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Silvercorp’s net income up 140% to 29.7 million in Q3

Silvercorp Metals Inc. reported that net income was up 140% to $29.7 million or 18 cents a share. The company released its third quarter results for the period ending December 31, 2010.

According to the company news release, record silver production coupled and high silver prices resulted in record quarterly sales. Silver production reached 1.52 million ounces, a 25% increase over the 1.22 million ounces the company produced in the third quarter of fiscal 2010.

In 2010 the company raised Can$110 million of equity financing. It also received a mining permit for GC Silver-Lead-Zinc Project in Guangdong Province, China.

Silvercorp has operations in China and British Columbia.

Michael McCrae wrote this story. You can contact him at [email protected].