LONDON, UK / ACCESSWIRE / January 18, 2024 / Griffin Mining Ltd (LSE:GFM)(AIM:GFM)
The following amendment has been made to the 'fourth quarter & full year production 2023' announcement released on 17th January 2023 at 7.00 am under RNS No8681Z
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 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 | 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 31st December 2023.
3 months to | 3 months to | 3 months to | 3 months to | ||
| 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 | ||
| 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.
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
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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SOURCE: Griffin Mining Ltd
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