Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
Shares in Silvercorp Metals (TSX/NYSE:SVM) were trading down 3.2% at $6.34 by lunchtime on Monday after a Canadian daily reported that Canada’s federal police service is eyeing an investigation into the Toronto-listed Sino-Canadian miner.
Vancouver-based Silvercorp is alleged to have paid Chinese police to arrest a 35 year-old Canadian national Huang Kun, believed to be behind a short and distort scheme in the company’s stock dating back to September last year. Huang has been in custody in China since July.
The Globe and Mail reports the case is being handled by the RCMP’s International Anti-Corruption Unit which “is responsible for investigating possible illegal actions by Canadian firms operating in foreign jurisdictions including cases of bribing foreign officials.”
The share manipulation is also being investigated by another RCMP unit, the Integrated Market Enforcement Team (IMET) at the behest of the company.
The saga was kicked off by an anonymous letter alleging $1 billion fraud at the company over silver production and the revelation of a short position of 23 million shares or 13% of the outstanding stock.
The stock plunged on the news and over the following months it led to wild swings in the share price of Silvercorp as investors and investigators tried to make sense of events and the company attempted to set the record straight.
The company is now worth $1.08 billion on the Toronto bourse after a strong month that showed 20% gains in market value. Silvercorp is still down some 60% from highs reached April last year.
It operates four silver-lead-zinc mines in Henan province and is also advancing a silver project in northern British Columbia, Canada.
4 Comments
silbershark
BUY SVM
Dunkelmann
Frankly I’m fed up with all of this – I trust the company and I’m down a fair percent due to the reaction to this short selling business. I’m not willing to remain a shareholder while this is going on. I’ll be back in once everythig has blown over but in the meantime there are equivalent companies, as good, but with less risk due to detractors.
silbershark
buy SVM
jng855
The short seller behind SVM’s attacks “Little Al”/Jon Carnes/Andrew Wong just got his assets frozen because due to his fraudulent behavior in another case last week.
Away with you vile short!
NYSCEF DOC. NO. 243
“Andrew Wong be prevented from transferring or dissipating assets of said defendant in order to protect this Court’s ability to afford meaningful monetary relief for the unlawful conduct alleged in the Verified Amended Complaint*; and it is further ORDERED that an assessment of damages is reserved for trial.”
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NYSCEF DOC. NO. 244
“Quantum Asset Group LLC be prevented from transferring or dissipating assets of said defendant in order to protect this Court’s ability to afford meaningful monetary relief for the unlawful conduct alleged in the Verified Amended Complaint; and it is further ORDERED that an assessment of damages is reserved for trial”