Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Canadian base and precious metals miner Sierra Metals (TSX: SM) (OTCQX: SMTSF) is set to begin trading on the Lima Stock Exchange under the symbol SMT, the company announced on Friday.
Ernesto Balarezo, CEO of Sierra Metals, said the new listing allows the company to increase its investor exposure and liquidity potential by accessing the Nuam Exchange, which is an agreement among the Chilean, Colombian and Peruvian markets.
The company currently operates the Yauricocha polymetallic mine in Peru that produced over 40,000 lb. of copper-equivalent at an all-in sustaining cost of $3.56/lb. last year.
Recently, Sierra Metals updated the Yauricocha mineral reserves to 6.4 million tonnes at 1.02% copper, 1.83% zinc, 34.43 g/t silver, 0.36 g/t gold and 0.43% lead.
In addition to the Peruvian listing, the miner has also announced the appointment of Jean Pierre Fort as chief financial officer, effective July 1, 2024. He will succeed Jose Fernandez-Baca, who is retiring from the company.
Fort brings more than a decade of financial and operational experience as incoming CFO. He joined Sierra Metals in 2023 as head of business development and corporate finance. Previously, he was CFO and head of corporate development at Silver Mountain Resources, where he led its successful initial public offering.
Prior to that, he served as an associate in the mining and metals investment banking team at RBC Capital Markets in Toronto, and worked in finance, investor relations and supply chain operations at Volcan Compañia Minera, a Peruvian-based precious and base metals producer.
“We are delighted to welcome Jean Pierre to the executive management team at Sierra Metals. Jean Pierre brings senior financial and capital markets expertise to the role, complemented by mining industry experience in both base and precious metals,” Balarezo said in a press release.
