Barrick ups spending commitment on Precipitate Gold’s Pueblo Grande to $22m
The property surrounds its Pueblo Viejo mine in the Dominican Republic.
Canadian base and precious metals miner Sierra Metals (TSX: SMT | OTCQX: SMTSF) announced on Wednesday that its Yauricocha polymetallic mine in Peru had reached full production.
The underground copper-gold-silver mine is now processing ore at a throughput rate of 3,600 tonnes per day, a 30% increase compared to December 2023 levels.
The milestone follows the receipt of key operating and environmental permits in early 2024, which allowed the company to expand its mining activities below the 1120 depth level. The achievement not only extends the mine’s operational life but also reduces its overall operating costs, according to the company.
Chief executive Ernesto Balarezo said increasing throughput rate capacity extends the mine’s life and reduces operating costs.
“Since receiving operating and environmental permits to develop and mine below the 1120 level at Yauricocha, the team has done a terrific job developing this new zone,” he said. “The mine is now operating at full capacity”.
Acquired by Sierra Metals in 2011, Yauricocha has been a cornerstone of the company’s operations and boasts a remarkable history of over 70 years of continuous production.
The mine’s transition to full production reflects copper’s central role in Sierra Metals’ portfolio, which also includes the Bolivar mine in Mexico and several exploration projects in both Peru and Mexico.
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