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LONDON (Alliance News) - Shares in Griffin Mining Ltd fell on Tuesday after the miner reported a drop in profit and revenue for 2018 due to falling prices, as well as lower concentrate production and sales.
The stock was 14% lower at 94.48 pence on Tuesday.
For the year, pretax profit was USD34.8 million, down from USD60.9 million the year before, on revenue that also declined to USD99.1 million from USD126.7 million.
From the Caijiaying Mine site in Beijing China, 872,069 tonnes of ore were mined, while 930,472 tonnes were processed in the year.
However, production of all metals were lower during the period, with 37,112 tonnes of zinc metal concentrate, alongside 1,030 tonnes of lead, 16,230 ounces of gold and 280,712 ounces of silver.
This is compared to 43,043 tonnes of zinc, 1,421 tonnes of lead, 20,489 ounces in gold and 394,117 ounces all produced in 2017.
Of this, 36,672 tonnes of the zinc produced were sold in concentrate, also down from 43,342 tonnes sold in 2017, while gold sales were reduced to 16,206 ounces from 20,489 ounces, silver to 279,632 ounces from 310,611 ounces, and lead to 1,027 tonnes from 1,421 tonnes.
Profit also suffered from lower average prices from zinc at USD2,149 per tonne compared to USD2,305.
The average gold price also declined to USD1,173 per ounce from USD1,183, and silver to USD12.60 per ounces from USD13.50.
The average price of lead metal per tonne increased slightly however to USD2,250 from USD2,242.
Looking ahead, Griffin Mining said that it expects to be awarded the licence for zone two of the Caijiaying Mine later in 2019.