07:39 AM EST, 12/04/2024 (MT Newswires) -- Sierra Metals ( SMTSF ) said Wednesday that its Yauricocha mine in Peru reached a full capacity throughput rate of 3,600 tonnes per day at the start of the fourth quarter.

The company said it completed mine development below the 1120 level on time and on budget, allowing a mine life extension at Yauricocha.

"Yauricocha is now operating at full capacity, which is a 30% increase from throughput levels of December 2023," CEO Ernesto Balarezo said. "The increased capacity and corresponding lower operating costs is a game changer for the mine and for Sierra Metals ( SMTSF )."

Sierra's share price rose 3.1% yesterday to $0.67 on the TSX.