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Let's get the Olympics out of the way and back into business ;)
I sold a large proportion of my holdings at and above £1.30 to secure my retirement, but feel at these levels I may regret not doubling down just need a bit of time to release funds . Please stay flat for a week or two THANK YOU
Just been posted today. Or reiterated. Nice.
18-Jan-22 Griffin Mining (GFM) Berenberg Bank Buy 170.00 170.00 Reiteration
I totally agree. Probably slightly less than 20c fully diluted EPS so a p/e of c. 5.8. Ok the mine is closed but work to improve capacity is, hopefully, being undertaken. Run rate upon reopening of over 50% higher than 2021 with easier to extract metals from Zone II once final permission is granted should give H2 2022 EPS of 83% of full year 2021.
Dividends? More than enough cash to get through the closure and put in all desired works. FY results will be released after the mine has restarted so no reason not to declare a dividend although CAPEX will probably be used again.
Biggest positive will be relaxation of quarantine rules in China and AUS allowing "Western staff" to renew usual work on/off arrangements.
I have far too many shares to buy any more but will certainly not be selling in 2022.
I thought fairly strong results, and with prices up and costs down should see a very strong bottom line!? At these prices I am will have to search for some extra cash to invest, but this year must see DIVIDENDS no more excuses.
yes , I did read that but then, it was a badly written RNS , it said things where shutting down for the Olympics, then on. the next paragraph, it looked like they had been granted special permission to continue operations?,
"Chairman Mladen Ninkov commented, "The permission granted by the various levels of government in the People's Republic of China to the continuing operations by the Company in this high profile period is very much appreciated and is an acknowledgement of the special relations enjoyed by all stakeholders in the Caijiaying Mine and best ESG practices implemented by the Company. "
Hence my surprise it was closing down the mining operations completely, imo, I think it will hurt the current Sp , and yes it may offer a good opportunity for those that can sit this out over the next 3-6 months , but its not going to be good , imo
GLA LTH lets see how it performs next week ???
3rd item on the 'GFM Live RNS' option, if you press the icon?
https://www.lse.co.uk/rns/GFM/winter-olympics-games-extension-6tgu17xdoac4k0d.html
Always useful to read through historic RNSs before making any kind of investment decision, amongst other things, of course.
Can someone point me to the information where it was stated that this was the intention to shutdown for 3 months???, ive been looking and cant see it anywhere!!!
Company is underpinned by good results, this is not !!! a good start to 2022, the Sp will suffer over the next few months, imo and those that are stating they will be topping up, I have very few words for them
GLA LTH "GOOD LUCK"
This was well publicised by the company and to be honest I think it's very well run and has great potential for the future. I am kind of hoping there is a drop in price over the next few months as I should be in a position for a top up if another share goes as expected. Happy New Year to all when it comes.
The mine will still be staffed to do repairs and maintenance for the pumps etc. The closedown was well advertised, could have been worse. That is the bad news out of the way, let’s have the good news in the new year. The Chinese government will do what they want, different approach, and will take the west apart economically with a centralised approach IMHO.
You are a silly billy
How can the BOD justify that???, unbelievable , who is running this Company the BOD or the Chinese Government? will undoubtedly be problems after such a long time shutdown, imo
GLA LTH Its about time the BOD took control
The high zinc price (and huge amounts of cash being thrown off are one. Huge rise yesterday almost all of which fall through to the bottom line. A great end to the year.
Nice one Stock1, I bought in the other day. Technicals look good. There is now a trend reversal upward, which was the reason I bought in. The IC GARP list should help with pushing this upwards. Just need a Simon Thompson tip , for more momentum. Analysts have given a price target of around 180p, so a lot of upside to go at this cheap price.
Griffin Mining included in Investors Chronicle AIM Growth at a Reasonable Price (GARP) list.
https://pdfs.investorschronicle.co.uk/ICAlphaScreen_GARP_08112021.pdf
I just bought in. Can someone highlight the positives for investing in GFM, and also the negatives ?
Thanks for that unclebean, I don’t think I will bother, as the RNS which to me is gospel is clear, we have permission. That is why the chairman was so bullish in the statement, and there has been no mention of it since being an issue. I was moaning to the board about not buying shares at the low price, and the chairman mentions the prospect of dividends every 6 months, and now was the time to do it. They had every sympathy with my moans, but cited Olympic’s as a big negative. This risk has been crystallised, and personally do not see any reason why not to pay a dividend. That is all IMHO. I am looking forward to a very big rerate!
I think it was on a teleconference on 9th August at 4pm. If you ring 0330 551 0200 you might be able to hear a recording.
Please can you send me that RNS, I have looked and must missed the relevance of it. I thought we are raring to go with all approvals. The company felt today’s RNS was sufficiently important to RNS it, and felt it was really good news. The market feels otherwise, so you could be right unclebean.
Agreed. Unfortunately the chairman said in July/ August that they were still waiting for the local PRC to approve of GFM’s operating plans before mining could start.
Substantially Increased Zone II Resource at Recently Granted Mining Licence Area
107% Increase in the Mineral Resource at Just Zone II
$7.1 Billion Metal in Situ in Just Zone II
Mineral Resource Estimates for Currently Mined Zone III Area
and New Zones V & VIII Areas to be Announced in Near Future
26th January 2021
Griffin Mining Limited ("Griffin" or the "Company") is delighted to announce a significant increase to the Zone II Mineral Resource at the Caijiaying Mine. These additional Indicated and Inferred Mineral Resources are located immediately adjacent to the south of Zone III and within the recently approved Mining Licence (See Company Announcement "Issue of New Mining Licence" dated 4th January 2021).
