Sierra Metals Reports Record Silver Equivalent Output

Sierra Metals Inc. (TSX:SMT) released its results for the third quarter of 2015, commenting that its revenue came to $28.4 million, while adjusted EBITDA came in at $2 million.
Throughput was 452,082 tonnes, and production came to a total of 2.4 million silver equivalent ounces or 16.2 million copper equivalent pounds.
Other highlights include:

• Record silver equivalent production at the Cusi Mine; a 75% increase over Q3 2014
• 9% increase in copper equivalent production at the Bolivar Mine over Q3 2014
• Temporary decline in Yauricocha’s mine output due to operating restructuring that should allow for new future growth plans
• Total tonnes of ore processed of 452,082; a 5% increase over Q3 2014
• On track to meet 2015 production guidance
• $32.1 million of cash and cash equivalents as at September 30, 2015
• Refinancing of $48 million Corona acquisition credit facility during 3Q15 added financial flexibility

Mark Brennan, president and CEO of Sierra Metals, commented:

The company has been working to implement best practices and transition to modern technologies, equipment and methodologies which shall serve to increase production in the coming years. Despite lower production in the short-term at Yauricocha we are pleased the company has still maintained a solid quarter of production overall. Sierra continues to be a low cost producer with a strong balance sheet and we remain on track to fall within our 2015 production guidance. The quality of our assets, being run by our experienced teams, will enable Sierra to continue on its growth path going forward.

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