9th May 2023


Griffin Mining Limited (“Griffin” or the “Company”) has today published its annual report and accounts for the year ended 31 December 2023 which will be available shortly on the Company’s web site and will be posted to shareholders on 28th May 2024.

In 2023 the Company and its subsidiaries (together the “Group”) recorded

  • Revenues of $146,023,000 (2022: $94,397,000);
  • Gross profit of $51,842,000 (2022: $38,252,000);
  • Earnings before depreciation, interest and tax of $51,863,000 (2022: $35,215,000)
  • Operating profit of $23,837,000 (2022: $15,625,000);
  • Profit before tax of $24,486,000 (2022: $15,272,000);
  • Profit after tax of $15,236,000 (2022: $7,704,000); and
  • Basic earnings per share of 8.03 cents (2022: 4.41 cents).

Record amounts of ore were mined, hauled and processed in 2023, with throughput reaching mill name plate capacity of 1.5 million tonnes per annum, resulting in record zinc metal in concentrate production.

Ore mined was up 76.6% to 1,505,642 tonnes on that in 2022, all of which was extracted from Zone III at Caijiaying, and ore processed up 82.1% to 1,513,977 tonnes on that in 2022, resulting in:

  • Zinc metal concentrate production 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.

Whilst market prices for zinc fell in 2023, smelter treatment charges and transport costs fell from 27.9% of LME in 2022 to 27.0% in 2023 with significant falls in the last quarter of 2023 to 21.8% and to 15.3% in March 2024. Gold prices have increased throughout 2023 as have silver and lead prices with Hebei Hua Ao receiving a premium price on lead and gold in concentrate sales.

With increased ore mined, hauled and processed, production (mining, haulage, and processing) costs increased by $38,036,000 (67.7%) from that in 2022 with production costs per tonne of ore processed falling from $65.8 per tonne in 2022 to $62.6 per tonne in 2023.

Operating (administration) expenses, excluding the Chinese partners profit share and share incentive scheme charges, rose by $854,000 (4.2%) from that in 2022. The Chinese partners share of Hebei Hua Ao’s profits increased by $1,505,000 (62.7%) from that in 2022, which was subject to force majeure provisions. The results for 2023 include a charge of $3,019,000 (2022 nil) relating to a share incentive plan.

The Group benefited from interest receipts on bank deposits of $1,394,000 in 2023 compared with $369,000 in 2022.

As a result, Group profits before tax increased from $15,272,000 in 2022 to $24,486,000 in 2023.


To read the full announcement, please click here.