Appointment of non-executive director

Appointment of non-executive director

 13th August 2021

 

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce the appointment, as previously disclosed in the announcement on 12th August 2021, of Mr Clive Whiley as Senior Independent Director of the Company with immediate effect.

The following information is disclosed in accordance with Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules for Companies in connection with the appointment of Mr Clive Peter Whiley to the Board of the Company:

Full name and age: Clive Peter Whiley, aged 61
Current Directorships: Mothercare PLC, Y-LEE Ltd, China Venture Capital Management Ltd and First China Venture Capital Ltd
Former Directorships (previous 5 years): Dignity plc, Dignity (2011) Limited, Dignity (2002) Limited, Grand Harbour Marina plc, Camper & Nicholsons Marina Investments Limited, Stanley Gibbons PLC, Stanley Gibbons Finance Limited, Evolution Securities China Ltd, Dreweatts 1759 Limited
Ordinary Shares held in the Company 100,100

On 12 August 2021, Mr Whiley purchased 100 shares in the Company and Zodiac Executive Pension Scheme (of which Mr Whiley is the sole beneficiary) purchased 100,000 shares in the Company.

Mr Whiley was a director XLIV Limited in the twelve months preceding the Company being placed into creditors’ voluntary liquidation in October 2000, Mr Whiley resigned in 1999.

There is no further information required to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.

 

Further information

Griffin Mining Limited                                                 Telephone: +44(0)20 7629 7772

Mladen Ninkov

Roger Goodwin

Panmure Gordon (UK) Limited                                      Telephone: +44 (0)20 7886 2500

John Prior

Alisa Maimaster

Berenberg                                                                    Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

Blytheweigh                                                  Telephone: +44(0)20 7138 3205

Tim Blythe

Megan Ray

Swiss Resource Capital AG                                        Telephone: +41(0)71 354 8501

Jochen Staiger

 

 

 

Clive Whiley to be appointed to the Board of Directors

Clive Whiley to be appointed to the Board of Directors

 12th August 2021

 

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce that the Board of Griffin has agreed to appoint Mr Clive Whiley as Senior Independent Director of the Company, to become effective as soon as possible and on completion of his director take on requirements.

Mr. Whiley has over thirty-five years’ experience in regulated and listed company governance positions, both as an executive and non-executive director, across a wide range of industries and geographies, including extensive business experience in the People’s Republic of China since 1983, and the board looks forward to benefiting from Clive’s significant experience.

 

Further information

Griffin Mining Limited                                                 Telephone: +44(0)20 7629 7772

Mladen Ninkov

Roger Goodwin

Panmure Gordon (UK) Limited                                      Telephone: +44 (0)20 7886 2500

John Prior

Alisa Macmaster

Berenberg                                                                Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

Blytheweigh                                                             Telephone: +44(0)20 7138 3205

Tim Blythe

Megan Ray

Swiss Resource Capital AG                                         Telephone: +41(0)71 354 8501

Jochen Staiger

 

 

UNAUDITED INTERIM RESULTS


UNAUDITED INTERIM RESULTS

for the six months ended 30th June 2021

 

Griffin Mining Limited (“Griffin” or “the Company”) has today released its unaudited results for the six months ended 30th June 2021.

Highlights:

  • Revenues of $54.1 million (30th June 2020: $21.3 million), an increase of 154%.
  • Gross Profit of $25.7 million (30th June 2020: $4.2 million), an increase of 512%.
  • Profit before tax of $15.5 million (30th June 2020: Loss $3.0 million).
  • Profit after tax of $10.3 million (30th June 2020: Loss $3.8 million).
  • Basic earnings per share of 5.88 cents (30th June 2020: Basic loss per share 2.22 cents).

Financial and Trading:

The results for the six months to 30th June 2021 reflect a step up in production following final PFA approval for previous development work at Zone III of the Caijiaying mine in late 2020, enabling increased mining rates.  Mining and processing rates have now reached the equivalent of over a million tonnes of ore per annum without the benefit of ore from the Zone II area at Caijiaying expected in 2022.

As in previous years, the 2021 first half year results were impacted by the Chinese New Year holidays in February in comparison to the 2020 first half year results which were also affected by the suspension in operations at Caijiaying imposed by the Chinese authorities to contain the Covid-19 pandemic.

Ore tonnes mined in the first half of 2021 were up 47% on that mined in the first half of 2020 and tonnes processed in the first half of 2021 were up 47.1% on that achieved in the first half of 2020.  Zinc metal in concentrate produced was up 47.8% on that achieved in the first half of 2020. Gold in concentrate production was up 213.6% on that produced in the first half of 2020 and silver in concentrate production was up 30.6% on that produced in the first half of 2020.

With 475,785 tonnes (30th June 2020: 323,536 tonnes) of ore processed, metal in concentrate production in the first six months of 2021 was:

  • 19,876 tonnes of zinc ( 30th June 2020: 13,448 tonnes);
  • 561 tonnes of lead (30th June 2020: 631 tonnes);
  • 144,705 ounces of silver (30th June 2020: 110,832 ounces); and
  • 7,584 ounces of gold (30th June 2020: 2,418 ounces).

