Silvercorp annual production beats guidance

According to Mining News Pro - After an extended shutdown of activities at its operations in China due to covid-19, the company was able to ramp up to full capacity in March in full compliance with government measures.

For the year, the company beat its silver production guidance by 3% with approximately 6.3 million ounces produced. Lead production reached 67.4 million pounds, also 3% above guidance. Zinc output of 25.6 million pounds was 17% above fiscal 2020 guidance.

Silvercorp has also maintained its fiscal 2021 production guidance of 6.2-6.5 million ounces of silver, 66.1-68.5 million pounds of lead and 24.5-26.7 million pounds of zinc.

Recently, the company announced that it would acquire fellow Canadian miner Guyana Goldfields (TSX: GUY) in a C$105 million deal, potentially adding two silver mines in China and a gold operation in Guyana to its portfolio.

Shares of Silvercorp Metals closed 4.6% higher on the TSX Thursday. The company has a C$983.2 million market capitalization.