Sierra Metals, a Canadian mining company, saw a significant rise in production during the third quarter of this year, despite temporarily putting its Cusi silver mine in Mexico on maintenance while it seeks a buyer.
In the third quarter of 2023, Sierra Metals produced 18.5 million pounds of copper-equivalent, marking a notable increase from the 14.6 million pounds produced in the same period in 2022.
The company stated, “Consolidated throughput in Q3 2023 was 4% lower than in Q2 2023 but 25% higher than in Q3 2022.” Moreover, throughput from the Yauricocha Mine during Q3 2023 reached 259,732 metric tons, showing a 6% increase compared to the previous quarter.
While the Bolivar Mine saw a 59% increase in throughput from a year ago, it experienced an 11% decrease compared to the second quarter. Sierra Metals stated that this decline was expected.
Metal Production Highlights:
Gold output showed the most significant year-on-year percentage gain among the metals produced by Sierra Metals, reaching an impressive 82% increase to 3,651 ounces in the third quarter. Copper production followed with a 50% increase to 9.5 million pounds.
The company also reported substantial growth in silver production, which climbed by 40% to 458,000 ounces. Lead production rose by 14% to 4.1 million pounds, and zinc production saw a modest increase of 3.3% at 11.2 million pounds.
Update on the Cusi Mine:
Sierra Metals revealed that it is currently engaged in discussions with interested parties for the sale of the Cusi Mine.
During Q3 2023, the Cusi Mine was placed in care and maintenance, which resulted in the processing of only 29,050 metric tons of ore. This figure represents a significant decline of 44% compared to Q2 2023 and a decrease of 55% compared to Q3 2022.
Additionally, silver equivalent production from the Cusi Mine was notably lower, down by 52% and 69% during the corresponding periods.
Sierra Metals declared Cusi as a noncore asset in September as the company shifts its focus towards copper production.