TIDMGFM
RNS Number : 1856A
Griffin Mining Limited
18 January 2024
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
18(th) January 2024
The following amendment has been made to the 'fourth quarter
& full year production 2023' announcement released on 17(th)
January 2023 at 7.00 am under RNS No 8681Z
The quarterly results for the 3 months to 31 March 2023 included
data from September 2022 in error, and the ore and metal in
concentrate numbers in the results for the quarter ended 31
December 2023 contained errors. Both have been amended below. The
annual results remain as previously announced.
3 months 3 months 3 months 3 months
to 31 December to 30 September to 30 June to 31 March
2023 2023 2023 2023
Ore mined Tonnes 419,732 363,406 366,762 355,742
-------- ---------------- ----------------- ------------ -------------
Ore processed Tonnes 408,029 367,024 372,804 366,120
-------- ---------------- ----------------- ------------ -------------
Zinc in concentrate Produced Tonnes 15,999 12,839 14,130 13,965
-------- ---------------- ----------------- ------------ -------------
Gold in concentrate produced Ozs 5,122 3,950 3,237 4,743
-------- ---------------- ----------------- ------------ -------------
Silver in concentrate
produced Ozs 93,352 69,707 82,829 68,779
-------- ---------------- ----------------- ------------ -------------
Lead in concentrate produced Tonnes 421 284 468 230
-------- ---------------- ----------------- ------------ -------------
Average zinc price received
per tonne USD 1,956 1,782 1,862 2,029
-------- ---------------- ----------------- ------------ -------------
Average gold price received
per oz USD 1,945 1,900 1,851 1,789
-------- ---------------- ----------------- ------------ -------------
Average silver price received
per oz USD 20.4 19.3 19.3 17.7
-------- ---------------- ----------------- ------------ -------------
Average lead price received
per tonne USD 2,743 2,514 2,251 2,407
-------- ---------------- ----------------- ------------ -------------
All other details, including the annual results, remain the
same.
The full amended announcement is shown below.
Fourth Quarter & Full Year Production 2023
Record Production
Ore Mined up 76.6% to 1,505,642 tonnes
Ore Processed up 82.1% to 1,513,977 tonnes
Zinc production up 79.1%
Gold production up 68.2%
Silver production up 40.1%
Lead production up 64.5%
Griffin Mining Limited ("Griffin" or the "Company") announces
the production results from the Caijiaying Zinc Gold Mine for the
three months and year ended 31(st) December 2023.
3 months 3 months 3 months 3 months
to 31 December to 30 September to 30 June to 31 March
2023 2023 2023 2023
Ore mined Tonnes 419,732 363,406 366,762 355,742
-------- ---------------- ----------------- ------------ -------------
Ore processed Tonnes 408,029 367,024 372,804 366,120
-------- ---------------- ----------------- ------------ -------------
Zinc in concentrate Produced Tonnes 15,999 12,839 14,130 13,965
-------- ---------------- ----------------- ------------ -------------
Gold in concentrate produced Ozs 5,122 3,950 3,237 4,743
-------- ---------------- ----------------- ------------ -------------
Silver in concentrate
produced Ozs 93,352 69,707 82,829 68,779
-------- ---------------- ----------------- ------------ -------------
Lead in concentrate produced Tonnes 421 284 468 230
-------- ---------------- ----------------- ------------ -------------
Average zinc price received
per tonne USD 1,956 1,782 1,862 2,029
-------- ---------------- ----------------- ------------ -------------
Average gold price received
per oz USD 1,945 1,900 1,851 1,789
-------- ---------------- ----------------- ------------ -------------
Average silver price received
per oz USD 20.4 19.3 19.3 17.7
-------- ---------------- ----------------- ------------ -------------
Average lead price received
per tonne USD 2,743 2,514 2,251 2,407
-------- ---------------- ----------------- ------------ -------------
Year to Year to
31 December 2023 31 December 2022
Ore mined Tonnes 1,505,642 852,579
-------- ------------------ ------------------
Ore processed Tonnes 1,513,977 831,549
-------- ------------------ ------------------
Zinc in concentrate Produced Tonnes 56,933 31,787
-------- ------------------ ------------------
Gold in concentrate produced Ozs 17,052 10,137
-------- ------------------ ------------------
Silver in concentrate
produced Ozs 314,667 224,587
-------- ------------------ ------------------
Lead in concentrate produced Tonnes 1,546 940
-------- ------------------ ------------------
Average zinc price received
per tonne USD 1,931 2,513
-------- ------------------ ------------------
Average gold price received
per oz USD 1,952 1,814
-------- ------------------ ------------------
Average silver price received
per oz USD 20.1 17.9
-------- ------------------ ------------------
Average lead price received
per tonne USD 2,536 2,216
-------- ------------------ ------------------
Overview
Record production was achieved in 2023 at the Caijiaying Zinc
Gold Mine with ore mined up 76.6% to 1,505,642 tonnes on that in
2022 and ore processed up 82.1% to 1,513,977 tonnes on that in
2022, resulting in:
-- Zinc metal concentrate production was up 25,146 tonnes (79.1%) on that achieved in 2022;
-- Gold in concentrate production up 6,915 ozs (68.2%) on that achieved in 2022;
-- Silver in concentrate production up 90,080 ozs (40.1%) on that achieved in 2022; and
-- Lead in concentrate production up 606 tonnes (64.5%) on that achieved in 2022.
Market prices for zinc have stabilised of late, however, smelter
treatment charges and transport costs have fallen as Chinese
smelters seek clean local concentrate resulting in average zinc
prices received up $174 per tonne (9.8%) in the last quarter of
2023. Prices for precious metals and lead have continued to rise in
the last quarter of 2023 with gold prices received up $45 per oz
(2.4%) in the last quarter of 2023, and silver prices received up
$1.1 per oz (5.7%) in the last quarter of 2023.
Mladen Ninkov, Chairman, commented:
"Spectacular. That is the only word that can adequately describe
what has been achieved by the management and staff of the Company
in 2023, as reflected in the production results published today. To
say that I am humbled and proud of what has been achieved would be
an understatement. From a Company that has only ever raised net
capital of under $30 million and no debt in its 26 year history to
now have a world class, modern, underground mine, producing over
1.5 million tonnes of ore per year is an extraordinary and,
frankly, unheard of, achievement in the mining industry.
Congratulations to everyone, living and departed, who made this
possible and refused to be governed by the accepted wisdom that
this could not be accomplished in China"
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
Dominic Morley
Douglas McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Lee
Deltir Elezi
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLBPMTTMTJBBLI
(END) Dow Jones Newswires
January 18, 2024 07:42 ET (12:42 GMT)
Griffin Mining (LSE:GFM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Griffin Mining (LSE:GFM)
Historical Stock Chart
From Apr 2023 to Apr 2024
