Sierra Metals Reports Fourth Quarter and Year-End 2016 Financial Results

Click to access SMT_PR_Financials_SMT_Q4-2016-Final.pdf

TORONTO, March 30, 2017 /CNW/ – Sierra Metals Inc. (TSX:SMT)(BVL:SMT) (“Sierra Metals” or the “Company”) today reported revenue of $143.2 million and adjusted EBITDA of $41.9 million on throughput of 2,034,465 tonnes and metal production of 11.9 million silver equivalent ounces or 79.5 million copper equivalent pounds for the year ended December 31, 2016.

Sierra Metals had a second consecutive exceptional quarter in its operational and financial results aided by the rise in metal prices. During the fourth quarter, the Company maintained the significant improvements in revenue and adjusted EBITDA realized during the previous quarter. This was largely attributable to the completion of key aspects of the operational improvements program and a return to normalized operations at the Yauricocha Mine in Peru, which had another quarter of excellent throughput. The Company achieved excellent year over year improvement in the fourth quarter with revenues up 67%, adjusted EBITDA up by $17.9 million, and the all-in sustaining cost (ASIC) per silver equivalent payable ounce was lower by 27% to US$12.51 at the Yauricocha Mine.

In 2016, consolidated metal production increased by 4% compared to 2015 which represented the second highest level of annual metal production in the Company’s history. In Q4 2016, consolidated metal production increased by 31% compared to Q4 2015, and resulted in the achievement of the second highest level of quarterly metals production in the Company’s history. The increase in metal production compared to Q4 2015 was due to higher throughput, head grades and recoveries at the Yauricocha Mine in Peru. This was partially offset by a decrease in head grades and recoveries at the Bolivar Mine, and the decrease in throughput, head grades and recoveries at the Cusi Mine; both mines located in Mexico.
Read more at http://www.stockhouse.com/news/press-releases/2017/03/30/sierra-metals-reports-fourth-quarter-and-year-end-2016-financial-results#XWy1dWCym4wUDwy5.99

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