05:23 PM EDT, 10/08/2024 (MT Newswires) -- Silvercorp Metals Inc. ( SVM ) edged down from a 52-week high in US after trade Tuesday after it said it the mining permit for its SGX Mine in China has been renewed for another 11 years with an increased capacity of 500,000 tonnes per year, based on the information posted on the website of the Mineral Rights Administration of the Department of Natural Resources of Henan Province.

A statement noted the Yuelianggou Mining License containing the SGX and HZG silver-lead-zinc mines, located in the western part of the Ying Mining District, has been renewed until September 24, 2035.

To renew mining permit, the company said it was required to complete a series of studies and reports, including a Mineral Resource estimate to Chinese standards, a mine development plan, a mine reclamation plan, an environment and soil preservation plan, an Environment Impact Study update, and a safety production facility construction design. All these studies are required to be reviewed by independent panels and then filed with government authorities.

Silvercorp noted subject to a final assessment of historical government investment in the License area which may result in certain payments, the License in paper certificate will be issued to it. Currently, it said, the SGX and HZG mines are operating normally and the company added it is also working on the mine optimization plan to achieve allowed production capacity of 500,000 tonnes per year.

Silvercorp shares were last seen down US$0.01 to US$4.63 after hours. They closed down $0.03 to $6.37 on the Toronto Stock Exchange, having earlier touched a 52 week high of $6.41.