Cash-flush Silvercorp buys China mine number seven
Emerging from a short and distort saga awash in cash, Silvercorp Metals on Monday announced the acquisition of SX Gold, a mining concern controlled by the Luoyang city government in northeastern China's Henan province for $22.7 million.
Earlier this month the company, the largest silver miner in China, increased its quarterly dividend by 25% to 2.5 cents, after reporting a big jump in second-quarter profit and record cash flows. The stellar financial results came after a forensic accounting report showed no truth to allegations of $1 billion in accounting fraud at the company which was first alleged on September 2 by shortsellers that had built up a massive position in the stock.