This article has been disseminated on behalf of Silvercorp Metals and may include paid advertising.
Silvercorp Metals (TSX: SVM) (NYSE American: SVM) announced a temporary slowdown at its Ying and GC mining operations as it implements new nationwide mine safety requirements introduced by Chinese regulators following a fatal coal mine accident in May. The company expects production to be reduced by 10% to 15% during the current quarter and by 40% to 50% at the Ying Mining District and about 50% at the GC mine during the July-September quarter while required upgrades are completed and approved.
Silvercorp said it has engaged five certified vendors to install the required “Six Major Safety Systems” at non-compliant mining levels at an estimated cost of approximately $5.5 million, with completion expected in about 50 days. The company also plans to spend an additional $6 million on facility improvements and equipment upgrades, including replacing electrical cables with halogen-free flame-retardant cables, while resuming production in phases as individual mining levels receive regulatory approval.
To view the full press release, visit https://ibn.fm/UyR0X
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cash flow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG.
NOTE TO INVESTORS: The latest news and updates relating to SVM are available in the company’s newsroom at https://ibn.fm/SVM
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