Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) has reiterated its fiscal 2023 production guidance range of 7 million to 7.3 million ounces of silver, 6,300 to 7,900 ounces of gold, 68.4 million to 71.3 million pounds of lead, and 32 million to 34.5 million pounds of zinc.
Compared to fiscal 2022 production results, the Vancouver-based firm's figures for 2023 represent increases of 14% to 19% in silver, 85% to 132% in gold, 6% to 11% in lead, and 19% to 29% in zinc.
In its financial year ended March 31, 2022, the firm produced nearly 6.1 million ounces of silver and 3,400 ounces of gold. In addition to the silver and gold sales, the China-focused miner also produced 64.4 million pounds of lead, and 26.8 million pounds of zinc. The 2022 figures were slightly below Silvercorp’s annual guidance of 6.3 to 6.6 million ounces of silver, 65.7 to 68.9 million pounds of lead, and 26.9 to 28.5 million pounds of zinc, which the firm said was a result of “disruptions arising from the mining contract renewal negotiation process and the heavy rainfall experienced at the Ying Mining District as reported in previous quarters.”
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Silvercorp operates the flagship Ying Mining District and the GC Mine, both of which are located in China.
At Ying, the company mined 681,398 tonnes of ore, up 5% year-over-year, and 684,293 tonnes of ore, up 5% over fiscal 2021. Ying produced approximately 5.5 million ounces of silver, 3,400 ounces of gold, 54.9 million pounds of lead, and 6.8 million pounds of zinc, representing decreases of 2%, 3%, 5%, and 2%, respectively, in silver, gold, lead, and zinc over fiscal 2021.
The GC operation saw 314,882 tonnes of ore mined, compared to 314,900 tonnes in fiscal 2021, and 318,042 tonnes of ore milled, up 1% over fiscal 2021.
GC produced nearly 640,000 ounces of silver, 9.5 million pounds of lead, and 20 million pounds of zinc, representing decreases of 11%, 9% and 5%, respectively, in silver, lead, and zinc over fiscal 2021.
On a consolidated basis, Silvercorp sold around 6.3 million ounces of silver, 63.6 million pounds of lead, 26.8 million pounds of zinc, and 3,400 ounces of gold, representing decreases of 1%, 5%, and 4%, respectively, in silver, lead, zinc and an 8% increase in gold sold excluding the one-time sale of 1,200 ounces of gold from the BYP Mine in Fiscal 2021, the company said.
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