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
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