(Alliance News) - Griffin Mining Ltd on Monday said its quarterly ore mining and processing results soared, both from a year earlier and the previous quarter, in a record first quarter for the firm.
Shares in Griffin Mining were up 9.6% to 81.55 pence each in London on Monday in late morning trade.
In the three months that ended March 31, the AIM-listed operator of the Caijiaying zinc and gold mine in China said it mined 355,742 tonnes of ore, up 56% from 228,510 tonnes in the previous quarter and multiplying from 17,975 tonnes a year earlier.
Similarly, it almost doubled the amount of ore processed to 366,120 tonnes from 184,045 tonnes in the previous quarter, alongside a huge rise from 8,649 tonnes a year earlier.
"Production output was unimpeded this quarter by the usual Chinese New Year holidays," Griffin Mining said.
Gold in concentrate production more than trebled to 4,743 tonnes from 1,474 tonnes a year earlier, and up from 2,079 tonnes in the previous quarter, while zinc in concentrate production multiplied to 13,965 tonnes from 268 tonnes a year earlier. It more than doubled from 6,739 tonnes in the previous quarter.
Silver in concentrate production multiplied to 68,779 tonnes from 168 tonnes a year earlier, while rising 15% from 59,561 tonnes in the previous quarter.
Griffin said production in the first quarter of 2023 was a "record" for a first quarter of any years since the commissioning of the Caijiaying mine in 2005.
"What another extraordinary result. The Caijiaying mine is now clearly showing what it can achieve when it is unencumbered by extraneous events outside the company's control," said Chair Mladen Ninkov.
"I look forward to an event-free 2023 and the results which will thereby be generated."
By Greg Rosenvinge, Alliance News reporter
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Griffin Mining (GFM)