Vancouver-based Silvercorp Metals Inc. (TSX:SVM) plans to acquire Yangtze Mining Ltd. for $62 million to secure its silver, lead and zinc exploration permits.
Yangtze also owns 95% of Anhui Yangtze Mining Co. Ltd., which is a subsidiary of parent company Yangtze Gold. Anhui Yangtze owns 100% of the Gaocheng and Shimento silver, lead and zinc permits in China's Guangdong province.
Silvercorp is focusing on developing silver projects in China. The company has four silver, lead and zinc mines at the Ying mining camp in Henan province and is exploring the Na-Bao project in Qunghai province.
Silvercorp's share price range during the past week: $7.62 and $8.18; 52-week high: $10.65; 52-week low: $5.10.