Last checked at 24 Oct 2022 07:00
8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com
Third Quarter Production
Recommencement of Operations at the Caijiaying Mine
24th October 2022
Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce its production results for the three months to the 30th September 2022. These results were achieved despite the enforced suspension in operations at the Caijiaying Mine from 23rd September 2022, as announced on 20th September 2022, due to the Plenary Session of the Communist Party Central Committee and the Chinese Communist Party's 20th Party Congress.
3 months to 30th September 2022 | 3 months to 30th June 2022 | 3 months to 30th September 2021 | ||
Ore mined | Tonnes | 267,304 | 338,790 | 306,966 |
Ore processed | Tonnes | 309,465 | 329,390 | 291,737 |
Zinc in concentrate Produced | Tonnes | 11,591 | 13,189 | 11,607 |
Gold in concentrate produced | Ozs | 3,080 | 3,504 | 3,848 |
Silver in concentrate produced | Ozs | 85,612 | 79,246 | 68,549 |
Lead in concentrate produced | Tonnes | 373 | 345 | 304 |
Average zinc price received per tonne | US$ | 2,292 | 2,886 | 2,258 |
Average gold price received per oz | US$ | 1,661 | 1,788 | 1,693 |
Average silver price received per oz | US$ | 15.7 | 18.1 | 19.6 |
Average lead price received per tonne | US$ | 2,097 | 2,323 | 2,304 |
Overview
Mining and processing were maintained at the equivalent annualised rate of over 1.3 million tonnes of ore per annum, all extracted from Zone III, up until the suspension in operations from 23rd September 2022
Recommencement of Operations at the Caijiaying Mine.
The relevant Chinese authorities have advised the Company that operations at the Caijiaying Mine may resume on the 26th October 2022. It is anticipated that operations will commence, as previously announced, on the 1st November 2022 once government restrictions have been fully eased and explosives received.
Chairman Mladen Ninkov commented, "Despite being suspended for a quarter of the month of September, the Caijiaying Mine continues to show its resilience and produce excellent results when extrapolated on an annualised basis. We all look forward to the re-start of operations and a clear run of production through the remainder of 2022 and 2023. Congratulations to all involved in achieving these results and the care and maintenance of the Caijiaying Mine during the closed period."
About Griffin Mining Limited
Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website griffinmining.com.
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Dougie McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
BlytheRay
Tim Blythe Telephone: +44(0)20 7138 3205
Swiss Resource Capital AG
Jochen Staiger Telephone: +41 (0)71 354 8501
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014