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Sierra Metals’ shares fall after 2013 production forecast

Sierra Metals’ shares fall after 2013 production forecast


Toronto-based Sierra Metals (CVE:SMT) Monday saw its shares slide more than three per cent, despite forecasting mostly growth in production for 2013.

Shares of the company were lower by 3.61 per cent as at about 3 p.m. EDT, trading at $2.40.

The miner, which changed its name from Dia Bras Exploration to Sierra Metals last month, said it expects to produce 2.58 to 2.92 million ounces of silver in 2013, compared to output of 2.62 million silver ounces in 2012.

Meanwhile, Sierra forecasted copper production of 20.5 to 23.1 million pounds, higher than the 15.9 million pounds of copper it produced in 2012.

Lead production is expected to come in between 42.5 and 48.1 million pounds, up from the 35.7 million pounds it produced last year, the company noted.

Additionally, Sierra guided for production of between 53.7 and 60.8 million pounds of zinc in 2013. The low end of its guidance falls below the 59 million pounds of zinc it saw it 2012. 

The company said it expects to produce between 6,000 to 7,000 ounces of gold in the year ahead, well below 2012 gold production of 10,491 ounces in 2012.

Sierra said that 2012 marked the first full year of production at its Yauricocha mine in Peru and commercial production at its Bolivar mine in Mexico.

The Canadian miner is focused on precious and base metals from its Yauricocha and Bolivar mines, while also advancing its Cusi silver project in Mexico from advanced development into commercial production. 

Sierra is also exploring several precious and base metal targets in Peru and Mexico. 


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