Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Canada’s Sierra Metal posted a 25pc rise in revenues from metals payable at $69.6mn in Q1 compared to $55.6mn in Q1 2020. The increase in the revenues was driven by the higher realized metal prices, stated the company. The company has maintained its Cu Eq production guidance at 155-170mn lbs. 


The company’s copper production fell 33pc to 7.9mn lbs due to temporary operational challenges but despite the decline related to COVID-19. The pandemic has caused various direct and indirect challenges which affected the company’s operations through delays in mine development and lower head grades. Sales volume decreased as a result of a decline in concentrate production attributable to lower grades. 


In late January, the Peruvian government declared a quarantine period in some cities for two weeks ending Feb 14 which was later extended to Feb 28. Peru is witnessing a strong second wave and cases remain at all-time high levels. 


The company has not yet been affected directly by the recent additional measures taken by the respective governments to curb the COVID-19 cases. Sierra Metal’s management has assessed the situation and maintains production guidance of Cu Eq between 155-170mn lbs as announced on January 18, 2021. 

Leave a Reply

Your email address will not be published.