Sierra Metals Inc. (formerly Dia Bras Exploration Inc.) is a premier Latin American precious and base metals producer. 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.
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. Located 6 km from the Bolivar mine, the Piedras Verdes mill had originally a throughput capacity of 1,000 tpd and after the 2013 expansion, the capacity now stands at 2,000 tpd. In January 2013, the Company announced commercial production at the Cusi mine in Mexico. With an initial mining rate of 200 tpd the Company plans to expand to 500 tpd in 2014.
Sierra Metals is focused on expanding global reserves and resources in Peru and Mexico. Currently, extensive exploration and development programs are underway to increase known reserves and resources within close 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 and growing reserves and resources.