Silvercorp Metals reports upswing in income and revenue in fiscal third quarter
Silvercorp Metals Inc (NYSEAMERICAN:SVM) (TSE:SVM) (FRA:S9Y), the China-focused metals miner, has posted a 33% increase in income and a 20% uptick in revenue for its fiscal third quarter.
For the three months to end-December 2020, the group reported net income of US$8.4 million, or US$0.05 per share, compared to US$6.3 million, or US$0.04 a share, in the same period a year earlier. Revenue in the quarter came in at US$53.3 million, up from US$44.5 million in fiscal Q3, 2020.
READ: Silvercorp Metals subsidiary acquires La Yesca silver project in Mexico
Silvercorp mined 6% more ore than in the prior-year period, yet milled 2% less, and cash flow from operations was US$23.9 million versus US$24.9 million in fiscal Q3, 2020. The company paid dividends of US$2.2 million, or US$0.0125 per share, to shareholders.
All-in sustaining cost (AISC) per ounce of silver, net of by-product credits, was US$$6.92, compared to US$7.21 in the prior-year quarter, while the company ended the period with US$204.1 million in cash and equivalents and short-term investments, up 2% compared to US$200.1 million as of September 30, 2020.
The group produces from its flagship Ying project, which started commercial production in 2006. It consists of six separate mines which feed two mills with 3,200 tonnes per day (tpd). It also owns the GC mine in Guangdong province. Output started in 2014.
In late January, Silvercorp revealed it had successfully won the exploration rights at the Zhonghe Silver project via an online auction, offering RMB 495 million, or around US$76 million.
And on February 2, the group told investors it had also acquired the La Yesca silver project in Nayarit State, Mexico. The asset lies around 100 kilometers (km) northwest of the city of Guadalajara, covers an area of around 47.7 square kilometers (sq km) with previous exploration activities between 2014 and 2018.
In fiscal Q3, the company also said it sold around 1.6 million ounces of silver, 800 ounces of gold, 16.8 million pounds of lead, and 9 million pounds of zinc, representing increases of 14% and 7% in gold and zinc, but saw decreases of 4% and 11% in silver and lead sold compared to the same quarter in the previous year.
For fiscal 2022 (to March 30,2022) the miner said it expects to process around 960,000 to 1,010,000 tonnes of ore, yielding 6.4 million to 6.7 million ounces of silver, 65.7 million to 68.9 million pounds of lead, and 26.9 million to 28.5 million pounds of zinc.
That output represents an anticipated increase of around 3% in silver production, and 7% to 10% in zinc production compared to the current fiscal 2021 guidance, it noted. Lead production is expected to be similar to current fiscal 2021 guidance.
Contact the author at [email protected]
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/940537/silvercorp-metals-reports-upswing-in-income-and-revenue-in-fiscal-third-quarter-940537.html
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