Copper Production Up 16% Year-Over-Year, Yauricocha Mine Key Driver
Sierra Metals has exceeded its 2024 production targets, reporting a notable 16% year-over-year increase in copper production, reaching 11 million pounds in the third quarter. This strong performance was largely driven by the successful development of new mining zones at the Yauricocha mine in Peru, which saw a 23% increase in copper output compared to the same period last year. Copper production from these new zones surged by 97% from the previous quarter, totaling 4.7 million pounds. This significant boost from Yauricocha is expected to continue contributing to the company’s growth through the rest of the year.
Bolivar Mine Continues to Contribute to Copper Output
In Mexico, Sierra’s Bolivar mine also played a crucial role, generating 6.3 million pounds of copper in Q3, marking an 11% increase from the previous year and a 3% rise compared to the second quarter of 2024. The performance of Bolivar, alongside Yauricocha’s new zones, has bolstered Sierra’s overall copper production and exceeded the company’s initial projections.
Stable Zinc Output, Lead Production Declines
While copper production showed strong growth, Sierra’s zinc output remained stable, coming in at 11.2 million pounds in the third quarter, just a slight 1% dip compared to Q2 2024. Lead production, however, faced challenges, dropping 38% year-over-year and falling 17% from the second quarter, totaling only 2.5 million pounds. Despite this setback in lead, the company’s focus on copper and zinc remains central to its strategic growth.
Optimistic Outlook for 2024 and Beyond
Sierra Metals remains optimistic about surpassing its 2024 production guidance, thanks to continued success at its key mining operations, especially at Yauricocha and Bolivar. With copper production poised to remain a key driver for the company, Sierra is well-positioned to continue expanding output and improving efficiencies in the coming months.
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