07:39 AM EDT, 07/12/2024 (MT Newswires) -- Sierra Metals ( SMTSF ) reported Friday an 18% year-on-year decline in copper equivalent production for the second quarter.

The miner produced 16.8 million pounds of copper equivalent, dropping from 20.5 million pounds.

Copper production fell 18% to 8.5 million pounds from 10.5 million pounds while zinc production was down 8% to 11.3 million pounds from 12.2 million pounds.

Silver production sank 26% to 387,000 ounces from 523,000 ounces and gold production slumped 20% to 3,438 ounces from 4,311 ounces. Lead production plunged 22% to 3.1 million pounds from 3.9 million pounds.

Sierra said it implemented a maintenance downtime at the Bolivar plant in Mexico while it continued to maximize production from the limited ore body above the 1120 level at the Yauricocha mine in Peru.

"All in all, we delivered a solid quarter of production that will set Sierra Metals ( SMTSF ) up for a strong second half of 2024, keeping us in good standing to meet our production guidance for the year," CEO Ernesto Balarezo said.

Sierra's share price closed 1.2% lower yesterday at $0.82 on the TSX.