Sierra Metals expects to increase its copper equivalent ore output by 20pc to 130-141mn lbs (58,967-63,956mt) in 2021, from 118.2mn lbs in 2020, driven by higher production from its mines Yauricocha in Peru and Bolivar in Mexico.
The company may also receive the permits to increase Yauricocha’s production capacity by 20pc in the second quarter of 2021, it said in a statement on Jan 18.
Moreover, Sierra plans to invest $78mn on capital expenditure this year, of which $37mn will be used towards sustaining capital requirements and $41mn for expansion, growth projects, and exploration expenses.
In 2020, the company’s copper equivalent ore output increased by 6pc compared with the previous year, while its copper production increased by 11pc to 44.3mn lbs in 2020, from 39.8mn lbs in 2019. Zinc production also rose by 1pc to 81.8mn lbs in 2020, from 81mn lbs in 2019, while lead output fell by 7pc to 32.9mn lbs in 2020, from 35.4mn lbs in 2019.
The company’s copper production fell by 6pc to 10.6mn lbs in the fourth quarter (Q4) 2020, from 11.3mn lbs in the same period of 2019, zinc production fell by 16pc to 21.6 in Q4 2020, from 25.5mn lbs in Q4 2019 and lead production also declined by 23pc to 7.6mn lbs in Q4 2020, from 9.9mn lbs in Q4 2019.