TSX- and NYSE American-listed Silvercorp Metals on Thursday reported that its mines in China – Ying and CG – had achieved about 94% of planned mining and development stope production capacity.
The company started ramping up its mines in mid-February, with no reportable incidents and in full compliance with government measures implemented to limit the potential transmission of a new strain of coronavirus, or Covid-19.
“The mills are operating, with an inventory of supplies exceeding one month of operation, and with the country’s industries back in operation, Silvercorp does not anticipate any shortages of supplies.”
Silvercorp’s production was suspended on January 17 for the Chinese New Year holiday, and was scheduled to restart on February 1. But, with the government extending the holiday, Silvercorp only restarted production in mid-February.
Silvercorp also noted that the Chinese government had introduced measures to help enterprises affected by the extended shutdown, namely a 5% reduction in power prices and a waiver of social welfare fund contributions for five months.