Sierra Metals looking to build on success in 2023 for a very productive 2024
Vancouver, Canada
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March 28, 2024 08:28 AM Eastern Daylight Time
Sierra Metals CEO Ernesto Balarezo joined Steve Darling from Proactive to discuss the company’s financial performance for the three months and full year ending December 31, 2023. Sierra Metals reported robust results, with revenue reaching $60.6 million for the fourth quarter, marking a notable increase of 58% compared to Q4 2022. Additionally, the company achieved an Adjusted EBITDA of $12.2 million and produced 21.1 million pounds of Copper equivalent, representing a substantial 78% increase from Q4 2022.
Balarezo highlighted to Proactive that Sierra Metals aims to capitalize on its strong performance in 2023 by leveraging strategic initiatives and operational enhancements. With the Level 1120 permit now secured at Yauricocha, the company anticipates ramping up production to full capacity later in 2024. Additionally, in Bolivar, Sierra Metals is focused on constructing a new tailings facility, which is expected to increase production capacity by 50% to 7,500 tonnes per day over the next two to three years.
In terms of exploration, Sierra Metals is actively seeking partnerships to develop its assets and maximize their potential. The company remains committed to advancing its projects and is poised to publish new NI 43-101 mineral reserve and resource reports in the near future.
Overall, Sierra Metals' strong financial performance and strategic initiatives position the company for continued growth and success in the mining sector. With a focus on operational excellence, expansion projects, and exploration partnerships, Sierra Metals is well-positioned to create long-term value for its shareholders and stakeholders alike.
Contact Details
Proactive North America
Proactive North America
+1 604-688-8158
