Griffin lifts profits despite mine shut-down

4th May 2011 11:39

Griffin Mining posted a rise in pre-tax profits in the year to 31 December despite having to shut down its only mine for four months due to an accident that killed two miners.The Caiyiaying zinc-gold mine in China's Hebei province was shut down between 9 August and 9 December after the death of two workers, but output was still ahead of 2009, which also saw interruptions.Griffin said that the men who died were employed by contractors and that Griffin's subsidiary Hebei Hua Ao Mining Industry Company was "exonerated from fault."Zinc-in-concentrate production climbed by 28% from the previous year to 22,044 tonnes. Griffin also posted record production of gold, up 90% from 2009 to 7,067 ounces.Pre-tax profits jumped to $11.24m from $7.25m on revenues that rose to $41.05m from $25.37m.