Canadian mining company Sierra Metals has secured the necessary permit to develop and mine below the 1120 level at its Yauricocha copper mine in Peru.
According to Sierra Metals, the issuance of the 1120 level permit will provide the company with multiple significant catalysts. These include operational enhancements, increased operating capacity, extension of mine life, and cost efficiencies.
The company aims to start development below the 1120 level at the Peruvian copper mine with a modest capital investment in mining operations in the coming weeks.
Sierra Metals said that the ramp up at the Yauricocha copper mine to full production levels will be done gradually. It is expected to be achieved in a period of six to nine months.
Sierra Metals CEO Ernesto Balarezo said: “As I have stated before, this permit is a game changer for Yauricocha and a key pillar to support the overall growth strategy for Sierra Metals.
“The ore body below the 1120 level is vast and is expected to allow us to raise throughput rates back to full mill capacity of 3,600 tons per day, representing an increase of approximately 40% from current levels; lower operating costs given higher production volumes and less expensive mining methods; and secure Yauricocha’s long-term potential.”
Located in western central Peru in the Yauyos province, Yauricocha is an underground mine that has been producing for over 68 years.
In 2011, the precious and base metals producer acquired 82% of Minera Corona, which holds 100% of the Yauricocha mine.
Last year, Sierra Metals placed its fully owned Cusi silver mine located in Mexico on care and maintenance. The Canadian company also initiated the process to sell the Mexican silver mine.
