Silvercorp Metals

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

Silvercorp Metals Inc.
Public
Traded as
IndustryMining & Exploration
FoundedOctober 31, 1991
Spokane Resources Ltd.
Headquarters
Vancouver
,
Canada
Area served
China, Canada
Key people
Rui Feng Chair, CEO
ProductsSilver Lead Zinc
Number of employees
1200 (Dec'17)
DivisionsYangtze Mining Co. Ltd
Yangtze Gold Ltd.
Websitewww.silvercorpmetals.com

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 who had shorted Silvercorp stock and claimed a strong differences between their reports filed in China and in Canada.[4] this based on a claimed sample that had "fallen off a truck". In consequence of his fraud, Mr. Huang was convicted and imprisoned in China for his falsified reports in aid of stock shorters (Alfred Little / Jon Carnes). After release Mr Huang pressed charges against Silvercorp in Canada for false imprisonment.[5] Mr. Huang abruptly dropped his lawsuit in April 2018. Mr. Huang was tried and convicted in China in Feb 2014. He lost his appeal.

References
  1. "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".
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