Jonathan Hackshaw
感谢接线员，大家早上好。欢迎参加我们2013财年第四季度及全年业绩电话会议。今天与我一同参加电话会议的有Silvercorp董事长兼首席执行官Rui Feng博士，以及Silvercorp首席财务官Maria Tang。我们将首先回顾2013财年第四季度及全年的财务、运营和开发亮点，然后开放问答环节。演示文稿幻灯片可通过网络直播或Silvercorp网站获取。如需翻页，请点击前进箭头。
在开始之前，我想请大家注意第一张幻灯片，并提醒各位，在今天的电话会议中，我们将就未来生产、开发和勘探、资本支出、业务扩张计划及其他事项做出前瞻性陈述。此类前瞻性陈述存在风险和不确定性，其中许多已在我们提交给SEDAR的2012年度信息表中详细说明。无法保证此类前瞻性陈述的准确性，实际结果和未来事件可能存在重大差异。
翻到第2张幻灯片。本季度，公司录得净利润640万美元，合每股0.04美元，而2012财年第四季度为970万美元，合每股0.06美元。
转到第3张幻灯片。2013财年，公司录得归属于权益持有者的调整后净利润3,690万美元，合每股0.22美元，而2012财年净利润为7,380万美元，合每股0.43美元。这一下降是由于银价下跌、白银产量减少、基本金属产量下降以及整体生产成本上升共同导致的。
翻到第4张幻灯片，看看我们第四季度的运营亮点。公司本季度共生产了94万盎司白银和2,300多盎司黄金。在营矿区，公司本季度开采了15.3万吨矿石。金属总产量为93万盎司白银、800盎司黄金、950万磅铅和100万磅锌，而2012财年第四季度为110万盎司白银、966盎司黄金、1,470万磅铅和200万磅锌。2013财年第四季度，每吨矿石的现金采矿成本分别为72.56美元和61.67美元，而去年同期分别为73.52美元和57.62美元。2013财年第四季度，共处理了15.8万吨矿石，而2012财年第四季度为13.6万吨。2013财年第四季度每吨矿石的现金选矿成本为16.05美元，而2012财年第四季度为16.84美元。本季度营矿区每盎司白银的总现金成本分别为5.82美元和3.65美元，而2012财年第四季度分别为负1.84美元和负4.22美元。
转到第5张幻灯片。2013财年，公司共生产了497万盎司白银和12,000多盎司黄金，而2012财年为562万盎司白银和8,000多盎司黄金。在营矿区，公司全年开采了超过77.6万吨矿石。金属总产量为494万盎司白银、4,153盎司黄金、5,220万磅铅和1,120万磅锌，而2012财年为561万盎司白银、3,595盎司黄金、7,240万磅铅和1,350万磅锌。2013财年每吨矿石的总现金采矿成本分别为66.62美元和55.94美元，而2012财年分别为64.70美元和51.60美元。2013财年，共处理了77.4万吨矿石，而2012财年为66.7万吨矿石。2013财年每吨矿石的现金选矿成本为13.56美元，而2012财年为14.13美元。2013财年营矿区每盎司白银的总现金成本分别为2.45美元和0.48美元，而2012财年分别为负3.19美元和负5.07美元。
转到第6张幻灯片。2013财年第四季度，经营活动产生的现金流为1,480万美元，合每股0.09美元，而去年同期为1,260万美元，合每股0.07美元。
转到第7张幻灯片。2013财年，经营活动产生的现金流为8,580万美元，合每股0.50美元，而2012财年为11,330万美元，合每股0.65美元。与上年相比，经营收益下降是由于金属产量下降和金属价格下跌所致。公司2013财年末持有现金、现金等价物和短期投资1.179亿美元，无长期债务。
转到第8张幻灯片，本季度磅数为3,310万磅，而2012财年第四季度为4,430万磅。这一下降是由于白银净实现价格下降、金属产量减少以及生产成本上升共同导致的。白银净实现销售价格为每盎司23.49美元，较去年同期的每盎司25.37美元下降了7%。需要明确的是，扣除冶炼和回收费用及增值税后的白银净实现价格，扣除这些费用前上海金属交易所的白银实现价格为30.51美元。
关于金属价格，随着近期金属价格下跌，公司正在审查2014财年的资本支出，以寻找降低成本的机会，并优化公司内部的资本配置，包括审查非核心资产的战略选择。
转到第9张幻灯片，2013财年，公司合并总现金成本和每盎司白银现金成本分别为2.45美元和0.48美元，而2012财年分别为负3.25美元和负5.13美元。总现金成本的增加是由于生产成本上升和副产品金属抵扣减少所致。2013财年，贵金属占销售额的72%，而2012财年为70%。矿石占销售额的65%，黄金占8%，铅占23%，锌占4%。
现在转到第10张幻灯片。我们关键资产的勘探和开发活动，首先从营矿区开始，公司开始实施新的采矿战略，预计将对运营产生积极的长期影响。在SGX矿，全年完成了5,200米斜坡道中的1,800多米。该斜坡道预计将从2014财年第二季度开始提高SGX的生产能力。在LM矿西区，公司完成了4,800米入口斜坡道中的1,700米开发工作。该斜坡道旨在提供通往6条以上矿脉的通道，斜坡道上部已与LM西区的现有隧道连接，从而改善了隧道通风和支护能力。LMS西区的969号竖井也按计划将在2014财年投入运营，预计在2014财年第三季度开始矿石生产。一旦969号竖井、入口斜坡道和所有采矿水平在2015财年LMS西区500米标高以下完成，这两个矿的合计年产能预计将达到约30万吨矿石。
在TLP和HPG矿，公司也继续推进开发工作，以继续提高产量并促进进一步的地下钻探。公司在营矿区还开发了超过78,900米的斜井和水平隧道，并完成了超过155,000米的地下钻探。
转到第11张幻灯片，我们在广东省的GC矿。公司在2013财年基本完成了GC矿的建设，并于2013年3月开始试采和加工。主入口斜坡道在2013财年完成，可通往V2矿脉。此外，在2013财年完成了4,600米勘探斜坡道中的1,520米。一旦勘探斜坡道完成，将提供通往水平距离250米内所有已知矿脉的通道。在2014财年期间，公司将利用主斜坡道和勘探斜坡道入口点进行采矿。此外，在2013财年，完成了620米主竖井中的约550米。该竖井预计将在2014财年第二季度达到其设计的负380米标高。公司还使用5台地下钻机和2台地表钻机完成了超过35,000米的金刚石钻探。
关于商业化生产，公司需要通过一系列监管检查，以确保符合安全和环保生产要求。公司预计将在2014财年第三季度通过中国许可的检查。
转到第12张幻灯片，2013财年的BYP矿。公司已完成建设265米深竖井的准备工作，该竖井将有助于开采#3金矿体和#5锌铅矿体。竖井设备的安装和井架的建造目前正在进行中。此外，日处理1,500吨的尾矿回填设施建设进展顺利，预计将在2014财年第一季度完成。
以上是我们对2013财年第四季度及全年业绩的评论，现在我们将开放电话会议进行问答。
Jonathan Hackshaw
