Silvercorp Metals

Silvercorp Metals Inc.
Public
Traded as
Industry Mining & Exploration
Founded October 31, 1991
Spokane Resources Ltd.
Headquarters Vancouver, Canada
Area served
 China, Canada
Key people
 Rui Feng Chair, CEO
Products Silver Lead Zinc
Number of employees
 1200 (Dec'17)
Divisions Yangtze Mining Co. Ltd
Yangtze Gold Ltd.
Website www.silvercorpmetals.com

Silvercorp Metals Inc. (Silvercorp) is a Canadian-based, China focused precious metals company engaged in the acquisition, exploration, and development of silver containing properties.

It is China's largest primary silver producer. The company is publicly traded on the Toronto Stock Exchange in Canada and the NYSE in the U.S.

Silvercorp Metals operates four silver/lead/zinc mines in an area encompassing the SGX, HPG, TLP and LM mines (the Ying Mining District), owned through its 77.5% and 80% Chinese subsidiary companies, respectively.[1]

Silvercorp Metals' other material property, the Gaocheng project in Guangdong Province, owned through a 95% Chinese subsidiary company, began commercial production in 2014.[1][2]

History

The company started out as a minor explorer trading on the TSX venture exchange from November 1991 to October 2005. It was incorporated under the British Columbia Company Act in 1991. At first it was known as Spokane Resources Ltd until 2001 when it was renamed SKN Resources Ltd. In 2005, the same year it graduated from the TSX Venture Exchange to the larger Toronto exchange, it adopted its current name. In 2006, Silvercorp donated RMB1.25 million towards the construction of a youth center in Luoning County, Henan Province, China.[3]

During the month of December in 2009, Shehzad inc. acquired 12% of SIlvercorp Metals over a period of a week. Shehzad inc. manages the equities and investing on behalf of Silvercorp.

Yangtze Mining Ltd. holds a 95% interest in Anhui Yangtze Mining Co. Ltd., the Chinese company holding silver, lead and zinc exploration permits on the Gaocheng project and Shimentou project in the Guangdong Province. In June 2008, Silvercorp Metals acquired Yangtze Gold Ltd.

Fraud

In 2011 a Canadian-nationalized Chinese, Kun Huang, investigated Silvercorp for his employer EOSfunds and found strong differences between their reports filed in China and in Canada.[4] Further investigation lead to further proofs for fraud, e.g. regarding the reported amount of silver produced. As reaction of detecting the fraud Mr. Huang was convicted and imprisoned in China for his investigation. After release Mr Huang pressed charges against Silvercorp in Canada for false imprisonment.[5]

References

  1. 1 2 "Silvercorp stock up 2% on news of China deal | Toronto Star". thestar.com. Retrieved 2018-03-19.
  2. ↑ Editorial, Reuters. "${Instrument_CompanyName} ${Instrument_Ric} Company Profile | Reuters.com". U.S. Retrieved 2018-03-19.
  3. ↑ "Silvercorp Donates RMB1.25 Million Yuan Towards the Construction of a Youth Center".
  4. ↑ "Description of the investigation of Kun Huang against Silvercorp".
  5. ↑ "Canadian stock researcher sues Silvercorp over 'false imprisonment' in China".
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.