Sierra Metals Inc. Reports Consolidated Production Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Production and Capital Expenditure Guidance for 2017
For the year, the company reported ore processed was 2,034,465 tonnes against 1,864,706 tonnes a year ago. Silver production was 2,979,000 ounces against 3,105,000 ounces a year ago. Copper production was 23,390,000 pounds against 23,197,000 pounds a year ago. Lead production was 40,551,000 pounds against 42,177,000 pounds a year ago. Zinc production was 56,610,000 pounds against 42,077,000 pounds a year ago. Gold production was 8,604 ounces against 9,066 ounces a year ago. Copper equivalent pounds produced were 79,463,000 pounds against 76,051,000 pounds a year ago. Silver equivalent pounds produced were 11,952,000 pounds against 11,439,000 pounds a year ago.
The company anticipates 2017 silver equivalent production will range between 11.5 million ounces to 13.5 million ounces. Copper equivalent production will range between 98.6 million pounds to 115.1 million pounds. The forecasted range includes increased production and higher recoveries at Yauricocha and Bolivar and increased throughput at Cusi. In 2017 the company plans to invest a total of $49.0 million on capital expenditures including $25.3 million for sustaining requirements, $23.7 million for expansion, growth projects and exploration expenses. The 2017 budget includes a total of $8.6 million to be spent on property plant and equipment, $7.1 million towards underground development, $4.3 million in exploration and $29 million towards corporate projects including shaft deepening at the Yauricocha Mine and new tailings deposition facilities at the Bolivar & Cusi Mines.