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RNS Number : 8681Z Griffin Mining Limited 17 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 (mailto:griffin@griffinmining.com)
17(th) January 2024
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 to 31 December 2023 3 months to 30 September 2023 3 months to 30 June 2023 3 months to 31 March 2023
Ore mined Tonnes 508,170 363,406 366,762 267,304
Ore processed Tonnes 464,684 367,024 372,804 309,465
Zinc in concentrate Produced Tonnes 18,373 12,839 14,130 11,591
Gold in concentrate produced Ozs 6,785 3,950 3,237 3,080
Silver in concentrate produced Ozs 76,519 69,707 82,829 85,612
Lead in concentrate produced Tonnes 421 284 468 373
Average zinc price received per tonne USD 1,956 1,782 1,862 2,292
Average gold price received per oz USD 1,945 1,900 1,851 1,661
Average silver price received per oz USD 20.4 19.3 19.3 15.7
Average lead price received per tonne USD 2,743 2,514 2,251 2,097
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
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