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Silvercorp Metals(SVM - Get Report) is engaged in the acquisition, exploration, and development of silver related mineral properties in China and Canada.
According to the company's Website, Silvercorp is the largest primary silver producer in China through the operation of the four silver-lead-zinc mines at the Ying Mining Camp in the Henan Province of China.
In November, the company signed an agreement to acquire a 70% interest in BYP gold-lead-zinc mine in the Hunan Province in China for $33 million. It recently raised over $100 million in an equity offering that would help fund the acquisition, development at the GC mine in China and development at the Silvertip property in British Columbia.
In the June-September quarter, revenues grew 45% to $36.3 million. Profits jumped 33% to 8 cents per share. The company produced 1.34 million ounces of silver, 17 million pounds of lead and 4 million pounds of zinc.
The company expects to produce 5.3 million ounces for the full year ending March 2011.
BMO Capital recently cut the stock to market perform from outperform with a price target of $13.25, according to