Griffin Mining: Third Quarter Production Recommencement of Operations at the Caijiaying Mine
24th October 2022, Griffin Mining Limited ("Griffin" or the "Company" - https://www.commodity-tv.com/ondemand/companies/profil/griffin-mining-ltd/ ) is pleased to announce its production results for the three months to the 30th September 2022. These results were achieved despite the enforced suspension in operations at the Caijiaying Mine from 23rd September 2022, as announced on 20th September 2022, due to the Plenary Session of the Communist Party Central Committee and the Chinese Communist Party’s 20th Party Congress.
3 months to 30th September 2022
3 months to 30th June 2022
3 months to 30th September 2021
Ore mined
Tonnes
267,304
338,790
306,966
Ore processed
Tonnes
309,465
329,390
291,737
Zinc in concentrate Produced
Tonnes
11,591
13,189
11,607
Gold in concentrate produced
Ozs
3,080
3,504
3,848
Silver in concentrate produced
Ozs
85,612
79,246
68,549
Lead in concentrate produced
Tonnes
373
345
304
Average zinc price received per tonne
US$
2,292
2,886
2,258
Average gold price received per oz
US$
1,661
1,788
1,693
Average silver price received per oz
US$
15.7
18.1
19.6
Average lead price received per tonne
US$
2,097
2,323
2,304
Overview
Mining and processing were maintained at the equivalent annualised rate of over 1.3 million tonnes of ore per annum, all extracted from Zone III, up until the suspension in operations from 23rd September 2022
Recommencement of Operations at the Caijiaying Mine.
The relevant Chinese authorities have advised the Company that operations at the Caijiaying Mine may resume on the 26th October 2022. It is anticipated that operations will commence, as previously announced, on the 1st November 2022 once government restrictions have been fully eased and explosives received.
Chairman Mladen Ninkov commented, “Despite being suspended for a quarter of the month of September, the Caijiaying Mine continues to show its resilience and produce excellent results when extrapolated on an annualised basis. We all look forward to the re-start of operations and a clear run of production through the remainder of 2022 and 2023. Congratulations to all involved in achieving these results and the care and maintenance of the Caijiaying Mine during the closed period.”
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
Roger Goodwin – Finance Director
Telephone: +44(0)20 7629 7772
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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014