Silvercorp Metals Posts Profitable Quarter
Silvercorp Metals Inc. (TSX, NYSE: SVM), a Canadian company with multiple mines in China, remained profitable in its fiscal second quarter of 2018 ending on Sept. 30. The company lists net income of $11.1 million, or 7 cents per share, compared to $12.4 million, also 7 cents, in the same quarter a year ago. Metal sold includes some 1.6 million ounces of silver, 16.9 million pounds of lead and 5.6 million pounds of zinc, compared to 1.8 million ounces of silver, 19.9 million pounds of lead, and 5.9 million pounds of zinc in the prior-year quarter. Officials report that less metal was sold than a year ago and realized prices for silver fell 7%, although they increased for lead and zinc. Officials say production was affected by downtime due to a power-grid upgrade, government inspections and explosive supply limitations due to a local-government safety measure, and typhoon conditions. A lower head grade was reported for the Ying Mining District. All-in sustaining costs per ounce of silver, net of by-product credits, were $2.26, compared to $3.15 in the prior-year quarter.