Griffin Mining Limited Reports Preliminary Consolidated Earnings and Production Results for the Year Ended December 31, 2014
Apr 9 15
Griffin Mining Ltd. reported preliminary consolidated earnings and production results for the year ended December 31, 2014. For the year, the company reported revenue of $45,564,000 against $71,071,000 for the same period last year. Profit from operations was $6,732,000 against $18,694,000 for the same period last year. Profit before tax was $1,021,000 against $13,228,000 for the same period last year. Profit after tax was $190,000 against $8,157,000 for the same period last year. Basic and diluted earnings per share were 0.11 cents compared to 4.63 cents a year ago. Net cash inflow from operating activities was $12,754,000 against $24,561,000 for the same period last year. Payments to acquire intangible fixed assets - exploration interests were $90,000 against $110,000 for the same period last year. Payments to acquire - plant and equipment were $17,285,000 against $2,499,000 for the same period last year. Payments to acquire - office equipment were $11,000.
The company reported production results for the year ended December 31, 2014. For the year, the company mined 747,775 tonnes of ore, compared to 877,803 tonnes in 2013, processed 572,390 tonnes of ore, compared to 838,431 tonnes in 2013, produced 25,901 tonnes of zinc metal in concentrate, compared to 39,724 tonnes in 2013, produced 7,623 ounces of gold in concentrate, compared to 11,468 ounces in 2013, produced 201,982 ounces of silver in concentrate, compared to 323,808 ounces in 2013, and produced 857 tonnes of lead in concentrate, compared to 1,551 tonnes in 2013.
Griffin Mining Limited Announces Production and Licencing Update
Feb 3 15
Griffin Mining Limited reported that the newly commissioned processing facilities at the Caijiaying Zinc-Gold Mine ("Caijiaying") have now reached the equivalent of approximately 900,000 tonnes per annum throughput. The processing of the expanded name plate capacity throughput of 1,500,000 tonnes of ore per annum will not be achieved until the delivery of the new 750,000 tonne per annum ball mill and the connection of additional grid power. These events are expected to be completed by June 2015. Production, and consequently the financial results, in 2014 have been significantly impacted by the suspension in processing to allow for the upgrade of the processing facilities at the Caijiaying mine from 11th August to 17th November and the subsequent re-commissioning of the plant, a process which took 6 weeks longer to complete than originally envisioned. Griffin continues to experience bureaucratic delays in the granting of a new mining licence and permit for the Zone III deeps and Zone II areas at Caijiaying and continues to actively manage the administrative process involved in the granting of these licences.
Griffin Mining Limited Announces Caijiaying Expansion & Commissioning of Processing Facilities
Nov 17 14
Griffin Mining Limited reported that commissioning of the significantly refurbished and upgraded processing facilities at the Caijiaying mine commenced this morning following the suspension of processing announced on 13th August 2014. The refurbished two 350,000 tonnes per annum primary ball mills, new and larger floatation cells and increased storage and handling facilities were commissioned using the crushed ore available. The new, three stage rushing circuit and back-up generators are expected to be commissioned on Wednesday 19th November with ore that has continued to be mined and stockpiled for the past 3 months. Name-plate throughput of 750,000+ tonnes per annum should be re-instated at this point. The upgrade to the main processing facilities is scheduled to be completed on December 15 upon the delivery and installation of the new, 800,000 tonnes per annum primary ball mill. It is hoped that demarcation issues between competing Chinese power suppliers for an enhanced power supply to the processing facilities will be resolved by that time. It is expected that throughput will reach 1.5 million tonnes per annum by the summer of 2015. The upgrade continues to fall within the capital amount budgeted, however, due to the 4 week delay in commissioning, annual production of zinc metal in concentrate for 2014 is expected to be lower than that achieved in 2013.