Sept 22 (Reuters) - China-focused miner Silvercorp Metals Inc (SVM.TO) (SVM.N) is fighting allegations of fraud and as part of its campaign the company has so far bought back some 4.5 million common shares worth about $35 million. [ID:nS1E78L0EX]
Targeted by short-sellers, Toronto-listed Silvercorp’s market value has been more than halved in the past five months, falling from C$13.80 in late April to C$6.80 on Thursday.
These are some key facts about Silvercorp.
* Corporate headquarters - Vancouver, British Columbia
* China head office - Beijing
* Market capitalization - about C$1.2 billion
* Fiscal 2011 total silver production: 5.46 million ounces (year ended March 31)
* Main operations - Silvercorp operates four silver-lead-zinc mines in the Ying Mining District of China’s Henan province. Earlier this year, the company said it started commercial production at its BYP gold-lead-zinc project in Hunan province. It has other projects in development in China and Canada.
* History - Spokane Resources Ltd was formed via the merger of Julia Resources Corp and MacNeill International Industries in 1991. It became SKN Resources Ltd in 2000. A small mining exploration company, SKN focused on Western Canada, and later Mexico. It traded on the TSX Venture Exchange.
In financial statements released in the spring of 2002, SKN said its C$11 million accumulated deficit raised doubts about its ability to continue as a going concern. It wrote down a number of mineral properties in Canada and Mexico.
After a C$1.4 million debt settlement in the fall of 2002, the company acquired Fortress China Inc, and shifted the focus of its exploration work to China.
Rui Feng, the current chairman and chief executive, joined the company in 2003. In 2004, SKN bought its first project in the Ying Mining District.
In the spring of 2005, the company became Silvercorp Metals Inc. That autumn, it graduated to the Toronto Stock Exchange and then listed on the New York Stock Exchange, where it trades under the ticker symbol SVM. (Reporting by Allison Martell and Julie Gordon; editing by Peter Galloway)