Griffin Mining reports much-depressed first quarter production

19th Apr 2022 11:26

(Sharecast News) - Griffin Mining said in an update on Tuesday that it mined 17,975 tonnes of ore in its first quarter - down significantly from the 185,520 tonnes it reported a year ago.

The AIM-traded firm said it processed 8,649 tonnes of ore in the three months ended 31 March, down from 200,209 tonnes year-on-year.

Zinc-in-concentrate production fell to 268 tonnes, from 8,231 tonnes, while lead-in-concentrate production slid to seven tonnes from 234 tonnes.

The company produced 1,474 ounces of gold-in-concentrate, down from 3,504 ounces, while silver-in-concentrate production tumbled to 168 ounces from 63,607 ounces.

"As announced on 18 March, following 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 23 March and processing on 25 March," the Griffin board said in its statement.

"Since the recommencement of operations, mining and processing rates have steadily increased.

"Despite Covid-19 restrictions remaining in force throughout China, operational supplies and services continue to be delivered to the Caijiaying Mine."

Griffin said that, since the end of the first quarter, 4,000 tonnes of zinc concentrate had already been sold.

At 1005 BST, shares in Griffin Mining were down 0.22% at 117.24p.