Silvercorp reports strong operational and financial results in China
(Kitco News) - Silvercorp Metals (TSX: SVM; NYSE American: SVM) reported yesterday that for the company's fiscal year ended March 31, 2021 ("2021"), the company mined 964,925 tonnes of ore and milled 967,581 tonnes of ore at its operations in China, up 9% and 8%, respectively, compared to the prior year, with silver and lead production meeting the production guidance and zinc production beating the production guidance.
The company produced approximately 6.3 million ounces of silver, 3,500 ounces of gold, 68.4 million pounds of lead, and 28.0 million pounds of zinc, up 1%, 6%, 2%, and 10%, respectively, compared to 6.3 million ounces of silver, 3,300 ounces of gold, 67.4 million pounds of lead, and 25.6 million pounds of zinc in 2020.
The company's revenue in 2021 was $192.1 million, up 21% or $33.3 million compared to $158.8 million in Fiscal 2020. Revenue from the Ying Mining District was $157.3 million, up 20% compared to $131.4 million in 2020. Revenue from the GC Mine was $33.3 million, up 21% compared to $27.4 million in 2020.
Income from mine operations in 2021 was $84.2 million, up 42% compared to $59.4 million in 2020. Income from mine operations at the Ying Mining District was $74.2 million, up 37% compared to $54.1 million in 2020. Income from mine operations at the GC Mine was $9.8 million, up 72% compared to $5.7 million in 2020.
Net income attributable to equity shareholders of the company in 2021 was $46.4 million or $0.27 per share, up 35% or $12.1 million, compared to $34.3 million or $0.20 per share in Fiscal 2020.
The company ended the fiscal year with $199.1 million in cash, cash equivalents and short-term investments, up 40% or $56.6 million, compared to $142.5 million as at March 31, 2020.
Silvercorp is a Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China.