Posted in | News | Gold | Lead | Silver | Zinc

SilverCorp metals Acquire High Grade Silver-Gold-Lead-Zinc Mining Assets in China

Canadian company Silvercorp Metals Inc is hoping to buy a 90% stake in two Chinese mining companies through its subsidiary company Henan Found Mining. The buyout will cost Silvercorp Metals $ 10 million. Silvercorp Metals has a 77.5 % stake in Henan Found Mining Company.

Zhongxing Mining and Chuanxin Mining are the two commonly owned mining companies that the Vancouver based Canadian company is to buy. The deal is for $ 10.4 million which includes $ 4.3 million for the equity interest and $6.1 million in outstanding debt.

The main asset of Zhongxing Mining is the XBG mine which is a high grade mine producing silver, gold, lead and zinc. The XBG Mine is located in Luoyang City, about 120 km south west of Silvercorp Metal’s Ying mine. Once it is taken over the Ying management will operate the XBG mine which has an area of 26.36 square km.

Chuanxin's main assets include a floatation mill, management facility, and permit to build a second floatation mill. Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada.

Source: Silvercorp Metals

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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