Sierra Subsidiary Corona Achieves Higher Q2 Production Levels

Sierra Metals Inc. (TSX:SMT) announced the filing of the Q2 2014 financial results of its subsidiary, Sociedad Minera Corona SA. Sierra holds an 81.8-percent interest in Corona.

Corona’s operational highlights include:

  • Silver (‘Ag’) production of 479,254 oz in the second quarter of 2014 compared to 481,058 oz for the same period in 2013. Silver (‘Ag’) production of 973,548 oz and 955,660 oz for the six month period ended June 30, 2014 and 2013, respectively.
  • Copper (‘Cu’) production of 1.8 million pounds (‘lb’) in the second quarter of 2014 compared to 1.7 million lb for the same period in 2013. Copper (‘Cu’) production of 3.5 million pounds (‘lb’) and 3.9 million pounds (‘lb’) for the six month period ended June 30, 2014 and 2013, respectively.
  • Lead (‘Pb’) production of 11.2 million lb in the second quarter of 2014 compared to 9.4 million lb for the same period in 2013. Lead (‘Pb’) production of 22.9 million pounds (‘lb’) and 17.8 million pounds (‘lb’) for the six month period ended June 30, 2014 and 2013, respectively.
  • Zinc (‘Zn’) production of 13.5 million lb in the second quarter of 2014 compared to 12.1 million lb for the same period in 2013. Zinc (‘Zn’) production of 26.2 million pounds (‘lb’) and 25.2 million pounds (‘lb’) for the six month period ended June 30, 2014 and 2013, respectively.
  • Gold (‘Au’) production from the Yauricocha Mine was 1,480 oz in the second quarter of 2014 and 1,800 oz for the same period in 2013. Gold (‘Au’) production of 2,954 oz and 3,398 oz for the six month period ended June 30, 2014 and 2013, respectively.

Audra Walsh, president and CEO of Sierra, commented:

Corona has achieved higher production levels and lower cash cost per ounce, which resulted in higher operating cash flows, adjusted EBITDA and profit levels for the second quarter of 2014. The main drivers for these positive results have been the measures that the Company has been implementing since the second half of 2013 to increase operational efficiencies and reduce costs. Corona is committed to meet its production guidance for 2014. I look forward to working with the team at Corona in their continual efforts to be a low cost producer.

Click here to read the full Sierra Metals Inc. (TSX:SMT) press release.