(Alliance News) - Griffin Mining Ltd on Tuesday reported a drop in quarterly production, following disruption to operations from the Chinese Lunar New Year and Spring Festival holidays.
Griffin Mining is a China-based mining company which owns the Caijaying Zinc Gold mine.
In the three months ended March 31, the amount of ore mined fell to 335,234 tonnes compared to 419,732 tonnes in the final quarter of 2023.
The amount of ore processed fell to 327,529 tonnes from 408,029 tonnes.
However, Griffin Mining said that it expects to recoup lost product in the subsequent quarter so that 1.5 million tonnes of ore will be mined and processed in 2024.
Chair Mladen Ninkov said: "As expected, the first quarter of 2024 produced subdued results not only because of the Chinese Lunar New Year holidays but also due to the relatively late date this year of the Chinese Lunar New Year which brought the holiday period tangentially into conflict with the week-long annual parliamentary meetings of the National People's Congress in Beijing. This caused the shut-down of government departments for a much longer period than normal, causing delays to day-to-day approvals needed for daily production, such as explosives deliveries."
Shares in Griffing Mining were down 2.9% to 125.30 pence each in London on Thursday afternoon.
By Sophie Rose, Alliance News senior reporter
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Griffin Mining (GFM)