(Alliance News) - Griffin Mining Ltd on Friday said positive production performance in the third quarter of 2020 has resulted in an improvement in its financials.
Griffin operates the Caijiaying zinc-gold mine in China.
Griffin said that for the three months ended September 30, 248,361 tonnes of ore was mined, up from 200,484 tonnes in the three months ended June 30. It processed 236,078 tonnes of ore, up from 195,340 tonnes the previous quarter.
Griffin produced 4,906 ounces of gold, with an average gold price received of USD1,788 per ounce. In comparison, in the second quarter, it produced 1,237 ounces of gold, with the average price at USD1,600 per ounce.
Silver in concentrate production was up at 82,788 ounces from 69,163 ounces, with the average price received also rising to USD19.3 per ounce from USD14.5 in the second quarter.
Zinc in concentrate produced totalled 7,758 tonnes, down from 8,431 tonnes the previous quarter. However, the average price received per tonne increased to USD1,595 from USD1,342.
Lead production totalled 400 tonnes, down from 455 tonnes. The average lead price received per tonne was USD1,564, up from USD1,203.
"Mining and processing rates in the period have recovered back to pre-Covid levels which, when taken with the higher average metal prices and lower treatment charges, has had a very positive result in terms of the company's profitability and improved cash flows. The trend seems to be continuing into the fourth quarter," said Chair Mladen Ninkov.
Shares in Griffin Mining were trading 9.7% higher at 73.50 pence each Friday midday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Griffin Mining (GFM)