Silver lining revealed, after clouds lift for Chinese miner « Mining Blog

Silver lining revealed, after clouds lift for Chinese miner

26. October 2011,

A month ago (24 September) I posted an article outlining moves by New York and Toronto exhange-listed Silvercorp Metals – China’s biggest silver miner – to counteract the drastic “shorting” of its stock by two anonymous websites.

Silvercorp is suing the New York-based websites – Chinastockwatch.com and Alfredlittle.com – for spreading false information about its internal accounting methods which, the websites claimed, were fraudulent.

Now – according to Mining.com (24 October 2011) – a report by the forensic accounting arm of KPMG has shown “no truth to allegations of $1 billion in accounting fraud at the company”.

As a result, says Mining.com, shareholders who held onto their Silvercorp stock “during the rollercoaster ride that started on September 2 when the company had to go public with the accusations” saw the value of their shares go up by 19%, virtually overnight.

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