Silvercorp Metals (SVM) said Monday it has a budget of about $196.3 million for its ZAAV joint venture, which includes the development of phase 1 of the Tulkubash gold project and initial spending for phase 2 of the Kyzyltash gold project.

The expected spending for this year is $57.3 million and the anticipated spending for next year is $139 million, the company said.

ZAAV is a joint venture between Silvercorp, which has a 70% stake and is the operator, and Kyrgyzaltyn, which has a 30% free-carried interest, Silvercorp said.

The joint venture holds a 100% interest in the mining license hosting the Tulkubash and Kyzyltash gold projects, as well as surrounding exploration licenses, in the Kyrgyz Republic's Tien Shan area, Silvercorp said.

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