Business
Half-year Report
Half-year Report.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n \n \n RNS Number : 8119T\n Griffin Mining Ld\n 23 July 2020\n \n \n \n \n \n \n \n 8th Floor, 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: \n \n \n [email protected]\n \n \n \n \n \n \n 23rd July 2020\n \n \n UNAUDITED INTERIM RESULTS\n for the six months ended 30th June 2020\n \n \n Griffin Mining Limited (\"Griffin\" or \"the Company\") has today released its unaudited results for the six months ended 30th June 2020.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n · \n Revenues of $21.3 million (30th June 2019 - $38.6 million)\n \n \n \n \n \n · \n Gross Profit of $4.2 million (30th June 2019 - $15.9 million)\n \n \n \n \n \n · \n Profit (Loss) before tax of ($3.0 million) (30th June 2019 - Profit $6.3 million)\n \n \n \n \n \n · \n Profit (Loss) after tax of ($3.8 million) (30th June 2019 - Profit $4.1 million) \n \n \n \n \n \n · \n Profit (Loss) per share of (2.22 cents) (30th June 2019 - Basic earnings per share 2.36 cents)\n \n \n \n \n \n \n \n \n Financial and Trading:\n \n \n \n \n \n The first six months of 2020 were impacted by the suspension in operations at Caijiaying imposed by the Chinese authorities for a month in late January / February and subsequent travel restrictions with consequent difficulties in returning mining personnel to Caijiaying resulting in reduced stoping and delayed development work. Tonnes mined were down 23.4% in the first six months of 2020 compared with that achieved in the first six months of 2019 with a knock on effect on ore hauled and processed, with tonnes of ore processed down 25.2% on that achieved in the first six months of 2019. Profitability was further impacted by lower zinc prices received which were 18.0% less than that realised in the first six months of 2019. As a result of the foregoing, zinc metal in concentrate sales were down $10,151,000 on that recorded in the first six months of 2019 directly impacting profits. Gold production was also impacted by the suspension in operations and delays in accessing higher grade gold ore bodies.\n \n \n \n \n \n In the six months to 30th June 2020, 323,536 tonnes (30th June 2019 - 432,592 tonnes) of ore were proces...