Business
PRELIMINARY RESULTS
PRELIMINARY RESULTS.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n \nRNS Number : 0724C Griffin Mining Ld 11 April 2013 \n\n \n \n11th April 2013\n \nGriffin Mining Limited\n \nPRELIMINARY RESULTS\n \nPROFIT BEFORE TAX AND INTEREST OF $31.2 MILLION\n \nRECORD ZINC, SILVER & LEAD PRODUCED\n \n \nGriffin Mining Limited (\"Griffin\" or the \"Company\") has today published its preliminary results for the year ended 31 December 2012. Griffin and its subsidiaries (together the \"Group\") recorded:\n \n· Revenues of $76.9 million (2011 - $79.1 million).\n· Profits before tax and interest $31.2m (2011 - $36.8m).\n· Profits after tax $19.7m (2011 - $27.7m).\n· Attributable profits after tax $14.8m (2011 - $15.8m)\n \nOverview\n \nDespite record throughput, base metal and silver production, revenues and operating profits in 2012 were impacted by lower metal prices. As a result of this and decreased gold production, revenues fell to $76,860,000 (2011 - $79,062,000) with profits from operations of $31,174,000 (2011 - $36,832,000). In summary, production results were as follows:\n \n• A record 789,692 tonnes of ore were mined, compared to 695,848 tonnes in 2011, a 13.5% increase;\n \n• A record 800,288 tonnes of ore were processed, compared to 715,955 tonnes in 2011, an 11.8% increase;\n \n• A record 40,581 tonnes of zinc metal in concentrate were produced, compared to 36,283 tonnes in 2011, an 11.8% increase;\n \n• A record 409,596 ounces of silver in concentrate were produced, compared to 312,509 ounces in 2011, a 31.1% increase;\n \n• A record 2,402 tonnes of lead in concentrate were produced, compared to 1,909 tonnes in 2011, a 25.8% increase; and\n \n• 8,322 ounces of gold in concentrate were produced, compared to 10,281 ounces in 2011, a 19.1% decrease.\n \nThe average market price for zinc fell 11% in 2012 from that in 2011. As a result, the average price per tonne of zinc metal in concentrate received by the Group in 2012 fell by 11% to $1,374 (2011 - $1,546). The average price received for silver declined 13% to $22.80 per ounce (2011 - $26.22) and that for lead by 10% to $1,855 per to...