Silvercorp Metals Inc. (NYSE-Listed SVM) visits the NYSE. In honor of the occasion, Chairman & CEO Dr. Rui Feng rings The Opening BellSM.
Silvercorp Metals Inc. (NYSE: SVM)
Silvercorp Metals Inc. is a Canadian-based primary silver producer with mining operations and development projects located in China and Canada. Started in 2004, the company today is China’s largest primary silver producer and has achieved an enviable three-year track record of being the lowest cost producer of silver among its global industry peers. In the quarter that ended December 31, 2009, the company produced 1.22 million ounces of silver at a cash cost of negative $7.73 per ounce and achieved gross profit margins of 77% -- the result of mining an exceptionally high-grade deposit in a low-cost jurisdiction like China. Due to the company’s high profitability, it is one of only a handful of producers to pay shareholders a dividend of C$0.02 per share per quarter.
With US$87.8-million in cash and short-term investments, no long-term debt, strong operations and the lowest production costs in the industry, Silvercorp is also growing its resource base through continuous exploration of existing projects as well as seeking to acquire new projects in multiple jurisdictions to grow shareholder value for the long run.
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