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SMTS - Sierra Metals to invest $28M for iron ore processing plant
Sierra Metals Inc.
Sierra Metals (SMTS) announces that its board of directors has approved the investment of $28M for the construction of a magnetite processing plant.The plant is expected to produce about 500K tonnes per year of 62% iron ore fines concentrate at the company’s Bolivar Mine located in the Chihuahua State, Mexico.The deal includes an initial expenditure of $5.2M for early procurement and contracting on the project.