News From the recent Swiss Resource Capital Newsletter:
Sierra Metals reports positive financial results A few days ago, Sierra Metals reported its fourth quarter and year-end 2016 financial results.
Highlights were:
- Adjusted EBITDA of U$41.9 million in 2016 increased 30% from U$32.3 million in 2015
- Operating cash flows before movements in working capital of U$44.3 million in 2016 increased 36% from U$32.5 million in 2015
- Revenue from metals payable of U$143.2 million in 2016 increased by 7% from U$134.1 million in 2015
- Annual 2016 silver equivalent production of 11.9 million ounces or copper equivalent production of 79.5 million pounds; a 4% increase from 2015 and within production guidance
- 2017 Production guidance of 11.5 – 13.5 million Ag Eq oz or 98.6 – 115.1 M Cu Eq lbs
- Successful completion of the restructuring program and new Hepburn hoist installation at the Yauricocha Mine
- U$42.1 million of cash and cash equivalents as at December 31, 2016
- Net Debt of U$36.5 million represents less than 1x trailing adjusted EBITDA as at December 31, 2016
2016 has been a transformational year for Sierra and the stage has been set for exceptional growth following a very successful operational improvements program and the Esperanza discovery at the Yauricocha Mine, development of new areas for higher grade ore at Bolivar and the reinterpretation of geology at the Cusi Mine. In its operations, the Company also reported record tonnage throughput and realized remarkable increases in revenue, cash flows and adjusted EBITDA.
Source: https://www.resource-capital.ch/en/infothek/newsletter-archiv.html