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Griffin profits surge after mining record amounts of ore

By Josh White

Date: Friday 13 May 2022

Griffin profits surge after mining record amounts of ore

(Sharecast News) - Griffin Mining reported a 61% improvement in revenues in its final results on Friday, to $121.65m (£99.87m).
The AIM-traded firm said its operating profit rose 143% year-on-year in the 12 months ended 31 December, to $36.93m, while profit before tax expanded 152% to $36.53m.

Profit after tax was ahead 185% to $25.38m, and the company's basic earnings per share grew by 182%, to 14.53 US cents per share.

Operationally, Griffin said record amounts of ore were mined and processed in 2021 which, with improved zinc metal market prices and lower smelter treatment charges, resulted in the increase in profits before tax.

"Operational highlights throughout the year included the acquisition of land for the construction of new Tailings Dam 4 and the completion of the construction of the bridge to provide access to the area, the installation and extension of the paste pipe reticulation system and the continuation of the programme to further modernise and increase safety at the Caijiaying Mine," said chairman Mladen Ninkov.

"This included the introduction of 10 specific PRC Kuang Anquan wet brake vehicles for personnel transportation underground, further increasing mine safety, traffic management and the underground environment.

"In addition, a new 40 tonne low emission boiler used to heat the site processing, administration and other buildings as well as the underground workings was commissioned and a new electrical boiler was installed and commissioned at the Caijiaying Mine Camp reducing the company's carbon emissions footprint."

Griffin's board said it was not recommending a dividend, but had discussed and would further consider a dividend policy later in the year.

The directors said they would look to implement a dividend policy when political, social and economic circumstances would allow it to be executed over a consistent, long-term basis.

At 1011 BST, shares in Griffin Mining were up 8.26% at 99.6p.

Reporting by Josh White at Sharecast.com.

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