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Monday, 16 September 2013
Silvercorp Metals appoints senior VP
Silvercorp Metals (TSE:SVM)(NYSE:SVM) has made a new addition to its senior management team with the appointment of Lorne Waldman as senior VP.
Waldman, who has 16 years experience in managing North American-listed companies with operations in China, has rejoined the company after taking a one-year sabbatical. He previously served as Silvercorp's corporate secretary from 2007 to 2012.
Prior to this, he held a senior management position with an NYSE-listed electronics manufacturer, according to the China-focused silver miner's statement.
In his new role, he will be in charge of the corporate head office in Vancouver, British Columbia, and will be responsible for investor relations, corporate communications and other corporate matters.
Last week, Silvercorp Metals said it had identified and moved to address fraudulent contractor practices that resulted in diminished head grades at its China mines, with its new approach already leading to improved head grades, the Vancouver-based miner revealed in a production update for the Ying mining district.
The China-focused, low-cost silver producer, in its efforts to adapt to the new price environment, has made a point of reviewing its operations in a quest to identify any potential cost saving measures and in so doing, discovered a practice among mining contractors in the Ying mining district of China that has resulted in a misleading dilution of grade.
A key finding of the silver producer’s review was that contractors at the site were engaged in dilutive practices, which contributed to head grade decline as reported in the miner’s two most recent quarterly financial reports.
Silvercorp has taken immediate action to address the situation, modifying the method of calculating the actual amount of ore mined by contractors. In the short period in which the new method has been in place, it said silver and lead head grades at the SGX mine in the Ying mining district improved by almost 35 per cent and 21 per cent, respectively, with an approximate 45 per cent reduction in ore production (a 25 per cent reduction in overall silver metal production) compared to July of this year.
The company is forecasting that during this time of transition, ore production with improved head grades may remain at a reduced level for one to two more quarters. Nonetheless, the silver miner expects the new method to lead to long term cost savings and improved head grades.