Sierra Metals Holds Production Targets After Rise in 2Q Output — Commodity Comment

The Canadian mining company said it continues to expect copper-equivalent production for the year of between 74.3 million and 83.3 million pounds, after producing 38.5 million pounds in the first six months of 2023, excluding output from its non-core Cusi mine in Mexico.

Silver output is set to come in at between 1.5 million and 1.7 million ounces, gold production is forecast at 13.5 million to 15.4 million ounces, and copper production is expected to be 37.3 million to 42.4 million pounds for the year. Sierra is targeting lead production of 14 million and 15.4 million pounds, and zinc output of 46 million and 50.5 million pounds.

On production:

Sierra, which is focused on the Bolivar mine and Yauricocha Mine in Peru, produced 21.7 million copper-equivalent pounds in the second quarter of the year, up 21% on the previous quarter and 22% higher than a year earlier.

Copper output increased to 10.5 million pounds from 8.3 million in the same period last year, silver production wad 19% higher at 740,000 ounces and gold production was up 14% at 4,442 ounces.

Zinc production increased 17% for the quarter to 12.2 million pounds, while lead output was 28% higher at 4.3 million pounds.

Write to Robb M. Stewart at [email protected]