Griffin Mining reports record-breaking first-quarter production

17th Apr 2023 11:59

(Sharecast News) - Griffin Mining reported record-breaking production output at the Caijiaying Mine in the first quarter of the year on Monday.

The company said 355,742 tonnes of ore were mined, a significant increase from the 17,975 tonnes mined in the same period last year.

During the quarter, 366,120 tonnes of ore were processed, compared to 8,649 tonnes in the first quarter of 2022.

The production of zinc in concentrate increased to 13,965 tonnes from 268 tonnes last year, while gold production rose to 4,743 ounces compared to 1,474 ounces in the same period in 2022.

Additionally, silver in concentrate production increased to 68,779 ounces from 168 ounces, while lead production expanded to 230 tonnes compared to seven tonnes in the first quarter of 2022.

The average prices received per tonne for zinc and lead were $2,029 and $2,407, respectively, while gold was sold at an average price of $1,789 per ounce and silver at an average price of $17.70 per ounce.

Griffin attributed the strong production figures to the consistent mining and processing rates achieved during the quarter, which were unimpeded by the Chinese New Year holidays.

The company ramped up its operations, resulting in consistent ore production rates of around 1.5 million tonnes per annum.

"What another extraordinary result," said chairman Mladen Ninkov.

"The Caijiaying Mine is now clearly showing what it can achieve when it is unencumbered by extraneous events outside the company's control.

"I look forward to an event-free 2023, and the results which will thereby be generated."

At 1000 BST, shares in Griffin Mining were up 9.61% at 81.55p.

Reporting by Josh White for Sharecast.com.