REG - Griffin Mining Ltd - First Quarter Production 2024

Griffin MiningAnnouncement

11/04/2024 08:00

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RNS Number : 0756K  Griffin Mining Limited  11 April 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 (mailto:griffin@griffinmining.com)

 

11 April 2024

 

First Quarter Production 2024

 

 

Griffin Mining Limited ("Griffin" or the "Company") announces the production
results from the Caijiaying Zinc-Gold Mine for the three months ended 31 March
2024.

 

                                                3 months to 31 March 2024  3 months to 31 March 2023  3 months to 31 December 2023
 Ore mined                              Tonnes  335,234                    355,742                    419,732
 Ore processed                          Tonnes  327,529                    366,120                    408,029
 Zinc in concentrate produced           Tonnes  11,423                     13,965                     15,999
 Gold in concentrate produced           Ozs     5,270                      4,743                      5,122
 Silver in concentrate produced         Ozs     72,026                     68,779                     93,352
 Lead in concentrate produced           Tonnes  277                        230                        421
 Average zinc price received per tonne  USD     2,091                      2,029                      1,956
 Average gold price received per oz     USD     2,026                      1,789                      1,945
 Average silver price received per oz   USD     20.1                       17.7                       20.4
 Average lead price received per tonne  USD     2,868                      2,407                      2,743

 

Overview

As in previous years, first quarter production at Caijiaying was impacted by
the Chinese Lunar New Year and Spring Festival holidays causing disruption to
operations by government department shutdowns and the travel of staff and
contractors throughout the period. The slower activity period was utilized by
scheduling mine and processing plant maintenance.

 

Whilst maintenance has resulted in ore processed being down 10.5% on the first
quarter of 2023, Griffin expects to recoup this lost production in subsequent
quarters such that circa 1.5 million tonnes of ore will be mined and processed
in 2024. Despite lower throughput, better precious metals' grades led to a
higher precious metals concentrate production on that achieved in the first
quarter of 2023. This was particularly beneficial in light of the continuing
higher gold prices.

 

·    Gold in concentrate production up 527 ozs (11.1%) on that achieved in
in the first quarter 2023;

·    Silver in concentrate production up 3,227 ozs (4.7%) on that achieved
in in the first quarter 2023;

·    Lead  in concentrate production up 47 tonnes (20.4%) on that
achieved in in the first quarter 2023; and

·    Zinc metal concentrate production down 2,542 tonnes (18.2%) on that
achieved in the first quarter 2023

 

 

Mladen Ninkov, Chairman, commented:

 

"As expected, the first quarter of 2024 produced subdued results not only
because of the Chinese Lunar New Year holidays but also due to the relatively
late date this year of the Chinese Lunar New Year which brought the holiday
period tangentially into conflict with the week long annual parliamentary
meetings of the National People's Congress in Beijing. This caused the
shut-down of government departments for a much longer period than normal
causing delays to day-to-day approvals needed for daily production, such as
explosives deliveries. Nevertheless, these lower production numbers were
expected and the Company remains on target to produce its budgeted 1.5 million
tonnes of throughput this calendar year.

 

We continue to look forward to the year ahead with the continuing development
of Zone II for ore production and the increasing world zinc and gold prices.

 

 

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

 

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