Fourth Quarter & Full Year Production Numbers 2022
13th January 2023
Griffin Mining Limited (“Griffin” or the “Company”) announces the production results from the Caijiaying Zinc Gold Mine for the three months and year ended 31st December 2022.
| 3 months to 31stDecember 2022 | 3 months to 30thSeptember 2022 | 3 months to 30thJune 2022 | 3 months to 31stMarch 2022 | ||
| Ore mined | Tonnes | 228,510 | 267,304 | 338,790 | 17,975 |
| Ore processed | Tonnes | 184,045 | 309,465 | 329,390 | 8,649 |
| Zinc in concentrate Produced | Tonnes | 6,739 | 11,591 | 13,189 | 268 |
| Gold in concentrate produced | Ozs | 2,079 | 3,080 | 3,504 | 1,474 |
| Silver in concentrate produced | Ozs | 59,561 | 85,612 | 79,246 | 168 |
| Lead in concentrate produced | Tonnes | 215 | 373 | 345 | 7 |
| Average zinc price received per tonne | USD | 2,116 | 2,292 | 2,886 | – |
| Average gold price received per oz | USD | 1,703 | 1,661 | 1,788 | – |
| Average silver price received per oz | USD | 18.1 | 15.7 | 18.1 | – |
| Average lead price received per tonne | USD | 2,145 | 2,097 | 2,323 | – |
| Year to
31st December 2022 |
Year to
31st December 2021 |
||
| Ore mined | Tonnes | 852,579 | 971,492 |
| Ore processed | Tonnes | 831,549 | 985,404 |
| Zinc in concentrate Produced | Tonnes | 31,787 | 41,587 |
| Gold in concentrate produced | Ozs | 10,137 | 14,447 |
| Silver in concentrate produced | Ozs | 224,587 | 269,570 |
| Lead in concentrate produced | Tonnes | 940 | 1,069 |
| Average zinc price received per tonne | USD | 2,513 | 2,311 |
| Average gold price received per oz | USD | 1,814 | 1,748 |
| Average silver price received per oz | USD | 17.9 | 20.4 |
| Average lead price received per tonne | USD | 2,216 | 2,074 |
Overview
First quarter results were impacted by the enforced suspension of all operations at the Caijiaying Mine for the Chinese Lunar New Year holiday celebrations, the Winter Olympics and the subsequent Winter Paralympics. Mining recommenced on the 23rd March and processing on the 25th March 2022. Operations were again suspended by the Chinese authorities restricting the supply and use of explosives for the duration of the Chinese Communist National Party Congress from 22nd September to 17th November 2022.
Following the recommencement in operations in November, production has been ramped up such that ore mined and processed in December 2022 was a monthly record for the Caijiaying Zinc Gold Mine, allowing us to exceed our production guidance for the quarter and the year given in November. The Company continues to be confident in its key objectives of reporting a profitable 2022, development of Zone III and II, and to increase production throughput to 1.5 million tonnes in 2023.
Mladen Ninkov, Chairman, commented:
“The Company has produced outstanding production numbers in the last quarter and for the full 2022 year in light of the 5 month shut-down in production in 2022. It provides a revelatory glimpse of what the Company can produce on an annualised basis in 2023 particularly in light of the record 138,000 tonne throughput in December 2022. We look forward to the year ahead with great excitement.”
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 Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
Roger Goodwin – Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Douglas McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
BlytheRay Telephone: +44(0)20 7138 3205
Tim Blythe
