Silvercorp Announces Extension of Mining License for the Tulkubash/Kyzyltash Gold Projects, Kyrgyzstan
Silvercorp’s Tulkubash License Extension Locks In 30-Year Gold Lifeline as $60M Payment Clears Path to Production
On May 20, 2026, Silvercorp announced the formal conversion of Chaarat ZAAV CJSC into a 70/30 joint‑venture company with state‑owned Kyrgyzaltyn, and confirmed the extension of the Tulkubash/Kyzyltash mining licence from June 2032 to June 2062. The company simultaneously disclosed that the required US$60 million cash payment to Kyrgyzstan’s National Investment Agency has been made, and that its Board has approved Phase 1 development of Tulkubash for the 2026‑2027 period. An additional US$10 million milestone payment remains outstanding. A General Manager and CFO, both nominated by Silvercorp, have been appointed to lead the JV.
The announcement is the expected completion of conditions set out when Silvercorp acquired the 70 % interest in January 2026. The licence extension and payment were specific, forward‑stated obligations of the acquisition, and the market had already priced in the deal’s closing. Consequently, the event is routine – positive: it removes any residual uncertainty about the licence tenure and formalizes the operating structure, but it does not introduce new, market‑moving information. The Phase 1 development approval is also a logical next step and was telegraphed in the acquisition roadmap. No material change to valuation or risk profile arises from this news.
Silvercorp Metals is a Canadian‑listed, China‑focused silver‑gold‑lead‑zinc producer with two operating mines: the large Ying Mining District (the company’s core silver‑producing asset) and the GC Mine, both in Henan Province, China. Through the acquisition of Adventus Mining, it also owns the advanced‑stage El Domo copper‑gold project in Ecuador, the Condor gold‑silver‑zinc‑lead project (also in Ecuador), and now the Tulkubash/Kyzyltash gold deposits in Kyrgyzstan. The flagship operation remains the Ying District, but the pipeline is shifting toward large gold developments, with El Domo and Tulkubash expected to materially boost production from 2027 onwards.