(Alliance News) - Griffin Mining Ltd on Tuesday said it has been granted the third stage Zone III project Final Acceptance Permit from the Chinese Safety Bureau following two years of capital development and underground services installation.
Shares in Griffin Mining were up 15% at 92.80 pence in London on Tuesday.
The operator of the Caijiaying zinc-gold mine in China said this will enable it to extend the underground mineable ore zone in the Chinese mine, so it can extract 1.1 million tonnes of zinc-gold ore per annum beginning in 2021, a 27% increase in mineable ore production per annum compared to the 820,000 tonnes of ore expected to have been mined in 2020.
Chair Mladen Ninkov said: "The successful securing of the third stage Zone III PFA is a quantum step achievement for the company, as it provides a solid production foundation on which the Caijiaying mine can sustainably continue to increase the zinc-gold ore production profile to its already completed 1.5mtpa processing facilities."
By Zoe Wickens; zoewickens@alliancenews.com
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Griffin Mining (GFM)