– CANADA, Toronto – Sierra Metals Inc. (TSX: SMT | BVL: SMT | NYSE: SMTS) today announced the appointment of Luis C. Marchese as CEO, effective June 1, 2020.
Mr. Marchese is replacing current President and CEO, Igor Gonzales, who will resign this position effective May 31, 2020 and his Board seat effective today.
In conjunction with his upcoming appointment as CEO, Mr. Marchese will join the Board of Directors effective immediately and will work closely with Igor during this transition period.
Alberto Arias, Board Chairman, said: “We are delighted to have Mr. Marchese join us as our new CEO and a member of the Board of Sierra Metals. Luis is a great fit for Sierra Metals current strategic direction. After over 10 years of having one the strongest growth track records in the industry, Sierra Metals has become a medium scale diversified mining company with a solid balance sheet and increasing its copper participation, which has become its main source of revenue. Sierra Metals has further attractive organic growth opportunities through its exploration projects in Peru and Mexico, which includes copper porphyry mineralization in Peru and the Copper porphyry environment in Mexico. ../.. We are confident that with Mr. Marchese’s strong track record, he will lead the Company in an exciting new phase of shareholder value generation and market recognition.”
Alberto Arias added: “On behalf of the entire Board of Directors and the employees of Sierra Metals, I would also like to extend our sincere appreciation and gratitude to Igor for his work and dedication at Sierra over the past seven years, first as director and then as CEO and President. Igor has improved the team and operations in a material way since he joined the Company and positioned to continue its profitable growth profile. We thank Igor for working with Mr. Marchese to ensure a smooth transition of the CEO position.”
Mr. Gonzales said: “I would like to thank the Board, Management Team, and employees of Sierra Metals for this opportunity over the past seven years and welcome Luis Marchese as the new CEO and member of the Board. I consider that the Company is in a good position to continue to perform well.”
About Luis Marchese
Mr. Marchese is a highly regarded mining executive with 25-years of experience in the mining sector, mostly at Anglo American. He was Anglo American’s Peru country manager and most notably, during different periods, General Manager of Quellaveco, one of the world’s largest copper mining projects, now under construction. Quellaveco developed a successful business case, reached social license, construction permits, as well as water and land tenure, in a process that required extensive evaluation/engineering and social engagement work for its over US$5 billion CAPEX. Mitsubishi Corporation acquired two strategic minority interests in Quellaveco: 18.1% for an undisclosed amount in 2012 from the IFC, and an additional 21.9% for US$600 million from Anglo American, which we consider a robust validation to the exemplary job performed at this project and a remarkably strong valuation for an undeveloped copper porphyry deposit in Peru.
Mr. Marchese received industry-wide recognition in the Peruvian mining industry with his election as the President of Peru’s Society of Mining and Oil and Energy (SNMP) between 2017-2019. Mr. Marchese’s operating experience includes service in Chile (AngloAmerican’s Mantoverde and Mantos Blancos copper mines), Canada (Hudson Bay Mining and Smelting’s polymetallic underground mines), and various assignments at different countries (including Mexico) during his long career tenure. Mr. Marchese also served as a Senior Adviser to Anglo American’s CEO in 2018 and 2019. More recently he was a Director to Compañía Minera San Ignacio de Morococha S.A. and an Alternate Director to Compañía Minera Poderosa S.A. Mr. Marchese currently holds positions at Business associations (CONFIEP), industry associations (SNMPE, CMSP) and Academy (CEMS – UP). Mr. Marchese earned a Bachelor of Science degree in Mining Engineering from Pontificia Universidad Catolica Universidad del Peru, and a Master of Science degree in Mineral Economics from The Pennsylvania State University. He has completed an AMP from GIBS – University of Pretoria, and an ASMP delivered jointly by the University of Cambridge and the University of Queensland.
Mr. Marchese commented: “I am excited about the potential economic value of Sierra Metals assets. I look forward to working closely with our Board and the Sierra employees to fully realize the potential of Sierra Metals assets and operations in Peru and Mexico.”
About Sierra Metals
Sierra Metals is a Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new discoveries and still has additional brownfield exploration opportunities at all three mines in Peru and Mexico that are within or close proximity to the existing mines. Additionally, the Company has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
For more information: https://www.sierrametals.com
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