Type Public Industry Mining & Exploration Products Silver Lead Zinc Founded 31 October 1991 | Traded as TSX: SVM
NYSE: SVM Area served China, Canada Headquarters Vancouver, Canada Number of employees 800 (Dec'10) | |
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Key people Rui Feng chair,ceo
Myles Jianguo Gao pres,coo,dir Stock price SVMLF (OTCMKTS) US$ 3.66 +0.06 (+1.63%)21 Mar, 4:00 PM GMT-4 - Disclaimer Subsidiaries Lachlan Gold Ltd., Yangtze Mining Ltd. | ||
Silvercorp metals company profile
Silvercorp Metals Inc. (Silvercorp) is a Canadian based, China focused precious metals company engaged in the acquisition, exploration, and development of silver containing properties.
Contents
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.
As of 2009, Silvercorp Metals was operating and developing four silver/lead/zinc mines in an area encompassing the Ying silver/lead/zinc project, Hou Ping Gou project, the TLP silver/lead project and the Long Men project (the Ying Mining District), owned through its 77.5% and 70% Chinese subsidiary companies, respectively.
Silvercorp Metals' other material property, the Gaocheng project in Guangdong Province, owned through a 95% Chinese subsidiary company, has not reached commercial production and is in the exploration stage.
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.
History
The company started out as a minor explorer trading on the TSX venture exchange from November 1991 to October 2005 (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.
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. 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.