Sierra Metals Inc. (TSX:SMT) announced its production results for the third quarter of 2013, commenting that it produced 626,735 ounces ounces of silver, down from 681,846 ounces in the year-ago period. It also produced 3.3 million pounds of copper, 8.6 million pounds of lead and 12.3 million pounds of zinc, all lower amounts than the company saw in Q3 2012.
The company’s new production guidance is as follows:
|Consolidated Production||Year-to-Date||New Guidance 2013||Old Guidance 2013|
|Sep 30, 2013||4th Quarter||Full-Year||Low||High|
|Silver production (oz)||1,906,763||715,000||2,621,763||2,582,000||2,922,000|
|Copper production (000 lb)||11,086||5,600||16,686||20,400||23,100|
|Lead production (000 lb)||26,678||9,000||35,678||42,400||48,000|
|Zinc production (000 lb)||38,365||12,600||50,965||53,700||60,700|
|Gold Production (oz)||5,071||1,300||6,371||6,000||7,000|
Daniel Tellechea, Sierra’s president and CEO, commented:
Sierra’s production during the third quarter has been lower than expected due to delays in the ramp up to 2,000 tonnes per day at Bolivar and higher dilution in head grades at Yauricocha. Consequently, we are revising our 2013 production guidance. However, we expect our fourth quarter production to improve given that we plan to achieve the production ramp up at Bolivar and we expect higher head grades at Yauricocha.