Silvercorp Metals Inc (TSX:SVM, AMEX:SVM), the China-focused metals miner, said it produced around 1.9 million ounces of silver, 1,100 ounces of gold, 20.1 million pounds of lead, and 7 million pounds of zinc in its 2023 fiscal third quarter to end-December last year.
That represented an uplift of 1%, 0%, and 6%, respectively, but a 13% drop in zinc output compared to fiscal 3Q, 2022.
Across the group's mines, 296,050 tonnes of ore were mined, up 1% over the third quarter in the year-earlier period, while 303,442 tonnes of ore were milled, effectively the same as the three months in the fiscal 2022 period.
Silvercorp told investors it sold around 1.9 million ounces of silver, 1,100 ounces of gold, 19.3 million pounds of lead, and 7.1 million pounds of zinc in its third quarter.
That compares to around 1.7 million ounces of silver, 1,100 ounces of gold, 17.2 million pounds of lead and 7.6 million pounds of zinc in fiscal 3Q, 2022.
READ: Silvercorp Metals releases 2Q results highlighting gains in silver, gold and lead production
Most of the company’s output comes from its flagship Ying operation, which comprises seven underground mines and two processing plants, but it also has the GC mine, where around 179,000 ounces of silver, 2.4 million pounds of lead, and 4.9 million pounds of zinc were produced, representing decreases of 4%, 7% and 14%, respectively compared to 3Q, fiscal 2022, but up 27%, 35% and 22% respectively, in silver, lead and zinc compared to the previous quarter.
The miners said it expects to release its third quarter unaudited financial results on February 9 this year after market close.
Silvercorp is a Canadian mining firm producing silver, gold, lead, and zinc with a long history of profitability and growth potential.
It says its strategy is to create shareholder value by focusing on generating free cash flow from long-life mines; organic growth through extensive drilling for discovery; ongoing M&A efforts, and long-term commitment to responsible mining and ESG.
Contact the author at giles@proactiveinvestors.com