Welcome to Sierra Metals Inc.
We are a premier Latin American precious and base metals producer with significant resource growth potential. The Company owns and operates three mines in commercial production: the Yauricocha Mine in Peru, the Bolivar and Cusi mines in Mexico.
Sierra Metals Inc., formerly known as Dia Bras Exploration Inc., began exploration and development work in Mexico in early 2003. In 2004, the Bolivar Mine property was acquired and active development was done to advance the property towards production. In 2006, a rapid expansion into the Cusihuiriachic (“Cusi”) silver district resulted in the acquisition of a 100 km2 property encompassing 12 former silver mines. From 2006 to 2011 the Company shipped high-grade development ore from the Bolivar project to its wholly owned Malpaso Mill. Starting in 2009, the Company started producing silver dore at the Malpaso Mill from development ore at the Cusi project.
In the spring of 2011, Sierra Metals expanded operations into Peru with the acquisition of 82% of Sociedad Minera Corona S.A. (“Corona”) for a total purchase price of $286 million. Corona’s main asset is the Yauricocha Mine in the Yauyos province in western central Peru. This purchase dramatically transformed the production profile of Sierra Metals and propelled the Company from a junior exploration and development company to a mid-tier precious and base metals producer. The Company completed a significant operational improvements program from Q3 2015 to Q2 2016 and has increased production to 2,800 tonnes per day, modernized the mining methodologies and equipment and value of ore feed to the mill. Production is planned to increase to 3,000 in 2017. The company has also had great brownfield exploration success at the Yauricocha Mine with discoveries like the Esperanza Zone which was announced in January of 2016 and brought into the mine plan producing in late June 2016. The exploration programs slated for 2017 should daylight significant brownfield opportunities at the mine.
This rapid expansion in Peru was followed by the completion of the Piedras Verdes Mill in Mexico and the announcement of commercial production at the Bolivar Mine in November 2011. Located 6 kilometers from the mine, the Piedras Verdes Mill underwent expansion from its original throughput capacity of 1,000 tonnes per day to 2,000 tonnes per day in 2013. Further expansion to 3,000 tonnes per day was achieved in 2016 and is expected to reach 3,500 tonnes per day in 2017. In January 2013, the Company announced commercial production at the Cusi Mine in Mexico.
Sierra Metals is focused on expanding global reserves and resources in Peru and Mexico. Currently, extensive brownfield exploration and development programs are underway to increase known reserves and resources within proximity to each mine. Additionally, broader regional targets are being explored to continue advancing the Company’s project pipeline towards production.
Sierra Metals continues to strive towards its objective of becoming Latin America’s premier low-cost precious and base metals producer by increasing its production profile, lowering costs and growing mineral reserves and resources.