Silvercorp Announces Q2 Fiscal 2024 Operational Results

Silvercorp Announces Q2 Fiscal 2024 Operational Results

In Q2 Fiscal 2024, Silvercorp recorded varied production figures across its operations. The company reported changes in ore extraction and metal production compared to the same period in the previous fiscal year. The key production figures are as follows:

Ying Mining District:

  • Ore mined: 220,636 tonnes, a 2% increase from Q2 Fiscal 2023.
  • Ore milled: 212,868 tonnes, a 2% decrease from the same quarter last year.
  • Silver production remained relatively stable, while gold and zinc productions increased by 105% and 11%, respectively. However, silver and lead production saw decreases of 9% and 7%, respectively.
  • The company cited mining sequences and the nature of the ores processed as contributing factors to the production shifts.
  • Notably, Silvercorp succeeded in producing gold doré bars this quarter, resulting from the processing of gravity gold concentrates, with a total of 649 ounces of gold doré sold.

GC Mine:

  • Significant decreases in production activities were noted, with ore mining down by 30% and milling activities reducing by 36%.
  • The production of silver, lead, and zinc fell by 40%, 41%, and 40%, respectively.
  • These declines were attributed to a five-week production disruption due to both internal improvement measures and external factors involving the provincial power grid, as detailed in the company’s prior announcement on September 5, 2023.

The company is slated to provide a detailed financial overview in their upcoming financial results report for Q2 Fiscal 2024, which is expected to present a comprehensive view of its fiscal health following these operational highlights. Silvercorp, established in Canada, maintains a portfolio in the mining sector, including silver, gold, lead, and zinc.

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