Griffin Mining revenue spikes 61% to $121.6m on record ore processing volumes

Griffin Mining shares were up 12.5% to 103.5p in early morning trading on Friday, following a reported 61% spike in revenue to $121.6 million against $75.4 million in its FY 2021 results.

The mining group confirmed an operating profit surge of 143% to $36.5 million from $15.1 million year-on-year.

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Griffin Mining announced a pre-tax profit increase of 152% to $36.5 million compared to $14.5 million in 2020, alongside a post-tax profit growth of 185% to $25.3 million against $8.9 million on the back of record levels of ore mined and processed.

The firm also attributed its rise in profits to improved zinc metal market prices and lower smelter treatment charges.

Griffin Mining confirmed that lead and precious metals in concentrate sales in 2021 rose $31.9 million, representing a 22.7% increase on 2020 levels of $25.9 million.

The results reflected an increase in gold metal in concentrate sold, along with increased lead and silver in concentrate prices received despite lower gold prices.

The company reported a basic EPS spike of 182% to 14.5c per share from 5.1c year-on-year.

Griffin Mining announced that it would suspend its dividend for 2021 in light of turbulent macroeconomic conditions, however the firm reported that it would reconsider a dividend policy later in 2022 which could be properly executed over the long term.

“What makes the above results truly exceptional is the continuing Covid-19 crisis in China and the quarantine procedures the various levels of government have put in place making the transport of materials, employees and contractors over Provincial borders at the least, extraordinarily difficult and, at the most, impossible,” said Griffin Mining chairman Mladen Ninkov.

“Furthermore, China has prevented the entrance of any foreign national into the country who does not have a pre-existing work permit and then, only with 28 days hotel quarantine. What this reinforces in simple terms is the dedication and loyalty of both our on-site staff and our ex-pat staff.”

“I would like to thank John Steel, our new Chief Operating Officer, Paul Benson, our Chief Geologist, and Wendy Zhang, our site Chief Financial Officer, for their Herculean efforts over the past 12 months. All these on-site and ex-pat individuals have displayed the extent of their loyalty and I am grateful on behalf of everyone involved with the Company.”

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