Griffin Mining reports record quarterly production results

10th Jul 2024 10:50

(Sharecast News) - Griffin Mining announced record production results for the three months ended 30 June, highlighting significant increases in ore mined and processed at its Caijiaying Mine.

The AIM-traded firm said the mine achieved a 9.5% increase in throughput compared to the second quarter of 2023, resulting in record quarterly production of gold in concentrate.

Production of zinc metal concentrate rose by 649 tonnes, a 4.6% increase compared to the same period last year.

Gold in concentrate production saw a substantial rise of 2,800 ounces, marking an 86.5% increase year-on-year, while silver in concentrate production also experienced a rise, with an increase of 9,926 ounces, or 3.0%.

However, lead in concentrate production decreased by 14 tonnes, a 20.4% drop from the second quarter of 2023.

The board said the Caijiaying Mine remained on track to mine and process around 1.5 million tonnes of ore annually.

Significant progress was being made in the development of Zone II at Caijiaying, which was expected to start production in 2025.

The development would include the construction of underground drives, a new third portal and decline, and a new south ventilation shaft.

Griffin Mining added that it was continuing to benefit from record gold prices, bolstering its financial performance amid a period of heightened production.

"Yet another superb result," quipped chairman Mladen Ninkov.

"What more needs to be said?"

At 1051 BST, shares in Griffin Mining were up 3.4% at 155.1p.

Reporting by Josh White for Sharecast.com.