First Quarter Production 2024
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your GFM notes
Griffin Mining Limited ("Griffin" or the "Company") announces the production results from the Caijiaying Zinc-Gold Mine for the three months ended 31 March 2024.
| 3 months to 31 March 2024 | 3 months to 31 March 2023 | 3 months to 31 December 2023 | ||
|---|---|---|---|---|
| Ore mined | Tonnes | 335,234 | 355,742 | 419,732 |
| Ore processed | Tonnes | 327,529 | 366,120 | 408,029 |
| Zinc in concentrate produced | Tonnes | 11,423 | 13,965 | 15,999 |
| Gold in concentrate produced | Ozs | 5,270 | 4,743 | 5,122 |
| Silver in concentrate produced | Ozs | 72,026 | 68,779 | 93,352 |
| Lead in concentrate produced | Tonnes | 277 | 230 | 421 |
| Average zinc price received per tonne | USD | 2,091 | 2,029 | 1,956 |
| Average gold price received per oz | USD | 2,026 | 1,789 | 1,945 |
| Average silver price received per oz | USD | 20.1 | 17.7 | 20.4 |
| Average lead price received per tonne | USD | 2,868 | 2,407 | 2,743 |
Overview
As in previous years, first quarter production at Caijiaying was impacted by the Chinese Lunar New Year and Spring Festival holidays causing disruption to operations by government department shutdowns and the travel of staff and contractors throughout the period. The slower activity period was utilized by scheduling mine and processing plant maintenance.
Whilst maintenance has resulted in ore processed being down 10.5% on the first quarter of 2023, Griffin expects to recoup this lost production in subsequent quarters such that circa 1.5 million tonnes of ore will be mined and processed in 2024. Despite lower throughput, better precious metals' grades led to a higher precious metals concentrate production on that achieved in the first quarter of 2023. This was particularly beneficial in light of the continuing higher gold prices.
- Gold in concentrate production up 527 ozs (11.1%) on that achieved in in the first quarter 2023;
- Silver in concentrate production up 3,227 ozs (4.7%) on that achieved in in the first quarter 2023;
- Lead in concentrate production up 47 tonnes (20.4%) on that achieved in in the first quarter 2023; and
- Zinc metal concentrate production down 2,542 tonnes (18.2%) on that achieved in the first quarter 2023
Mladen Ninkov, Chairman, commented:
"As expected, the first quarter of 2024 produced subdued results not only because of the Chinese Lunar New Year holidays but also due to the relatively late date this year of the Chinese Lunar New Year which brought the holiday period tangentially into conflict with the week long annual parliamentary meetings of the National People's Congress in Beijing. This caused the shut-down of government departments for a much longer period than normal causing delays to day-to-day approvals needed for daily production, such as explosives deliveries. Nevertheless, these lower production numbers were expected and the Company remains on target to produce its budgeted 1.5 million tonnes of throughput this calendar year.
We continue to look forward to the year ahead with the continuing development of Zone II for ore production and the increasing world zinc and gold prices.
596/2014
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.