(Alliance News) -Â Griffin Mining Ltd on Thursday reported an interim swing to loss as disruption at Caijiaying knocked results.
Revenue for the six months to June 30 fell to USD21.3 million from USD38.6 million a year ago, with the firm swinging to a pretax loss of USD3.8 million from a USD6.3 million profit a year prior.
As well as the lower revenue, also denting its outturn were losses of USD614 million on disposal of equipment, heftier than USD59 million a year before.
"The first six months of 2020 were impacted by the suspension in operations at Caijiaying imposed by the Chinese authorities for a month in late January/February and subsequent travel restrictions with consequent difficulties in returning mining personnel to Caijiaying resulting in reduced stoping and delayed development work," said Griffin.
Tonnes mined were down 23% in the first six months of 2020 year-on-year, with tonnes of ore processed down 25%.
"Profitability was further impacted by lower zinc prices received which were 18.0% less than that realised in the first six months of 2019," the firm added.
Shares in Griffin Mining closed down 4.4% at 38.70 pence in London on Thursday.
By Lucy Heming;Â lucyheming@alliancenews.com
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Griffin Mining (GFM)