Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) has announced production and sales figures for its second quarter ended September 30, 2022, reporting year-over-year increases in nearly all segments of ore output in its portfolio.
In fiscal Q2 2023, the China-focused company produced approximately 1.8 million ounces of silver, 1,200 ounces of gold, 18.0 million pounds of lead and 6.0 million pounds of zinc, representing increases of 6%, 50%, and 2%, respectively in silver, gold and lead, and a decrease of 20% in zinc compared to the second quarter ended September 30, 2021.
On a consolidated basis, 290,981 tonnes of ore were mined, down 1% over fiscal Q2 2022, but 291,643 tonnes of ore were milled, up 7% over fiscal Q2 2022, the exploration company said.
READ: Silvercorp Metals hits new, high-grade silver-lead-zinc veins at LMW mine at Ying project
The Vancouver-based miner said it sold approximately 1.8 million ounces of silver, 1,200 ounces of gold, 17.3 million pounds of lead, and 5.9 million pounds of zinc on a consolidated basis in the second quarter, compared to approximately 1.7 million ounces of silver, 800 ounces of gold, 17.3 million pounds of lead and 7.6 million pounds of zinc sold in the year-earlier quarter.
For the six-month period, the company produced approximately 3.7 million ounces of silver, 2,300 ounces of gold, 37.1 million pounds of lead, and 12.9 million pounds of zinc, representing increases of 15%, 28%, and 11%, respectively, and a decrease of 12% in zinc compared to the same prior-year period.
Silvercorp operates the flagship Ying Mining District and the GC Mine, both of which are located in China.
At the Ying Mining District, 215,927 tonnes of ore were mined and 216,262 tonnes of ore were milled, up 4% and 19%, respectively, while approximately 1.7 million ounces of silver, 1,200 ounces of gold, 16.2 million pounds of lead, and 2.0 million pounds of zinc were produced, representing increases of 9%, 50%, 10%, and 25%, respectively, over Q2 2022.
At the GC Mine, 75,054 tonnes of ore were mined and 75,381 tonnes of ore were milled, down 12% and 16% compared to fiscal Q2 2022. Approximately 141 thousand ounces of silver, 1.8 million pounds of lead, and 4.0 million pounds of zinc were produced, representing decreases of 21%, 39% and 32%, respectively, compared to Q2 2022.
Silvercorp noted that mining operations at the GC Mine were partially affected in August and September by works to improve ventilation and electric power facilities to comply with new safety regulations issued by the National Mine Safety Administration of China, which became effective on September 1, 2022.
The company said it will continue to work on some improvements this month to fully comply with the new regulations.
Silvercorp, a Canadian mining company with a long history of profitability and growth potential, said it expects to release the unaudited financial results for the second quarter on November 3, 2022, after the market close.
Contact the author at jon.hopkins@proactiveinvestors.com