SVM - Silvercorp to build new 3K tons/day mill in China

Silvercorp Metals (NYSE:SVM) +3.2% pre-market after unveiling plans for its 77.5%-owned Henan Found Mining subsidiary to build a new 3K metric tons/day flotation mill and tailings storage facility adjacent to the existing No. 2 mill operating in China's Henan province. Silvercorp says the new mill will provide additional capacity to continue growing its existing mining operations at the Ying Mining District in light of recent successful drilling programs that have discovered new resources. The company estimates the preliminary construction budget, including land usage rights, at $25M for the mill and $38M for the tailings facility, with construction of the mill schedule for completion by year-end 2023 and Phase 1 of the TSF by mid-2024. Silvercorp is "trading at cheap valuations and returning money to shareholders," John Manfreda writes in a bullish analysis published on Seeking Alpha.

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Silvercorp to build new 3K tons/day mill in China