Griffin expecting 'bleak' first quarter as mine closes for Winter Olympics

31st Dec 2021 11:26

(Sharecast News) - Griffin Mining announced on Friday that mining and milling operations ceased on the night shift last night and, as was customary practice for the Caijiaying Mine, would remain closed during the Chinese New Year holiday period.
The AIM-traded firm said the cessation would extend into the first quarter of 2022 as well, however, due to the Winter Olympic and Paralympic Games.

It said operations at Caijiaying would restart on 14 March.

"As forewarned in October of this year, the mining and milling operations will remain closed for the Chinese New Year holiday period, the Winter Olympic Games and Paralympic Games and re-open on 14 March," said chairman Mladen Ninkov.

"This will, obviously, cause a bleak financial first quarter for the company in 2022.

"However, we remain grateful to the various levels of government in the People's Republic of China in allowing the company to operate in the lead-up period to this high profile and joyous event and acknowledge the tremendous achievement in Beijing becoming the first city in history to have hosted both the summer and winter Olympic Games."

At 1044 GMT, shares in Griffin Mining were down 3.43% at 93.67p.