Sierra Metals releases quarterly report

Sierra Metals Inc. recently announced that its Sociedad Minera Corona S.A. operation in Peru has produced 2 million silver equivalent ounces in the second quarter of 2015.

Corona recently filed its unaudited financial statements and Management Discussion and Analysis (MD&A) for the second quarter. According to the MD&A, Sierra Metals has an 81.8 percent interest in Corona. All of the sums are shown in thousands of U.S. dollars without any adjustments for the non-controlling interest of 18.2 percent.

For the second quarter of 2015, Corona’s financial highlights include an adjusted EBITDA amounting to $13.3 million, a net income amounting to $7.2 million (or 20 cents per share), a revenue sum of $28.3 million, an operating cash flow amounting to $2.7 million, as well as a cash cost per silver payable ounce totaling at $14.42 million from the Yauricocha Mine.

“In spite of the lower commodity price environment, Corona had another exceptional quarter of financial and production results highlighted by strong revenues and adjusted EBITDA which were generated from our continued increased productivity and production growth,” President and CEO of Sierra Metals Mark Brennan said. “Corona continues on the path to meet its production guidance for 2015 by remaining a low-cost producer while continuing to demonstrate the Yauricocha Mine’s full economic potential.”