GFM Griffin Mining Limited

TIDMGFM

RNS Number : 9310Z

Griffin Mining Ld

20 September 2022

8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773

E mail: griffin@griffinmining.com

Chinese Communist Party's 20(th) Congress

Cessation of Explosives Production & Delivery

Consequential Production Shutdown

20(th) September 2022

Griffin Mining Limited ("Griffin" or the "Company") announces, following the press release of the Chinese Politburo on the 30(th) August 2022 that the Plenary Session of the Communist Party Central Committee will begin on the 9(th) October 2022, followed by the Chinese Communist Party's 20th Party Congress on the 16(th) October 2022, that the Ministry of Public Security has commenced the implementation of severe security measures to ensure the safety of those proceedings, including restrictions on the manufacture and supply of explosives in the 4 major Municipalities surrounding the Beijing area, being Zhangjiakou, Cheng De, Tian Jin and Boa Ding.

Consequently, as the Caijiaying Mining is located in the Municipality of Zhangjiakou, explosives can no longer be acquired or delivered to the Caijiaying Mine. The current inventory of explosives has been exhausted, mining and haulage has decreased and processing and milling is expected to cease on Thursday, 22(nd) September 2022. It is expected that full operations will recommence at the Caijiaying Mine on Tuesday 1(st) November.

A plenum of the Chinese Communist Party is normally held in October of every year and, as such, the Company plans and budgets for normal disruption to October production. However, this extended period of unavailability of explosives will inevitably have a significant impact on September and October results. Nevertheless, the Caijiaying Mine has increased production over the past quarter at accelerated rates to record levels unseen in the history of the Caijiaying Mine which may offset any prolonged risk to production due to the Congress.

Additional measures in mine planning and resources have been taken to ensure that the record levels of production return quickly after the disruption has concluded with monthly production rates in the approximately 1.5 million tonne range, on an annualised basis, upon resumption.

Chairman Mladen Ninkov commented, "It is an unfortunate consequence of the importance of this year's Communist Party's Congress that such strict security measures have been mandated by the Beijing Ministry of Public Security. Nevertheless, the extraordinary efforts of all concerned in reaching a 1.5 million tonne throughput recently, on an annualised basis, from just Zone III, will ensure that the production and financial impact to Griffin will be minimized to the greatest extent possible."

About Griffin Mining Limited

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website giffinmining.com.

Further information

Griffin Mining Limited

   Mladen Ninkov - Chairman                            Telephone: +44(0)20 7629 7772 

Roger Goodwin - Finance Director

   Panmure Gordon (UK) Limited                                 Telephone: +44 (0)20 7886 2500 

John Prior

Douglas McLeod

Alisa MacMaster

Berenberg Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

BLYTHERAY

               Tim Blythe                                                       Telephone: +44(0)20 7138 3205 

Swiss Resource Capital AG

 
           Jochen Staiger            Telephone: + 41(0)71 354 8501 
 
 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDBKCBDFBKDCCD

(END) Dow Jones Newswires

September 20, 2022 02:00 ET (06:00 GMT)

Griffin Mining (LSE:GFM)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Griffin Mining (LSE:GFM)
Historical Stock Chart
Von Jul 2023 bis Jul 2024