Silvercorp Metals Inc., a Vancouver-based mining company, said Wednesday it purchased 2,027,167 of its common shares at an average price of $8.112 (Canadian).
The cost of the shareback, in U.S. dollars, was about $16.8 million.
The company, the largest primary silver producer in China, has about 175.06 million shares outstanding.
On a year-to-date basis, its share price has fallen 29.23 percent. In the last six months the stock has declined 35.05 percent.
Silvercorp operates four silver-lead-zinc mines at the Ying Mining Camp in the Henan Province of China. The company is developing its GC silver-lead-zinc mine in the Guangdong Province and recently acquired the BYP gold-lead-zinc mine in Hunan province. In Canada, Silvercorp is preparing to apply for a Small Mine Permit for the Silvertip high grade silver-lead-zinc mine project in northern British Columbia.
Shares rose in morning trading 23 cents, or 2.57 percent, to $9.19.