Griffin Mining Ld 4TH QUARTER OPERATIONAL GUIDANCE (8225G)
18 November 2022 - 8:00AM
UK Regulatory
TIDMGFM
RNS Number : 8225G
Griffin Mining Ld
18 November 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
4(th) Quarter Operational Guidance
18(th) November 2022
Griffin Mining Limited ("Griffin" or the "Company") is pleased
to announce, following the 20(th) Congress of the Chinese Communist
Party and the subsequent relaxation of the Covid-19 restrictions by
the Central Chinese authorities, an update as to the impact of
these events for the 4(th) Quarter operations of the Company.
As previously announced, the Caijiaying Mine was operational as
of the 1(st) November. Nevertheless, the subsequent appearance of
Covid-19 in the Zhangjiakou City prefecture imposed significant
constraints which hampered the Company's continuing smooth
operations by limiting the functions of various government
departments and impeding road transport vital for supplying
necessary logistics and supplies to the Caijiaying Mine.
Since the 1(st) November, the Caijiaying Mine and Site have
already experienced 2 government mandated 3 day precautionary
shutdowns. Despite the announcement by the central Chinese
authorities this week of more relaxed Covid-19 guidelines, there
may still be significant disruption if Covid-19 is detected in or
around the Caijiaying Mine.
In addition, regulatory processes administered both at the
Zhangjiakou City Government and the Hebei Provincial Government
levels have been curtailed due to Zhangjiakou and the Provincial
Capital being quarantined. As a result, critical operational
approvals, such as the use of explosives and the Zone II Safety
Facility Design, have been delayed.
However, these restrictions have not impeded the Caijiaying mine
from completing the construction of its new dry tailing's facility
TSF#4, obtaining approval and building a new explosive magazine,
completing the construction of a greenhouse gas reduction tower for
the Site boiler, commencing the solar power project and moving
sufficient staff, contractors and materials for full operations to
commence at the Caijiaying Mine. Full production and blasting
recommenced on the 16(th) November.
Whilst recognising the potential for further disruption, the
Company is expecting to produce 175,000 tonnes of ore in the 4(th)
Quarter and 800,000 tonnes for the 2022 calendar year, despite
operations being suspended for almost 5 months of the year. The
Company is confident of its key objectives being, a profitable
2022, the continued development of Zone II and Zone III and to
increase production throughput to 1.5 million tonnes in 2023.
Chairman Mladen Ninkov commented , "In a very, very difficult
year and an uncertain Covid-19 environment, the Caijiaying Mine and
its people continue to shrug off adversity and produce
extraordinary results. The Company is very fortunate to have the
quality and fortitude of the people on site and in the Company.
With a clear year ahead of us I expect an exceptional operational
performance in 2023."
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
griffinmining.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
Dougie McLeod
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
J ochen 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
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