Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) has reported solid production and sales figures for the fiscal year ended March 31, 2023, showing it produced approximately 6.6 million ounces of silver, 4,400 ounces of gold, 68.1 million pounds of lead, and 23.5 million pounds of zinc.
The company said the numbers represent increases of 8%, 29%, and 6%, respectively, in silver, gold, and lead production, and a decrease of 12% in zinc compared to the prior year.
On a consolidated basis, the company added, it sold approximately 6.6 million ounces of silver, 4,400 ounces of gold, 65.7 million pounds of lead and 23.4 million pounds of zinc, representing increases of 6%, 29% and 3%, respectively, in silver, gold and lead, and a decrease of 13% in zinc compared with fiscal 2022.
The company reiterated its fiscal 2024 production guidance of approximately 6.8 to 7.2 million ounces of silver, 4,400 to 5,500 ounces of gold, 70.5 to 73.8 million pounds of lead, and 27.7 to 29.7 million pounds of zinc.
Fiscal 2024 production guidance represents anticipated increases of 3% to 8% in silver, 0% to 25% in gold, 4% to 8% in lead, and 18% to 26% in zinc compared to fiscal 2023 production results.
On a consolidated basis in fiscal 2023, the company said 1,068,983 tonnes of ore were mined, and 1,072,654 tonnes of ore were milled, both up 7% over fiscal 2022.
At the Ying Mining District, SilverCorp said 769,024 tonnes of ore were mined, and 773,057 tonnes of ore were milled, both up 13% over fiscal 2022. Approximately 6.0 million ounces of silver, 4,400 ounces of gold, 60.3 million pounds of lead, and 7.2 million pounds of zinc were produced, representing increases of 9%, 29%, 10% and 6%, respectively, in silver, gold, lead and zinc over fiscal 2022.
At the GC Mine, it added that 299,959 tonnes of ore were mined, down 5% over fiscal 2022, and 299,597 tonnes of ore were milled, down 6% over fiscal 2022. Approximately 593 thousand ounces of silver, 7.8 million pounds of lead, and 16.3 million pounds of zinc were produced, representing decreases of 7%, 18% and 19%, respectively, in silver, lead, and zinc compared to fiscal 2022.
The company said the decrease can be attributed mainly to upgrades made to the ventilation and electric power facilities at the GC Mine to comply with newly-implemented safety production regulations. These improvements impacted operations during the second quarter but were completed in the third quarter.
The company said it expects to release its fiscal 2023 audited financial results on Thursday, May 25, 2023, after the market close.
Silvercorp is a Canadian mining company producing silver, gold, lead and zinc in China with a long history of profitability and growth potential.
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