These new resources, which are reported in compliance with The JORC Code, are in addition to the Zone III Mineral Resource currently being mined at the Caijiaying Zinc-Gold deposit. The highlights include:
· 1.49 million tonnes of Zinc Metal (from 0.638 million tonnes)
· 463,000 ounces of Gold (from 164,000 ounces)
· 36.8 million ounces of Silver (from 15.5 million ounces)
The new Zone II Indicated and Inferred Mineral Resource estimate comprises 40.7 Mt at 3.7% Zn, 0.9% Pb, 28.4 g/t Ag and 0.4 g/t Au, resulting in total contained metals of approximately 1.49 Mt of zinc metal, 36.Moz of silver metal, and 0.46 Moz of gold metal.
This is an increase of 21.1 Mt (107%) from the previously reported Zone II Mineral Resource of 19.6 Mt at 3.3% Zn, 0.7% Pb, 24.6 g/t Ag and 0.3 g/t Au (Company Annual Report "Results for 2018 and Annual Report and Accounts" dated 30th April 2019).
Regarding the contained metal this is an increase from approximately 0.6 Mt to 1.5 Mt of zinc metal, from 0.14 Mt to 0.38 Mt of lead, from 15.5 Moz to 36.8 Moz of silver and from 0.16 Moz to 0.46 Moz of gold.
The large increase in resources at Zone II is the result of the significantly improved geological understanding of the structural controls on mineralisation, and on mineralogical associations gained from the extensive work over many years, together with a more recent detailed re-logging and assaying review of selected areas within Zone II. As underground access and mining activities progress into 2021, further improvements to the geological model are expected.
Further information in relation to the Mineral Resource estimate is set out in the appendix to this announcement.
Chairman Mladen Ninkov said "The substantial increase to the yet unmined Zone II resource justifies the long wait for the new Mining Licence and guarantees the increased mining throughput and mine life of Caijiaying for decades to come. I couldn't be happier for the shareholders of the Company who have waited so patiently and so eagerly for this day. We look forward now to the estimation and announcement of the total global Caijiaying resource in the near future."
Unclebean I think this RNS is it, issued 26 Jan.
Substantially Increased Zone II Resource at Recently Granted Mining Licence Area
107% Increase in the Mineral Resource at Just Zone II
$7.1 Billion Metal in Situ in Just Zone II
Mineral Resource Estimates for Currently Mined Zone III Area
and New Zones V & VIII Areas to be Announced in Near Future
26th January 2021
Griffin Mining Limited ("Griffin" or the "Company") is delighted to announce a significant increase to the Zone II Mineral Resource at the Caijiaying Mine. These additional Indicated and Inferred Mineral Resources are located immediately adjacent to the south of Zone III and within the recently approved Mining Licence (See Company Announcement "Issue of New Mining Licence" dated 4th January 2021).
These new resources, which are reported in compliance with The JORC Code, are in addition to the Zone III Mineral Resource currently being mined at the Caijiaying Zinc-Gold deposit. The highlights include:
· 1.49 million tonnes of Zinc Metal (from 0.638 million tonnes)
· 463,000 ounces of Gold (from 164,000 ounces)
· 36.8 million ounces of Silver (from 15.5 million ounces)
The new Zone II Indicated and Inferred Mineral Resource estimate comprises 40.7 Mt at 3.7% Zn, 0.9% Pb, 28.4 g/t Ag and 0.4 g/t Au, resulting in total contained metals of approximately 1.49 Mt of zinc metal, 36.Moz of silver metal, and 0.46 Moz of gold metal.
This is an increase of 21.1 Mt (107%) from the previously reported Zone II Mineral Resource of 19.6 Mt at 3.3% Zn, 0.7% Pb, 24.6 g/t Ag and 0.3 g/t Au (Company Annual Report "Results for 2018 and Annual Report and Accounts" dated 30th April 2019).
Regarding the contained metal this is an increase from approximately 0.6 Mt to 1.5 Mt of zinc metal, from 0.14 Mt to 0.38 Mt of lead, from 15.5 Moz to 36.8 Moz of silver and from 0.16 Moz to 0.46 Moz of gold.
The large increase in resources at Zone II is the result of the significantly improved geological understanding of the structural controls on mineralisation, and on mineralogical associations gained from the extensive work over many years, together with a more recent detailed re-logging and assaying review of selected areas within Zone II. As underground access and mining activities progress into 2021, further improvements to the geological model are expected.
Further information in relation to the Mineral Resource estimate is set out in the appendix to this announcement.
Chairman Mladen Ninkov said "The substantial increase to the yet unmined Zone II resource justifies the long wait for the new Mining Licence and guarantees the increased mining throughput and mine life of Caijiaying for decades to come. I couldn't be happier for the shareholders of the Company who have waited so patiently and so eagerly for this day. We look forward now to the estimation and announcement of the total global Caijiaying resource in the near future."
The last I heard was that the final operating plan for Zone II has yet to be given. I think this was in the call after the H1 results announcement. As you, happy to be corrected.
I think the final approval for zone 11 has been given, hence the run up in the share price early this year. The chairman has mentioned the debate they were having on dividends, and in the half year and quarterly figures mentioned the risks around the winter Olympic’s. I wrote to the company with regard to the lack of share buy backs, and rewarding patient shareholders with dividends. They took my points, but were concerned about the risk, that has now been put to bed in today’s RNS. This is how I read it, but happy to be corrected.
Good morning JustOne. I don't think I'm seeing the same in the RNS. There is no mention that Zone II final approval has been given. It's a relief that the shutdown will be the minimum 6 weeks. I'd have preferred some more meat to the RNS. Eg. "We will be able to get all necessary supplies to last until 14th March. We have a plan of works for the 6 week shutdown that will enable xxxxxx."
What is there in the RNS that thinks this will change the dividend policy and share price? I see nothing to that effect.