Silvercorp Metals Inc. Advances Sustainability Initiatives

Silvercorp Metals Inc. Advances Sustainability Initiatives

Trading Symbol: TSX: SVM, NYSE AMERICAN: SVM

Silvercorp Metals Inc. (TSX: SVM, NYSE American: SVM) proudly announces the release of its annual Sustainability Report for the fiscal year 2024. This comprehensive report outlines the company's dedication to environmental, social, and governance (ESG) principles, highlighting its commitments and achievements in these crucial areas.

In a recent statement, Dr. Rui Feng, Chair and CEO of Silvercorp, emphasized, "Understanding the mining sector's impact is essential for the transition to a low-carbon economy. Our journey this year includes significant advancements towards our sustainability goals through various projects aimed at conserving energy and reducing emissions. As we broaden our operations, our commitment to ESG remains a priority, facilitating value creation for all stakeholders while minimizing our ecological footprint and enhancing the quality of life in the communities we serve."

Key Achievements in Environmental Sustainability

Improvement in Water Recycling

This year, Silvercorp attained an impressive 85% water recycling rate in its processing facilities, marking a 4% improvement from its 2020 baseline. This achievement demonstrates the company's ongoing efforts to reduce freshwater usage.

Innovative Technology Initiatives

The implementation of XRT intelligent waste rock screening technology has led to a significant reduction in electrical consumption, saving 50 kilowatt-hours for each tonne of waste rock screened. Such innovative measures showcase Silvercorp's commitment to integrating advanced technologies in its operations.

Electrification of Mining Vehicles

To advance its emissions reduction targets, Silvercorp has incorporated 10 electric mining trucks into its fleet, emphasizing a transition towards cleaner energy sources in mining operations.

Environmental Safety Standards

Another notable achievement includes maintaining a record of zero significant environmental incidents over the year, illustrating the company’s stringent safety protocols and commitment to sustainable practices.

Social Contributions and Community Engagement

Investment in Local Initiatives

Silvercorp has enhanced its social impact by investing $3.2 million in local community development projects, nearly doubling its investment from the previous year. This reflects the company's determination to support the communities neighboring its operations.

Employment Opportunities for Locals

With an increased focus on local employment, Silvercorp reported that 74% of its workforce comes from communities surrounding its operations, a 3% rise from last year. This initiative not only boosts local economies but also fosters a sense of community ownership.

Equity in Pay Practices

Furthering its social commitment, the company conducted its inaugural gender pay equity survey, reinforcing its pledge to ensure fairness in compensation across the board.

Governance and Ethical Standards

Diversity in Leadership

This year, Silvercorp achieved 33% female representation and 83% board independence, underscoring its commitment to diverse and responsible governance.

Policy Enhancements

The company rolled out two new corporate policies regarding Human Resources and Water Stewardship, demonstrating a proactive approach to governance. Additionally, it published its first report addressing forced and child labor in the supply chain, reflecting its commitment to ethical operations.

Supplier Accountability

The establishment of a Supplier's Code of Conduct ensures that all suppliers align with Silvercorp’s core values, emphasizing ethical business practices and corporate social responsibility.

Sustainability Reporting Frameworks

The Sustainability Report for fiscal 2024 adheres to key frameworks including the Global Reporting Initiative (GRI) Standards and the United Nations Sustainable Development Goals (SDGs). These frameworks guide Silvercorp in remaining transparent about its sustainability impacts and improvements.

About Silvercorp Metals Inc.

Silvercorp is a recognized Canadian mining entity actively engaged in the production of silver, gold, lead, and zinc. The company aims to enhance shareholder value by focusing on generating free cash flow from long-term mines, pursuing organic growth through exploration, engaging in strategic mergers and acquisitions, and committing to responsible mining practices. Silvercorp's focus on sustainability is woven into its operational fabric, ensuring economic success alongside environmental stewardship.

Frequently Asked Questions

What is the purpose of Silvercorp’s Sustainability Report?

The Sustainability Report details Silvercorp's commitment and performance in environmental, social, and governance (ESG) areas, highlighting practices that ensure responsible mining.

How has Silvercorp improved its water recycling?

Silvercorp achieved an 85% water recycling rate, a 4% increase from its previous baseline, reflecting its commitment to efficient resource management.

What technology has Silvercorp implemented to enhance sustainability?

The company has introduced XRT intelligent waste rock screening technology, which reduces electricity use significantly during processing.

What local initiatives has Silvercorp invested in?

Silvercorp invested $3.2 million in local community projects, focusing on development and support for surrounding communities.

How does Silvercorp ensure governance and ethical practices?

Silvercorp maintains a diverse board and has implemented policies and a Supplier's Code of Conduct to ensure that its operations align with ethical standards.

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