Silvercorp Metals Inc (TSX:SVM, AMEX:SVM), the China-focused metals miner, reported fiscal third-quarter results that saw the company lift its gold, silver, lead, and zinc production levels quarter-over-quarter on the back of its flagship Ying Mining District projects in the Henan province of China.
The Canadian mining company expects to release its 3Q fiscal 2022 unaudited financial results and provide an annual production guidance for the fiscal year ended March 31, 2023, on February 8, 2022, after the market closes.
For the period ended December 31, 2021, the Canadian mining company reported that it increased production to roughly 1.8 million ounces of silver, 1,100 ounces of gold, 19 million pounds of lead, and 8 million pounds of zinc, representing an increase of 8%, 38%, 8%, and 7% respectively in all four metals, compared to fiscal 2Q ended September 30, 2021.
READ: Silvercorp Metals reports high-grade intercepts from extensive exploration at its HPG mine at Ying project
For the first nine months of fiscal 2022, the company produced about 5 million ounces of silver, 2,900 ounces of gold, 52.5 million pounds of lead, and 22.7 million pounds of zinc.
Silvercorp said that a “strict” coronavirus (COVID-19) quarantine policy imposed by local governments where the company’s mines are located in China has caused “uncertainty for workers travelling home and back during the Chinese New Year holiday,” which may have “some impact on production for the fourth quarter.”
In operational highlights, Silverscorp reported that at the Ying Mining District, a total of 200,946 tonnes of ore were mined, up 10% over the same quarter a year earlier; and milled ore amounted to 214,982 tonnes, up 32% over fiscal 3Q 2021.
“Approximately 1.6 million ounces of silver, 1,100 ounces of gold, 16.4 million pounds of lead, and 2.3 million pounds of zinc were produced, representing increases of 13%, 22%, 14% and 26%, respectively, in silver, gold, lead and zinc over fiscal 3Q 2021,” said the company. It pointed out that the company offset lower head grades experienced at the Ying Mining District through increased milling tonnage.
Meanwhile, the company’s SGX Mine in the Ying Mining District suspended production for 10 days due to heavy rain in China’s Yellow River region, impacting ore production and head grades in the current quarter, noted the firm.
At the GC Mine, 91,126 tonnes of ore were mined, down 6% over fiscal 3Q 2021, and 89,790 tonnes of ore were milled, down 8% over the same quarter a year earlier. “Approximately 187,000 ounces of silver, 2.6 million pounds of lead, and 5.7 million pounds of zinc were produced, representing decreases of 12%, 6% and 17%, respectively, in silver, lead, and zinc over fiscal 3Q 2021,” said the company.
On a consolidated basis, 292,072 tonnes of ore were mined, up 5% over fiscal 3Q 2021, and milled ore amounted to 304,772 tonnes, up 17% compared to the same period a year earlier.
Similarly, on a consolidated basis, Silvercorp sold 1.7 million ounces of silver, 1,100 ounces of gold, 17.2 million pounds of lead, and 7.6 million pounds of zinc, an increase of 4%, 38%, and 2% respectively, in silver, gold and lead sales. On the other hand, zinc sales fell by 15% during the quarter, compared to fiscal 3Q 2021.
Silvercorp is a profitable Canadian mining company producing silver, lead, and zinc metals in concentrates from mines in China. The company has six mines that make up its Ying project.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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