Business
Preliminary Results
Preliminary Results.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n Griffin Mining Ld\n30 April 2008\n\n GRIFFIN MINING LIMITED\n\n 60 St James's Street, London SW1A 1LE, United Kingdom\n Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\n E mail: [email protected]\n\n\n\n30th APRIL 2008\n\n PRELIMINARY RESULTS\n\n DIVIDEND DECLARATION\n\n\n\nGriffin Mining Limited ('Griffin' or 'the Company') has today published its\npreliminary results for the year ended 31 December 2007 and declared a dividend\nof three cents per ordinary share.\n\n\n\nHighlights:\n\n • Profit before tax of $26.8 million on a declining zinc price\n\n • Ore mined up 43% in 2007 to 430,891 tonnes compared to 301,168 tonnes in\n 2006\n\n • Ore processed up 36% in 2007 to 409,193 tonnes compared to 301,101 tonnes\n in 2006\n\n • Precious metals circuit commissioned with production and sale of a second\n concentrate containing lead, silver and gold\n\n • Maiden resource for Zone II announced, located just 1.5 kilometres south\n of the existing mine at Zone III\n\n\n\nChairman's Statement:\n\nI am delighted to report that the Company made a profit before tax of $26.8\nmillion, a remarkable performance considering the zinc price fell 46% in 2007,\nfrom $4,100 in January to $2,200 in December. Yet Griffin was generally able to\nreproduce its 2006 net profit level and, as such, the Company has been able to\nmaintain its dividend policy of declaring a $0.03 per share dividend for the\n2007 financial year.\n\n2007 witnessed exceptional progress in many areas of the Company's operations\nand in its preparation for the future. These include:\n\n1. Production of ore from Zone III at Caijiaying continued to increase.\nMill throughput has now increased over 150% since commissioning with operations\ncurrently processing over 500,000 tonnes per annum and expected to reach 750,000\nper annum following the installation of the new primary ball mill in late summer\n2008. The mining operations are also expanding to cater for this new production\nschedule;\n\n2. Significant effort has been expended in designing, constructing and\ninstalling the new infrastructure needed to deal with the planned increased\nproduction schedules. A new backfill plant has been completed to enable more\nefficient extraction of ore, new floatation cells have been installed to handle\nthe increased volume of zinc and precious metals conce...