ScottOrr
Sierra Metals (OTCQX:SMTSF) +10.5% in Wednesday’s trading after saying it received the required permit to develop and mine deeper at its Yauricocha mine in Peru, a key part of the company’s effort to raise copper production.
The miner said it received the environmental permit to mine below the 1120 level at the mine, which it said is “vast and is expected to allow us to raise throughput rates back to full mill capacity of 3,600 tons/day,” a ~40% increase from current levels.
Sierra (OTCQX:SMTSF) also said it expects development below the 1120 level will reduce operating costs, given higher production volumes and less expensive mining methods, helping secure Yauricocha long-term potential.
The company said it expects development below the 1120 level will begin in the coming weeks, with ramp-up to full production expected to take 6-9 nine months.
Sierra (OTCQX:SMTSF) earlier forecast copper production of 37.5M-43.3M lbs this year, compared with 40.3M lbs in 2023.