Sierra Metals has announced positive results at its Sociedad Minera Corona subsidiary Peru for Q1 2018.
Sierra Metals (TSX:SMT) has announced positive results at its Sociedad Minera Corona subsidiary Peru for Q1 2018.
Sierra Metals owns a 81.8 percent interest in Corona, which operates the Yauricocha Mine in Yauyos Province in Peru.
As quoted in the press release:
President and chief executive officer of Sierra, Igor Gonzales said “the Yauricocha Mine continued to be a strong performer in the first quarter of 2018. The Mine reported a 21 percent increase in revenue, and an 18 percent increase in adjusted EBITDA over the same period in 2017, continuing to reap the benefits of the operational improvements program and improved realized metal prices. Additionally, an increase in the net production revenue per tonne of ore milled continues to demonstrate that the capital investments at the mine were well spent. Cash and all-in sustaining costs, while higher year over year, remained in line with previous quarters.”
As highlighted in the press release:
Revenues of US$46.6 million vs. US$38.5 million in Q1 2017
Adjusted EBITDA of US$24.2 million vs. US$20.5 million in Q1 2017
Total tonnes processed of 271,389 vs. 251,180 in Q1 2017
Net production revenue per tonne of ore milled increased by 7 percent to US$168.74
Cash cost per zinc equivalent payable pound higher by 36 percent to US$0.57
All in sustaining cost per zinc equivalent payable pound higher by 34 percent to US$0.82
Zinc equivalent production of 34.8 million pounds vs. 38.1 million pounds in Q1 2017
$23.2 million of cash and cash equivalents as at March 31, 2018
$33.3 million of working capital as at March 31, 2018