Silvercorp annual production beats guidance

Image by Silvercorp Metals Inc.

Silvercorp Metals (TSX: SVM) has achieved its fiscal 2020 production guidance for all metals at all operations, the company announced Thursday.

After an extended shutdown of activities at its operations in China due to covid-19, the company was able to ramp up to full capacity in March in full compliance with government measures.

For the year, the company beat its silver production guidance by 3% with approximately 6.3 million ounces produced. Lead production reached 67.4 million pounds, also 3% above guidance. Zinc output of 25.6 million pounds was 17% above fiscal 2020 guidance.

Silvercorp has also maintained its fiscal 2021 production guidance of 6.2-6.5 million ounces of silver, 66.1-68.5 million pounds of lead and 24.5-26.7 million pounds of zinc.

Recently, the company announced that it would acquire fellow Canadian miner Guyana Goldfields (TSX: GUY) in a C$105 million deal, potentially adding two silver mines in China and a gold operation in Guyana to its portfolio.

Shares of Silvercorp Metals closed 4.6% higher on the TSX Thursday. The company has a C$983.2 million market capitalization.