Silvercorp production to increase by 20% in FY 2013

TORONTO(Scrap Monster): Silvercorp Metals has reported that its silver production would reach up to 20% in the financial year to March 2013.

The company expects its gold output would climb 90% to 18 240 oz. The lead and zinc production would increase by 12% and 63% respectively.

Silvercorp said it expected total production costs for the year would climb 5% to $85/t of ore.

The company looks forward that its GC mine in Guangdong province will starts its production from the second quarter of fiscal 2013.

Silvercorp became the target of what it called a "short and distort" scheme, where anonymous attackers published reports on the Internet accusing the company of fraud and exaggerating its resources.

The company responded by publishing its tax and bank documents, and hired KPMG to conduct a forensic audit of its books. Silvercorp said the accounting firm cleared it of any wrongdoing.