Silvercorp widens FY loss as mine impairment charges weigh
TORONTO (miningweekly.com) – China-focused miner Silvercorp Metals has reported a wider net loss for the 2015 fiscal year, weighted down by booking $130.3-million in impairment charges at two mines as a result of lower metals prices.
For the year ended March 31, the Vancouver-based company reported a net loss of $108.7-million compared with $48.4-million a year earlier.
The company took noncash impairment charges of $130.3-million, which reduced the carrying value of the GC mine and XHP project to reflect lower metal prices.
The net loss attributable to equity holders of the company was $103.1-million, or $0.60 a share, compared with $41-million, or $0.24 a share, in fiscal 2014.
Excluding the noncash impairment charges, adjusted net income attributable to shareholders was $15.2-million, or $0.09 a share, compared with $7.6-million, or $0.04 a share, in the year-earlier period.
During the 12 months, silver sales were 5.1-million ounces, up 33% year-on-year, lead sales 51.5-million pounds and zinc sales 15.9-million pounds, up 39% and 89% from the prior year, respectively.
Results were also impacted by lower metal prices, as the realised selling price for silver and lead at the Ying mining district dropped by 11% and 4%, respectively, and lower gold output and sales, as the BYP mine was placed on care and maintenance.
In fiscal 2015, NYSE- and TSX-listed Silvercorp realised sales of $128.5-million, compared with $108.4-million a year earlier.
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