Sierra Metals Reports Q3-2018 Financial Results at its Sociedad Minera Corona Subsidiary in Peru

- October 30th, 2018

Sierra said there was sustained throughput and production of all metals except lead, complimented by lower costs helped to mitigate impact of lower realized metal prices in Q3 2018.

Sierra Metals (TSX:SMT)has announced the filing of Sociedad Minera Corona’s unaudited financial statements and the management discussion and analysis for the third quarter of 2018.

Sierra said there was sustained throughput and production of all metals except lead, complimented by lower costs helped to mitigate impact of lower realized metal prices in Q3 2018.

Corona’s highlights for Q3:

  • Revenues decreased by 4 percent to US$38.1 million vs. US$39.6 million in Q3 2017
  • Adjusted EBITDA decreased by 6 percent to US$17.6 million vs. US$18.8 million in Q3 2017
  • Total tonnes processed increased by 6 percent to 283,446 vs. 268,178 in Q3 2017
  • Net production revenue per tonne of ore milled decreased by 10 percent to US$132.45
  • All in sustaining cost per zinc equivalent payable pound lower by 20 percent to US$0.66
  • Zinc equivalent production of 42.9 million pounds vs. 36.9 million pounds in Q3 2017
  • US$27.8 million of cash and cash equivalents as at September 30, 2018
  • US$41.7 million of working capital as at September 30, 2018

President and CEO of Sierra, Igor Gonzales said:

“Corona’s 2018 third quarter results continue to deliver performance from the mine through stable metal production and tonnage throughput when compared to Q3 2017. However, softer realized metal prices have resulted in a small decrease in revenue and adjusted EBITDA over the same period in 2017, partially offset by lower cash and all-in sustaining costs per zinc equivalent payable pound.  The company is still reporting a 12 percent increase in revenue and adjusted EBITDA when comparing nine months of 2018, to the same period in 2017. Overall, I am happy with the efforts made at Yauricocha to maximize the operational and financial performances which continue to benefit from well-made capital investments at the mine.”

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

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