The results benefited from a significant improvement in the market price for zinc and lower smelter treatment charges from that in the first half of 2020, with the average price received for zinc metal in concentrate increasing by 69.4% from $1,304 per tonne in the first six months of 2020 to $2,209 per tonne in the first half of 2021.  Zinc revenues before royalties and resource taxes in the six months to 30th June 2021 were $42,102,000 (30th June 2020: $17,008,000) with 19,062 tonnes of zinc metal in concentrate sold (30th June 2020: 13,046 tonnes).   Precious metals and lead revenues were $15,136,000 (30th June 2020: $5,279,000).

During the six months to 30th June 2021:

  • 462,632 tonnes of ore were mined (30th June 2020: 314,690 tonnes);
  • 471,423 tonnes of ore were hauled (30th June 2020: 321,514 tonnes); and
  • 475,785 tonnes of ore were processed (30th June 2020: 323,536 tonnes).

Costs of sales (mining, haulage and processing) of $28,401,000 increased by 65.6% from that in the first six months of 2020 of $17,153,000 reflecting increased tonnes of ore mined, hauled and processed albeit with increased unit costs as mining accesses the deeper levels of the mine.

Net operating expenses (administration costs, including those of the Caijiaying site and the Chinese joint venture partners profit share) increased by 41.7% from $7,204,000 in the first six months of 2020 to $10,209,000 in the first six months of 2021. This reflects the resumption in activities from Covid-19 induced restrictions in 2020 and a 7.6% increase in the value of the Renminbi.

Basic earnings per share were 5.88 cents (30th June 2020: loss of 2.22 cents per share).  At 30th June 2021, attributable net assets per share amounted to 141 cents (30th June 2020: 121 cents).

Cash flows from operations in the period of $16,818,000 (30th June 2020 used in operations $4,259,000) have been directed to the further development of the Caijiaying Mine.  359,799 shares in the Company were bought in to treasury at a cost of $672,000 in the six months to 30th June 2021 (30th June 2020: nil). The Griffin Mining Group of companies remains free of any bank loans.

Chairman’s Statement

Chairman Mladen Ninkov commented, “This is an extraordinary 2021 half year result, already surpassing the full year financial results for 2020.  It is a credit to the continuing team effort of the people at the mine site, office and board table. If all things remain equal, and assuming the zinc and gold prices hold firm or rise further, 2021 should prove to be an outstanding year for the Company. I would, however, caution that events can quickly turn in the current environment with the current Covid-19 coronavirus again having broken out in multiple Chinese provinces, the lack of any government announcement concerning the Winter Olympic Games and how that will impact Provincial borders and transport of workers, explosives, re-agents and other critical supplies and the ongoing diplomatic tensions between China, the US, the UK, Canada and Australia.”

Time: 4.00pm British Summer Time
Dial in numbers: Australia Toll Free: 1 800 681 584
Canada Toll Free: 1 866 378 3566
Berlin : +49 (0) 30 3001 90612
Germany Toll Free: 0800 673 7932
Hong Kong Toll Free: 800 900 476
UK-Wide: +44 (0) 33 0551 0200
Zurich: +41 (0) 43 456 9986
Switzerland Toll Free: 0800 800 038
UK Toll Free: 0808 109 0700
New York New York: +1 212 999 6659
USA Toll Free: 1 866 966 5335
Password: Quote Griffin Interim results when prompted by operator

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

Alisa MacMaster

Berenberg                                                                    Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

Blytheweigh

Tim Blythe                                                         Telephone: +44(0)20 7138 3205

Megan Ray

Swiss Resource Capital AG

           Jochen Staiger                                   Telephone: +41(0)71 354 8501

 

To read the full Interim Statement, please click here

Notice of Interim Results

Notice of Interim Results

5th August 2021

 

Griffin Mining Limited (“Griffin” or the “Company”) will release its Unaudited Interim Results for the six months to 30th June 2021 on Monday 9th August 2021.

A live teleconference call on the Interim Results, hosted by Mladen Ninkov (Chairman) and Roger Goodwin (Finance Director) will take place at 4:00pm (BST) on Monday 9th August 2021.

The teleconference call can be accessed by dialling one of the suitable dial in numbers below and quoting the password ‘Griffin Interim Results’ when prompted by the operator.

  

 

Time:

 

4.00pm British Summer Time

Dial in numbers: Australia Toll Free: 1 800 681 584
Canada Toll Free: 1 866 378 3566
Berlin : +49 (0) 30 3001 90612
Germany Toll Free: 0800 673 7932
Hong Kong Toll Free: 800 900 476
UK-Wide: +44 (0) 33 0551 0200
Zurich: +41 (0) 43 456 9986
Switzerland Toll Free: 0800 800 038
UK Toll Free: 0808 109 0700
New York New York: +1 212 999 6659
USA Toll Free: 1 866 966 5335
Password: Quote ‘Griffin Interim Results’

 

Further information

Griffin Mining Limited                                                       Telephone: +44 (0)20 76290 7772

Mladen Ninkov – Chairman

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                                                Telephone: +44(0)20 7138 3205

Tim Blythe

Swiss Resource Capital AG                                      Telephone: +41(0)71 354 8501

Jochen Staiger