Sierra Metals Inc. (TSX: SMT) today reported revenue of $143.2 million and adjusted EBITDA of $41.9 million on throughput of 2,034,465 tonnes and metal production of 11.9 million silver equivalent ounces or 79.5 million copper equivalent pounds for the year ended December 31, 2016.
Sierra Metals had a second consecutive exceptional quarter in its operational and financial results aided by the rise in metal prices. During the fourth quarter, the Company maintained the significant improvements in revenue and adjusted EBITDA realized during the previous quarter. This was largely attributable to the completion of key aspects of the operational improvements program and a return to normalized operations at the Yauricocha Mine in Peru, which had another quarter of excellent throughput. The Company achieved excellent year over year improvement in the fourth quarter with revenues up 67%, adjusted EBITDA up by $17.9 million, and the all-in sustaining cost (ASIC) per silver equivalent payable ounce was lower by 27% to US$12.51 at the Yauricocha Mine.