February 21, 2024 (Globalinvestorideas.com Newswire) Sierra Metals Inc . (TSX:SMT) (OTCQX:SMTSF) announced that it has received the required permit to develop and mine below the 1120 level at its Yauricocha Mine (“Yauricocha”) in Peru.
The stock is trading at $0.9200, up 10.8434% on the TSX.
Ernesto Balarezo, Sierra Metals’ CEO, stated, ” We are very excited to have received the environmental permit to mine below the 1120 level at our Yauricocha Mine. As I have stated before, this permit is a game changer for Yauricocha and a key pillar to support the overall growth strategy for Sierra Metals.”
“The ore body below the 1120 level is vast and is expected to allow us to raise throughput rates back to full mill capacity of 3,600 tons per day, representing an increase of approximately 40% from current levels; lower operating costs given higher production volumes and less expensive mining methods; and secure Yauricocha’s long-term potential,” added Mr. Balarezo.
The granting of the 1120 level permit has the potential to provide several significant catalysts for Sierra Metals, such as operational enhancements, maximized operating capacity and cost efficiencies. Most notably, with a modest capital investment in mining operations, the development below the 1120 level is expected to commence in the following weeks. Ramp up to full production levels will be progressive and is expected to take between six and nine months to achieve.
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