https://www.miningweekly.com

Silvercorp reports Q1 uptick

7th August 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – TSX-listed Silvercorp Metals has reported a first-quarter rise in net income attributable to equity shareholders of 134%, on the back of an increase in metal prices and the gains of the disposal of Silvertip mine's net smelter return.

During the three months to June 30, Silvercorp achieved a net income of $10.9-million, or $0.07 a share – owing to an increase in the realised selling price for silver, lead and zinc of 5%, 35% and 65% respectively, and the recorded $4.3-million gain on disposal. This compared favourably against the $4.7-million, or $0.03 a share, achieved in the first quarter of last year.

The company’s rise in net income was, however, offset by a $1.6-million foreign exchange loss, less metals sold and a 3% increase in per tonne cash production costs.

During the first quarter under review, sales reached $39.7-million, up 13% on the $35.3-million achieved in the corresponding quarter last year.

Silver and gold sales accounted for $20.2-million and $1-million respectively, while base metals represented $18.5-million in total sales for the quarter under review.

During the first quarter, Silvercorp sold 1.5-million ounces of silver, 900 oz of gold, 15.9-million pounds of lead, and five-million pounds of zinc, compared with the 1.6-million ounces of silver, 900 oz of gold, 16.7-million pounds of lead and 5.2-million pounds of zinc sold in the corresponding prior-year quarter.

Silvercorp ended the first quarter of the year with $102.1-million in cash and cash equivalents and short-term investments.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.134 0.165s - 106pq - 2rq
Subscribe Now