Sierra Metals Reports Consolidated Financial Results for the First Quarter Of 2021
Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) ("Sierra Metals" or "the Company") today reported revenue of
Image 1: Piedras Verdes Mill at Bolivar (Photo: Business Wire)
Despite the decline in quantities of payable metals due to ongoing COVID-19 related operational challenges and external factors, the Company generated higher revenues, adjusted EBITDA and operating cash flows during Q1 2021.
The Yauricocha Mine achieved
The Bolivar Mine processed 371,608 tonnes in Q1 2021, representing a mere
The Cusi Mine achieved
Consolidated production of silver increased
Luis Marchese, CEO of Sierra Metals, commented, "The safety of our workforce and the communities in which we operate is paramount. The COVID-19 pandemic has enacted various direct and indirect challenges which have affected our ability to operate as effectively as expected. Additionally, an extended power outage at Cusi affected our operations during the quarter. Despite these challenges, we still had solid revenue and adjusted EBITDA tempered by higher costs due to lower metal production and a decline in ore grades. We continue to work through the challenges and issues, and we expect to see improvement as we progress throughout the year."
He continued, "Looking ahead, the year continues to be busy with many exciting developments such as the anticipated receipt of the Informe Tecnico Minero ("ITM") permit at Yauricocha, which will allow us to increase throughput by
He concluded, "The Company continues to have a strong balance sheet to support the Company's capital expenditures and growth initiatives. While we are facing challenges from COVID-19 currently, the mid-term plans remain in place."
The following table displays selected financial and operational information for the three months ended March 31, 2021:
Three Months Ended | ||||||
(In thousands of dollars, except per share and cash cost amounts, consolidated figures unless noted otherwise) | March 31, 2021 |
March 31, 2020 |
||||
Operating | ||||||
Ore Processed / Tonnes Milled |
|
774,421 |
|
740,698 |
|
|
Silver Ounces Produced (000's) |
|
961 |
|
948 |
|
|
Copper Pounds Produced (000's) |
|
7,895 |
|
11,775 |
|
|
Lead Pounds Produced (000's) |
|
9,004 |
|
9,079 |
|
|
Zinc Pounds Produced (000's) |
|
24,123 |
|
21,646 |
|
|
Gold Ounces Produced |
|
2,636 |
|
3,657 |
|
|
Copper Equivalent Pounds Produced (000's)1 |
|
25,496 |
|
31,170 |
|
|
Zinc Equivalent Pounds Produced (000's)1 |
|
79,778 |
|
84,466 |
|
|
Silver Equivalent Ounces Produced (000's)1 |
|
3,741 |
|
4,751 |
|
|
Cash Cost per Tonne Processed | $ |
47.54 |
$ |
46.73 |
|
|
Cost of sales per AgEqOz | $ |
11.48 |
$ |
8.96 |
|
|
Cash Cost per AgEqOz2 | $ |
11.02 |
$ |
8.43 |
|
|
AISC per AgEqOz2 | $ |
19.62 |
$ |
14.71 |
|
|
Cost of sales per CuEqLb2 | $ |
1.69 |
$ |
1.37 |
|
|
Cash Cost per CuEqLb2 | $ |
1.62 |
$ |
1.29 |
|
|
AISC per CuEqLb2 | $ |
2.88 |
$ |
2.25 |
|
|
Cost of sales per ZnEqLb2 | $ |
0.54 |
$ |
0.50 |
|
|
Cash Cost per ZnEqLb2 | $ |
0.52 |
$ |
0.47 |
SMTS
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SMTS Stock Data
32.71M
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0.96%
40.63%
Gold Ore Mining
Mining, Quarrying, and Oil and Gas Extraction
Canada
Toronto
About SMTSSierra Metals Inc. 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. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
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