Business
Half Yearly Report
Half Yearly Report.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n \nRNS Number : 6341Q Griffin Mining Ld 03 September 2014 \n\n \n \n60 St James's Street, London SW1A 1LE, United Kingdom\nTelephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\nE mail: [email protected]\n \n3rd September 2014\n \nINTERIM STATEMENT\nfor the six months ended 30th June 2014\n \nBelow are the interim results for Griffin Mining Limited (\"Griffin\" or \"the Company\") for the six months ended 30th June 2014.\n \nHighlights:\n \n· Revenues of $33.2 million (2013: $33.7 million)\n \n· Operating profit of $9.2 million (2013: $7.3 million)\n \n· Profit before tax of $7.4 million (2013: $5.8 million)\n \n· Profit after tax of $5.4 million (2013: $4.0 million)\n \n \nFinancial and Trading:\n \nThroughput of 408,671 tonnes of ore in the six months to the 30th June 2014 at Griffin's Caijiaying Mine was in line with that achieved of 412,799 tonnes in the six months to 30th June 2013, resulting in metal in concentrate production of:\n \n· 19,147 tonnes of zinc (2013: 19,077 tonnes); \n· 609 tonnes of lead (2013: 903 tonnes); \n· 147,901 ounces of silver (2013: 151,921 ounces); and\n· 5,999 ounces of gold (2013: 3,869 ounces). \n \nMetal in concentrate production in the six months to 30th June 2014 compared to that in the six months to 30th June 2013 was impacted by lower lead and silver grades but better gold grades and recoveries. Zinc grades were marginally better with recoveries in line with previous years. \n \nRevenues in the six months to 30th June 2014 were down 1.2% on that achieved in the first six months of 2013 with less zinc, lead and silver in concentrate sold, whilst more gold was sold at lower prices. \n \nOperating costs and expenses were down on that incurred in the six months to 30th June 2014 following the appointment of a new management team at Caijiaying with savings achieved across most areas of operations. \n \nProfits before tax were impacted by: Foreign exchange losses of $26,000 (2013: $20,000) arising from a weaker Renminbi offset by gains on Sterling deposits against...