Business
Silvercorp Metals Reports Operational Results and the Financial Results Release Date for the First Quarter of Fiscal 2022
VANCOUVER, BC, July 13, 2021 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures
About this update from Silvercorp Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, July 13, 2021 /CNW/ - Silvercorp Metals Inc. (\"Silvercorp\" or the \"Company\") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the first quarter of fiscal year 2022 ended June 30, 2021 (\"Q1 Fiscal 2022\"). The Company expects to release its Q1 Fiscal 2022 unaudited financial results on Thursday, August 5, 2021 after market close. In Q1 Fiscal 2022, the Company produced approximately 1.5 million ounces of silver, 1,000 ounces of gold, 15.9 million pounds of lead, and 7.2 million pounds of zinc, and sold approximately 1.6 million ounces of silver, 1,000 ounces of gold, 16.8 million pounds of lead, and 7.3 million pounds of zinc, representing decreases of 12%, 9%, and 20%, respectively, in silver, gold and lead sold, and an increase of 4% in zinc sold over the first quarter of fiscal 2021 (\"Q1 Fiscal 2021\"). The production decline in the current quarter resulted mainly from the Company's mining contracts renewal negotiations at the Ying Mining District. As reported in the Company's news release dated April 28, 2021, the Company's two-year mining contracts with the eight mining contractors at the Ying Mining District expired on March 31, 2021 and the parties reached a temporary two-month extension. During negotiations, some contract workers took breaks or left due to the uncertainty which caused some disruption to mining activities. When the contracts were renewed for an additional two year term in mid May 2021, it took some time for the contractors to bring back all their workers and ramp the operations back up to full capacity. Notwithstanding the production decline in Q1 Fiscal 2022, the Company expects to increase production in the remaining three quarters and meet its annual guidance to produce between 6.3 - 6.6 million ounces of silver, 65.7 – 68.9 million pounds of lead, and 26.9 – 28.5 million pounds of zinc in Fiscal 2022. Q1 FISCAL 2022 OPERATING HIGHLIGHTS At the Ying Mining District, ore mined was 142,907 tonnes, down 18% compared to Q1 Fiscal 2021, and ore milled was 155,407 tonnes, down 13% over Q1 Fiscal 2021. Approximately 1.3 million ounces of silver, 1,000 ounces of gold, 13.3 million pounds of lead, and 1.5 million pounds of zinc were produced, representing production decreases of 17% in silver, 9% in gold, 22% in lead, and 21% in zinc over Q1...