February 9, 2012 / 1:47 PM / in 6 years

Silvercorp forecasts 20 percent increase in silver output

(Reuters) - Silvercorp Metals SVM.TO SVM.N forecast a 20 percent increase in silver output for the next fiscal year, as it scales up production at its key Ying project in China and starts producing from its GC mine in the country.

The company expects to produce 6.7 million ounces of silver and 18,240 ounces of gold in fiscal 2013.

The GC mine in Guangdong Province, China is expected to begin production in the second quarter of fiscal 2013, and produce about 630,000 ounces of silver.

Silvercorp also set a capital expenditure budget of $89.1 million for fiscal 2013. The company’s fiscal year 2013 begins in April 2012 and ends in March 2013.

Shares of the Vancouver-based company closed at C$7.97 on Wednesday on the Toronto Stock Exchange.

Reporting by Shounak Dasgupta in Bangalore; Editing by Viraj Nair

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