Thank you, operator, and good morning, everyone. Welcome to our Fourth Quarter and Fiscal Year-End of 2013 Conference Call. Joining me today on the call are Dr. Rui Feng, Silvercorp's Chairman and Chief Executive Officer; and Maria Tang, Silvercorp's Chief Financial Officer. We will begin the call with a review of our financial operating and development highlights for the quarter in fiscal 2013. We will then open the call up for questions. Presentation slides are available as part of the webcast or on Silvercorp's website. To advance the slides, please click on the forward arrow. Before we begin, I'd like to draw your attention to the first slide and remind you that during today's call, forward-looking statements will be made relating to future production, development and exploration, capital expenditure, business expansion plans and other items. Such forward-looking statements are subject to risks and uncertainties, many of which are detailed in our 2012 Annual Information Form filed on SEDAR. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events can differ materially. Turning to Slide 2. During the quarter, the company recorded net income of $6.4 million or $0.04 per share compared to $9.7 million or $0.06 per share in the fourth quarter of fiscal 2012. Moving on to Slide 3. In fiscal 2013, the company recorded adjusted net income attributable to equity holders of $36.9 million or $0.22 per share compared to net income of $73.8 million or $0.43 per share in fiscal 2012. This decrease was due to a combination of the lower silver price, a decrease in silver production, a decrease in base metal production and a higher overall cost of production. Turning to Slide 4 and our fourth quarter operational highlights, the company produced in total 0.94 million ounces of silver and over 2,300 ounces of gold. At the Ying Mining District, the company mined 153,000 tonnes of ore during the quarter. Metal production totaled 0.93 million ounces of silver, 800 ounces of gold, 9.5 million pounds of lead and 1.0 million pounds of zinc compared to 1.1 million ounces of silver, 966 ounces of gold, 14.7 million pounds of lead, and 2.0 million pounds of zinc in the fourth quarter of fiscal 2012. Total in cash mining cost per tonne in the fourth quarter of fiscal 2013 was $72.56 and $61.67, respectively, compared to $73.52 and $57.62, respectively, in the same prior-year period. In the fourth quarter of fiscal 2013, a total of 158,000 tonnes of ore was milled compared to 136,000 tonnes in the fourth quarter of fiscal 2012. The cash milling cost per tonne was $16.05 in the fourth quarter of fiscal 2013 compared to $16.84 in the fourth quarter of fiscal 2012. Total in cash cost per ounce of silver during the quarter for the Ying Mining District were $5.82 and $3.65, respectively, compared to negative $1.84 and negative $4.22 in the fourth quarter of 2012, fiscal 2012, respectively. Moving to Slide 5. In fiscal 2013, the company produced, in total, 4.97 million ounces of silver, and over 12,000 ounces of gold compared to 5.62 million ounces of silver and over 8,000 ounces of gold in fiscal 2012. At the Ying Mining District, the company mined over 776,000 tonnes of ore during the year. Metal production totaled 4.94 million ounces of silver, 4,153 ounces of gold, 52.2 