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Griffin Mining Limited Earnings Release 2020
10493_er_2021-01-14_71d27d77-3a5e-4d7d-92da-55d9042e3cc3.html
Earnings Release
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National Storage Mechanism | Additional information 
RNS Number : 6254L
Griffin Mining Ld
14 January 2021
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: [email protected]
Fourth Quarter and Full Year 2020 Production
14th January 2021.
Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce production results for the three months and year ended 31st December 2020.
| 3 months to 31st March 2020 | 3 months to 30th June 2020 | 3 months to 30th September 2020 | 3 months to 31st December 2020 | ||
| Ore mined | Tonnes | 114,206 | 200,484 | 248,361 | 291,515 |
| Ore processed | Tonnes | 122,523 | 201,013 | 225,002 | 273,520 |
| Zinc in concentrate Produced | Tonnes | 5,017 | 8,431 | 7,758 | 11,266 |
| Gold in concentrate produced | Ozs | 1,181 | 1,237 | 4,906 | 3,926 |
| Silver in concentrate produced | Ozs | 41,669 | 69,163 | 82,788 | 98,681 |
| Lead in concentrate produced | Tonnes | 176 | 455 | 400 | 397 |
| Average zinc price received per tonne | USD | 1,211 | 1,332 | 1,615 | 1,992 |
| Average gold price received per oz | USD | 1,508 | 1,589 | 1,800 | 1,764 |
| Average silver price received per oz | USD | 12.9 | 14.4 | 19.5 | 19.1 |
| Average lead price received per tonne | USD | 1,026 | 1,194 | 1,584 | 1,286 |
| Year to 31st December 2020 |
Year to 31st December 2019 |
||
| Ore mined | Tonnes | 854,566 | 862,029 |
| Ore processed | Tonnes | 822,058 | 930,613 |
| Zinc in concentrate Produced | Tonnes | 32,472 | 37,413 |
| Gold in concentrate produced | Ozs | 11,250 | 17,768 |
| Silver in concentrate produced | Ozs | 292,301 | 344,228 |
| Lead in concentrate produced | Tonnes | 1,428 | 1,219 |
| Average zinc price received per tonne | USD | 1,638 | 1,471 |
| Average gold price received per oz | USD | 1,752 | 1,318 |
| Average silver price received per oz | USD | 17.6 | 13.8 |
| Average lead price received per tonne | USD | 1,334 | 1,575 |
Overview
As reported in our Interim Statement (published on 23 July), production for the first six months of 2020 was impacted by the suspension of operations at Caijiaying imposed by the Chinese authorities for a month in late January / February and subsequent travel restrictions with consequent difficulties in returning mining personnel to Caijiaying resulting in reduced levels of activity.
The situation at the mine site started to improve from March onwards and by the second half of the year, Caijiaying was approaching pre-Covid levels of production.
Mladen Ninkov, Chairman, commented:
"I'm extremely pleased with the operating results for 2020, in particular considering all the difficulties associated with COVID-19. The last quarter's results indicate what the Company can and will deliver in 2021."
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
Joanna Langley
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
Blytheweigh
Tim Blythe Telephone: +44(0)20 7138 3205
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
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