Griffin Mining Ltd - operator of the Caijiaying zinc-gold mine in China - For the first half of 2021, swings to pretax profit of USD15.5 million from loss of USD3.0 million in the same period a year before, on revenue which more than doubles year-on-year to USD54.1 million from USD21.3 million.
Tonnes mined increase 47% to 462,632 tonnes from 314,690 tonnes, leading to a 43% rise in zinc production to 19,876 tonnes, 31% increase in silver to 144,705 ounces and more than tripled gold output to 7,584 ounces.
"If all things remain equal, and assuming the zinc and gold prices hold firm or rise further, 2021 should prove to be an outstanding year for the company. I would, however, caution that events can quickly turn in the current environment with the current Covid-19 coronavirus again having broken out in multiple Chinese provinces, the lack of any government announcement concerning the Winter Olympic Games and how that will impact Provincial borders and transport of workers, explosives, re-agents and other critical supplies and the ongoing diplomatic tensions between China, the US, the UK, Canada and Australia," says Chair Mladen Ninkov.
Current stock price: 87.90 pence
Year-to-date change: down 8.0%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Griffin Mining (GFM)