REG - Griffin Mining Ld - CESSATION OF EXPLOSIVES PRODUCTION & DELIVERY

Griffin MiningAnnouncement

20/09/2022 07:00

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RNS Number : 9310Z  Griffin Mining Ld  20 September 2022

 

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)

 

Chinese Communist Party's 20(th) Congress

Cessation of Explosives Production & Delivery

Consequential Production Shutdown

 

20(th) September 2022

 

Griffin Mining Limited ("Griffin" or the "Company") announces, following the
press release of the Chinese Politburo on the 30(th) August 2022 that the
Plenary Session of the Communist Party Central Committee will begin on the
9(th) October 2022, followed by the Chinese Communist Party's 20th Party
Congress on the 16(th) October 2022, that the Ministry of Public Security has
commenced the implementation of severe security measures to ensure the safety
of those proceedings, including restrictions on the manufacture and supply of
explosives in the 4 major Municipalities surrounding the Beijing area, being
Zhangjiakou, Cheng De, Tian Jin and Boa Ding.

 

Consequently, as the Caijiaying Mining is located in the Municipality of
Zhangjiakou, explosives can no longer be acquired or delivered to the
Caijiaying Mine. The current inventory of explosives has been exhausted,
mining and haulage has decreased and processing and milling is expected to
cease on Thursday, 22(nd) September 2022. It is expected that full operations
will recommence at the Caijiaying Mine on Tuesday 1(st) November.

 

A plenum of the Chinese Communist Party is normally held in October of every
year and, as such, the Company plans and budgets for normal disruption to
October production. However, this extended period of unavailability of
explosives will inevitably have a significant impact on September and October
results. Nevertheless, the Caijiaying Mine has increased production over the
past quarter at accelerated rates to record levels unseen in the history of
the Caijiaying Mine which may offset any prolonged risk to production due to
the Congress.

 

Additional measures in mine planning and resources have been taken to ensure
that the record levels of production return quickly after the disruption has
concluded with monthly production rates in the approximately 1.5 million tonne
range, on an annualised basis, upon resumption.

 

Chairman Mladen Ninkov commented, "It is an unfortunate consequence of the
importance of this year's Communist Party's Congress that such strict security
measures have been mandated by the Beijing Ministry of Public Security.
Nevertheless, the extraordinary efforts of all concerned in reaching a 1.5
million tonne throughput recently, on an annualised basis, from just Zone III,
will ensure that the production and financial impact to Griffin will be
minimized to the greatest extent possible."

 

 

 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 giffinmining.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

             Douglas McLeod

             Alisa MacMaster

 

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

 

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