Silvercorp Metals Inc. has unfortunately “posted a loss of $43.2 million, or 25 cents per share, in second-quarter fiscal 2014 results, due to $42.8 million in impairment charges regarding the reduction of the carrying value of its BYP mine as well as its XBG and Silvertip projects, which the company says will be sold,” reports Kitco.
“Silver production was down year-on-year, totaling 1 million ounces compared to 1.3 million ounces in last year’s comparative quarter, the company says. Gold production rose to 3,012 ounces while lead and zinc production was also lower year-on-year. Sales were lower in the quarter, coming in at $28.5 million, a decrease of 37% due to lower silver prices and lower lead and zinc production, the company says. Gross profit margin and cash flow from operations also dipped in the quarter. Silvercorp did offer a quarterly dividend payment of C$4.1 million, or 0.025 cents per share.”
On Monday, November 18, US palladium bar fell by 0.8 percent, making it the day’s biggest mover. Japanese palladium bar held its value yesterday. The price of Chinese palladium bar was essentially unchanged.
The price of US platinum bar declined 0.6 percent. The price of Chinese platinum bar ended a two-day climb. Japanese platinum bar stayed flat.
Following a couple of essentially changeless days, the price of Indian gold bullion rose by 0.4 percent. After a 0.2 percent increase, US gold bullion finished the day. The price of Chinese gold bullion flattened after two days of improvement. The price of Japanese gold bullion remained steady.
The price of US silver finished the market day up 0.2 percent per ounce. The price of Indian silver closed Monday, halting its two-day flat run with a 0.1 percent decline. Following a two-day rise, the price of Chinese silver flattened. The price of Japanese silver remained essentially flat.