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Highlights:
- Silvercorp's SGX Mine permit renewed for 11 years, boosting capacity to 500,000 tonnes per year.
- The renewal enhances operational sustainability for the SGX and HZG silver-lead-zinc mines in Henan Province.
- The company maintains a strong focus on responsible mining and shareholder value creation.
Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM) (NYSE American: SVM) has announced the renewal of its SGX Mine permit for another 11 years, significantly increasing its production capacity to 500,000 tonnes per year. This information, now posted on the website of the Mineral Rights Administration of the Department of Natural Resources of Henan Province, reflects the company’s commitment to sustainable mining practices and operational efficiency.
The Yuelianggou Mining License, which encompasses the SGX and HZG silver-lead-zinc mines located in the western part of the Ying Mining District, has been renewed until September 24, 2035. The increase in production capacity to 500,000 tonnes annually allows Silvercorp to enhance its output and optimize operations at these crucial mining sites.
To secure this permit renewal, Silvercorp undertook a comprehensive series of studies and reports that adhered to Chinese standards. This process included a Mineral Resource estimate, a detailed mine development plan, and a mine reclamation plan, alongside an updated Environment Impact Study and a safety production facility design. These studies were rigorously reviewed by independent panels before being submitted to government authorities, ensuring compliance with regulatory requirements.
Currently, the SGX and HZG mines are functioning normally, with Silvercorp actively working on a mine optimization plan aimed at achieving the newly permitted production capacity. This proactive approach demonstrates the company’s dedication to maximizing its operational efficiencies while adhering to environmental and safety standards.
Guoliang Ma, P. Geo., the Manager of Exploration and Resource for Silvercorp, is the Qualified Person under NI 43-101. He has reviewed and approved the technical information shared in this announcement, underscoring the company’s commitment to transparency and regulatory compliance.
Silvercorp is not just focused on immediate production; its long-term strategy emphasizes creating shareholder value through various avenues. The company aims to generate free cash flow from its long-life mines, pursue organic growth through extensive drilling for new discoveries, and engage in ongoing merger and acquisition efforts to unlock additional value. Moreover, Silvercorp is dedicated to responsible mining practices and environmental, social, and governance (ESG) commitments, ensuring that its operations benefit both shareholders and the communities in which it operates.
