Silvercorp posts 172% rise in earnings

Silvercorp Metals, the Canadian miner that operates predominantly in China’s Henan province, has reported record earnings for the financial year ended 30th March 2008.

The company’s net earnings rose 172%, to $61.7 million, up from $25.1 million in the previous year.

Ores mined increased 80% to a total of 306,143 tonnes.

Sales are broken down as follows: 3,960,189 ounces of silver, 2,152 ounces of gold, 49,623,448 pounds of lead, and 15,911,881 pounds of zinc.

In the current financial year, the company plans to spend $26 million to increase its mining and milling capacity.

Projects include a $12 million mill plus tailings dam at it Ying Mining Camp, where it is developing four silver-lead-zinc mines and $10 million for developing mining capacity and infrastructure at its Ying Mining Camp and TLP and LM Mines.

It will also embark on a $15.5 million drilling and exploration tunnelling program at the camp and has applied for a mining permit for its recently acquired Grouching and Shipment properties in China’s Guangdong Province.

Finally, Silvercorp is hopeful of making a new discovery at its Na Boa project in Qinghai province and has plans for an $8.5 million exploration program.