Business
2021 FINAL RESULTS
2021 FINAL RESULTS.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n \n \n \n \n \n \n Royal Trust House, 54 Jermyn Street, London SW1Y 6LX, United Kingdom\n \n \n Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\n \n \n \n E mail: [email protected]\n \n \n \n \n \n \n 13th May 2022\n \n \n \n 2021 Final Results \n \n \n \n \n \n \n \n \n Griffin Mining Limited (\"Griffin\" or the \"Company\") has today published its annual report and financial statements for the year ended 31 December 2021 which are available on the Company's web site wwww.griffinmining.com.\n \n \n \n \n \n In 2021, the Company and its subsidiaries (together the \"Group\") recorded:\n \n \n \n \n \n ·\n Revenues increased 61% to $121,648,000 (2020: $75,403,000);\n \n \n ·\n Operating profit increased 143% to $36,925,000 (2020: $15,148,000);\n \n \n ·\n Profit before tax increased 152% to $36,526,000 (2020: $14,515,000);\n \n \n ·\n Profit after tax increased 185% to $25,376,000 (2020: $8,910,000); and\n \n \n ·\n Basic earnings per share increased 182% to 14.53 cents per share (2020: 5.16 cents).\n \n \n \n \n \n Record amounts of ore were mined and processed in 2021 which, with improved zinc metal market prices and lower smelter treatment charges (\"TCs\"), resulted in Group profits before tax increasing 152% from that in 2020 of $14,515,000 to $36,925,000 in 2021. Group profits after tax increased by 185% from $8,910,000 in 2020 to $25,376,000 in 2021.\n \n \n \n \n \n Turnover in 2021 of $121,648,000 was up $46,245,000 (61%) on that achieved in 2020 of $75,403,000. This reflects zinc in concentrate sales up $43,856,000 (83%) with: 41,949 tonnes of zinc metal in concentrate sold in 2021 compared with 32,276 tonnes in 2020, an increase of 30%; and average zinc metal in concentrate prices received in 2021 of $2,311 per tonne compared with $1,645 received in 2020, an increase of 40%. This price increase reflects an increase in market prices with the average LME zinc metal price of $3,007 per tonne in 2021 compared with $2,268 in 2020, but also a reduction in TCs with average TCs equating to 23.1% of the average LME zinc price in 2021 compared with 27.5% in 2020.\n \n \n \n \n \n Lead and precious metal in concentrate sales in 2021 of $31,915,000 were up 22.7% on that achieved in 2020 of $25,999,000. This reflects increased gol...