million pounds of lead and 11.2 million pounds of zinc, compared to 5.61 million ounces of silver, 3,595 ounces of gold, 72.4 million pounds of lead, and 13.5 million pounds of zinc in fiscal 2012. Total in cash mining cost per tonne in fiscal 2013 was $66.62 and $55.94, respectively, compared to $64.70 and $51.60, respectively, in fiscal 2012. In fiscal 2013, a total of 774,000 tonnes of ore was milled compared to 667,000 tonnes of ore in fiscal 2012. The cash milling cost per tonne was $13.56 in fiscal 2013 compared to $14.13 in fiscal 2012. Total in cash costs per ounce of silver in fiscal 2012, fiscal 2013 at the Ying Mining District were $2.45 and $0.48, respectively, compared to negative $3.19 and negative $5.07 in fiscal 2012, respectively. Turning to Slide 6. In the fourth quarter of fiscal 2013, cash flow from operations of $14.8 million or $0.09 per share compared to $12.6 million or $0.07 per share in the same prior-year period. Moving to Slide 7. In fiscal 2013, cash flow from operations were $85.8 million or $0.50 per share compared to $113.3 million or $0.65 per share in fiscal 2012. The decrease of operating earnings compared to the prior year was the result of lower metal production and lower metal prices. The company ended fiscal 2013 with $117.9 million in cash, cash equivalents and short-term investments and no long-term debt. Turning to Slide 8, pounds for the quarter were 33.1 million compared to 44.3 million in the fourth quarter of fiscal 2012. This decrease was due to a combination of a lower net realized silver price, lower metal production and an increase in the cost of production. The net realized selling price of silver was $23.49 -- $23.49 per ounce, a decrease of 7% compared to $25.37 per ounce in the same quarter last year. And just to be clear, the net realized silver prices after deductions for smelt and recovery charges and VAT, the realized silver price in the Shanghai Metal Exchange before these deductions was $30.51. With respect to metal prices, following the recent decline in metal prices, the company is reviewing its capital expenditure for fiscal 2014 to identify opportunities to reduce costs and optimize the allocation of capital across the company, including examining strategic options for non-core assets. Moving to Slide 9, in fiscal 2013, the company's consolidated total cash cost and cash cost per ounce of silver were $2.45 and $0.48, respectively, compared to negative $3.25 and negative $5.13 per ounce of silver, respectively, in fiscal 2012. The increase in total in cash cost was due to higher production cost and a decrease in by-product metal credits. In fiscal 2013, precious metals accounted for 72% of sales compared to 70% in fiscal 2012. Ore [ph] accounted for 65% of sales, gold 8%, lead 23%, and zinc 4%. Now turning to Slide 10. An exploration and development activity for the fiscal year at our key assets, starting with the Ying Mining District, where the company commence the implementation of the new mining strategy, which is expected to have a positive long-term effect on operations. At the SGX Mine, over 1,800 