Silvercorp Metals Down Nearly 5% as Rainfall Hits Ore Production at the Ying Mining Camp
Silvercorp Metals Inc. (SVM.TO) reported that in the afternoon of July 24, 2010, abnormally heavy rainfall occurred over the area covering the Ying Mining District, causing damage to the mining operations at the Ying mining camp.
Management estimates direct recovery costs for the damage should be no more than $1 million, and the time required to carry out repairs and clean up the Ying, LM, TLP and HPG mines will be approximately 6, 10, 15 and 30 days, respectively. "During these periods, operations at the respective mines will be suspended. As a result, the Company expects an approximate 10% reduction in ore production for the current quarter," it said in a statement.
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