SMTS - Sierra Metals wins key permit for Peruvian mine expansion

Sierra Metals (SMTS) +3% pre-market after saying it received a permit allowing for a 20% increase of throughput to 3,600 metric tons/day at its Yauricocha mine in Peru."Today's news will further support the company in achieving its annual production guidance," Sierra Metals CEO Luis Marchese says.The company says it also is focusing on the completion of the pre-feasibility study at Yauricocha, which examines increasing throughput to 5,500 mt/day starting in 2024.Mining companies operating in Peru are concerned by the newly elected president's pledge to take up to 70% of profits from mining companies and introduce new royalties on mineral sales.

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Sierra Metals wins key permit for Peruvian mine expansion