meters of the 5,200 meter ramp was completed during the year. This ramp is expected to improve production capacity at SGX starting in the second quarter of fiscal 2014. At LM Mine West, the company completed 1,700 meters of the development work for a 4,800-meter access ramp. The ramp is designed to provide access to over 6 veins, and the upper portion of the ramp has already been connected to existing tunnels at LM West, resulting in an improvement in tunnel ventilations and holding capacity. Shaft 969 at LMS West is also on schedule to become operational in fiscal 2014 and is expected to commence ore production during the third quarter of fiscal 2014. Once Shaft 969, the access ramp and all the mining levels are completed, down to the 500-meter elevation at LMS West in fiscal 2015, the combined production capacity of the 2 mines is expected to be around 300,000 tonnes of ore per year. At the TLP and HPG mines, the company also continued to advance development work in order to continue the ramping up of production and facilitate further underground drilling. The company also developed over 78,900 meters of decline in horizontal tunnels and completed over 155,000 meters of underground drilling at the Ying Mining District. Turning to our GC mine in Guangdong province in Slide 11, the company substantially completed the construction of the GC mine in fiscal 2013 and commenced trial mining and processing in March 2013. The main access ramp was completed in fiscal 2013 and has access to the V2 vein. In addition, 1,520 meters of the 4,600-meter exploration ramp was completed during fiscal 2013. Once the exploration ramp is completed, it will provide access to all known veins within a horizontal distance of 250 meters. During the course of fiscal 2014, the company will use the main ramp and the exploration ramp access points to the mining. Moreover, in fiscal 2013, approximately 550 meters of the 620-meter main shaft was completed. The shaft is expected to reach its designed elevation of minus 380 meters in the second quarter of fiscal 2014. The company also completed over 35,000 meters of diamond drilling using 5 underground drill rigs and 2 surface drill rigs. The chief form of commercial production, the company is required to pass a series of regulatory inspections to ensure compliance for safety and environmental production requirements. The company expects to pass in the inspection in the Chinese permits in the third quarter of fiscal 2014. Turning to Slide 12 and the BYP mine in fiscal 2013, the company has completed the preparation work for construction of a 265-meter deep shaft that will facilitate the mining of the #3 gold mineralization body and the #5 zinc and lead ore body. The installation of shaft equipment and construction of the head frame is currently underway. In addition, the construction of a 1,500-tonne per day tailing-backfill facility is well underway and is expected to be completed in the first quarter of fiscal 2014. That concludes our comments in the fourth quarter and fiscal 2013 results, and we would like to now open the call up to questions.
