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SOURCE Sierra Metals Inc.
VANCOUVER, Feb. 14, 2014 /PRNewswire/ - Sierra Metals Inc. (TSX:SMT)(BVL:SMT) ("Sierra Metals" or the "Company") announces the filing of Sociedad Minera Corona S.A.'s ("Corona") unaudited Financial Statements and Management Discussion and Analysis ("MD&A") for the fourth quarter of 2013. The Company holds an 81.8% interest in Corona. All amounts are presented in thousands of US dollars unless otherwise stated and have not been adjusted for the 18.2% non-controlling interest.
Daniel Tellechea, President and CEO of Sierra Metals, commented: "Corona's annual results reflect the Company's strong cashflow generation capacity despite a less favorable commodity price environment. For 2014, Corona will focus its efforts on maintaining existing cash costs, reducing grade dilution by a better control of water inflows, completing the current underground mine infrastructure project, and carrying out regional exploration along the Yauricocha fault."
The following table sets out select unaudited financial information for the three and twelve months ended December 31, 2013 and 2012:
|3 Months Ended||12 Months Ended|
|(In thousands of US dollars, unless otherwise stated)||Dec 31, 2013||Dec 31, 2012||Dec 31, 2013||Dec 31, 2012|
|Adjusted EBITDA 1||9,033||15,317||47,234||81,350|
|Cash Flow from continuing operations||9,953||14,570||17,703||50,551|
|Net Income attributable to shareholders||1,810||6,989||16,715||51,083|
|Cash Cost per oz of Ag (Yauricocha) 2||$||(7.96)||(13.11)||(12.04)||(19.44)|
|(In thousands of US dollars, unless otherwise stated)||Dec 31, 2013||Dec 31, 2012|
|Cash and cash equivalents||$||36,242||72,071|
|1 Adjusted EBITDA is defined by management as EBITDA adjusted for non-cash and non-recurring items including share-based|
|compensation, foreign exchange gain (loss), gain (loss) from discontinued operations and unrealized gain (loss) on financial|
|instruments held at fair value through profit and loss.|
|2 Cash costs are calculated to include cost of sales, treatment and refining charges, and selling expenses less depreciation,|
|workers profit sharing and other non-cash provisions included in cost of sales.|
Corona's Financial Highlights
Corona's Operational Highlights
The following table sets out production results as of December 31, 2013 and 2012:
|Yauricocha Production||3 Months Ended||12 Months Ended|
|Dec 31, 2013||Dec 31, 2012||% Var.||Dec 31, 2013||Dec 31, 2012||% Var.|
|Silver production (oz)||463,964||547,114||-15%||1,866,769||2,143,972||-13%|
|Copper production (000 lb)||1,167||2,172||-46%||6,514||9,061||-28%|
|Lead production (000 lb)||10,956||8,571||28%||37,055||35,200||5%|
|Zinc production (000 lb)||13,382||13,803||-3%||50,817||49,888||2%|
|Gold Production (oz)||1,665||2,181||-24%||6,736||10,491||-36%|
About Sierra Metals
Sierra Metals Inc. is a Canadian mining company focused on precious and base metals from its Yauricocha Mine in Peru, its Bolivar Mine and Cusi Mine in Mexico. In addition, Sierra Metals is exploring several precious and base metal targets in Peru and Mexico. Projects in Peru include Adrico (gold), Victoria (copper-silver) and Ipillo (polymetallic) at the Yauricocha Property in the province of Yauyos and the San Miguelito gold properties in Northern Peru. Projects in Mexico include Bacerac (silver) in the state of Sonora, La Verde (gold) at the Batopilas Property in the state of Chihuahua, and Las Coloradas (silver) at the Melchor Ocampo Property in the state of Zacatecas.
The Company's shares trade on the Bolsa de Valores de Lima and the Toronto Stock Exchange under the symbol "SMT".
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-looking statements", which involve various known and unknown risk and uncertainties and other factors, including market conditions that may affect the Company's ability to execute its current business plan. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
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