and Director of O3 Mining Inc., and has a background in business development at Compañía de Minas Buenaventura S.A.A. His appointment is expected to provide fresh perspectives to the company's operations in Peru and Mexico, enhancing their focus on precious and base metals production. The company continues to explore new opportunities across its mining sites.
Sierra Metals Inc. reported that Arias Resource Capital Fund I has distributed 52,721,964 common shares as part of its winding-up process. This move aligns with the ongoing strategic review supported by Sierra's Board and key stakeholders, including Arias Resource Capital Fund II, the company's largest shareholder. Sierra Metals is focused on increasing production from its Yauricocha, Bolivar, and Cusi mines, highlighting recent discoveries and future exploration opportunities.
Sierra Metals reported its production results for Q4 2020 and full-year 2020, with notable increases in copper, silver, and gold outputs. Copper production rose by 11% for the year to 44.3 million pounds, while silver and gold production increased by 3% and 18%, respectively. Despite operational challenges due to COVID-19, the firm achieved a 6% increase in total ore processed. However, Q4 showcased declines in copper, gold, zinc, and lead outputs. The firm anticipates a 20% production capacity increase for Yauricocha in 2021, supported by positive economic assessments for all mines.
Sierra Metals Inc. (TSX: SMT) (NYSE AMERICAN: SMTS) is exploring strategic alternatives to maximize shareholder value, backed by its major shareholders. The Board has engaged CIBC World Markets to assist in this review, which may lead to the sale of assets or a merger. However, no specific decisions have been made, and there's no guarantee that this exploration will result in a transaction. The company continues its focus on increasing production and mineral resources across its mines in Peru and Mexico, where it has significant exploration opportunities.
Sierra Metals (TSX: SMT; NYSE AMERICAN: SMTS) has published an independent technical report on its Cusi Mine in Mexico, prepared by SRK Consulting. The report, effective August 31, 2020, reveals significant increases in mineral resources: Total Measured and Indicated Resources rose by 18% to 5,356,000 tonnes, while Total Inferred Resources surged by 200% to 4,893,000 tonnes. Key figures include Measured Mineral Resources averaging 213 g/t silver and Indicated Mineral Resources averaging 176 g/t silver. This updated estimate integrates new drilling, sampling, and mapping data for enhanced geological models.