Griffin Mining Share Discussion Threads

[phillis] 20/6/2017 13:38

Americas Cup in Bermuda this weekend everybody?

[rose_by_another_name] 22/5/2017 16:24

Down one incline and up the other.

[rose_by_another_name] 12/5/2017 21:26

The two lanes do not have to be side-by-side.
The point is that traffic never comes head to
head. We have a lot of trouble down here with
people who are unfamiliar with the issues of a
single track working in both directions. I have
lived with it for 30 years, but am still at risk
from day trippers and delivery drivers.

[phillis] 12/5/2017 11:17

?
Down one incline and out/ up the other
You should get out more often Rose
How about the AGM

[rose_by_another_name] 12/5/2017 08:07

I live at the end of two miles of single-track
lane, so I can tell you that having two lanes
will not merely double the traffic capacity.

[phillis] 03/5/2017 12:17

yes Rose
In one way and out the other
Remember we are talking about 800kt to 1.5mt

[rose_by_another_name] 03/5/2017 10:29

Congestion- page 23 of the report-
"A new haulage drive was completed during 2016
with the dual purpose of improving ventilation
and removing previous bottlenecks caused by
having only a single haulage decline to surface."

Safety has been improved by new equipment including
two remotely controlled loading and hauling units
and a new hydraulic drill replacing "a number of"
older compressed air drills.

[rose_by_another_name] 03/5/2017 09:31

All they really have from zone II is test samples,
i.e. no figure for "measured". Indicated zinc is 3%
and inferred 3.3%. The remaining zone III figures
are all above 4%, so no, zone II is not better.
There is also less gold.

The low grade feedstock was processed during the
mining shutdown, from piles already on the surface
that I understand were taken out of the mine more
for purposes of access.

[mariopeter] 03/5/2017 08:49

Would be interesting to see if there was a way of achieving maximum output (1.5m) using output from zone III only but maintaining pressure on the Chinese to get the license for II. Must be very safe for the workers though of course.

Being fair to management they have increased output on this basis already although they have had to contend with some poor feedstock. Can't remember if feedstock from zone II is better.

[owenga] 02/5/2017 19:36

My understanding was that throughput was between 800k and 1m tonnes. And that they were only going to be able to increase throughput once the zone 2 licence was granted and they started mining in that area in tandem with zone 3.My understanding may well be incorrect???

[roguetreader] 01/5/2017 13:04

Phillis
agreed Zinc price improvement also a significant factor in share price improvement, omitted from my post. Re congestion, it would be good if the company were to elaborate on how they are looking to address it and the likely forecast costs and timescales they are targeting.

[phillis] 01/5/2017 11:59

Just a reminder that Q1 average price achieved for zinc was 33% higher than 2016 average
Throughput somewhere between 1 and 1.5mt is a bit constrained by congestion
Will require more/better access

Good volumes at these prices and some more gold will produce a lot of cash

[roguetreader] 01/5/2017 11:31

Rose
thanks for the view. I agree with your summary above and that was the way I was broadly reading the numbers. The item that led me to my questions above was a statement in the 03/02/15 RNS that said:

'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.'

I suppose I am seeking clarification that the Zone III deeps referenced in the 03/02/15 RNS are excluded from Griffin's published resource statements and that all of the published resources are available under the current licenses.

If this is the case which I assume it is then I don't see that the Zone II license is going to make a significant impact on the share price in the near term. Getting production toward the 1.5M tonnes per annum throughput is going to be the real catalyst to any positive increase in the share price
cheers
RT

[rose_by_another_name] 01/5/2017 08:59

My amateur summary of the 2016 report- not advice,
not complete, and maybe not accurate. Do not rely
on this-

The licence for the currently mined zone III
was extended to 2037 at the time of the buy-out
of most of the junior partners interest (it had
been due to expire in 2019). A licence to extend
mining operations into zone II, currently licenced
for exploration, was expected to follow but has not
yet been granted. Work has already been done to
provide mining access to zone II in preparation for
the licence.

The mineral resource estimate in the report says there
are 27.8 million tonnes of ore remaining in zone III
and 19.6 million tonnes in zone II. The report has
a comprehensive breakdown of this. In another place
the report says the milling capacity has now been
increased to 1.5 million tonnes of ore per year.
Put these figures together and at maximum current
capacity the zone III resource alone should just about
last out the remaining 20 years of the current licence.

The real question for me is whether the return to
shareholders over the next 20 years will compensate for
the price of the shares, even, let alone a profit. In the
17 years that I have held shares, there has been only a
small dividend for about a year. The chairman says "It
is your faith in your company which has nurtured the
success we have had to date..."

What does he mean "we"?

[roguetreader] 30/4/2017 15:13

Hi
Have been out of GFM for a number of years but have stuck my nose back in as I have inherited a number of shares that I need to administer and wanted to understand the state of play. A key question for me and one I can't see any obvious answer to, either in the published company bulletins or from any of the informed comment on the board here, is what is the position without the licence extension? i.e. What are the current licensed mining reserves? what mining throughput do they support? How long will they support that throughput? I suspect it is not a straightforward answer but if anyone does have a view I'd be interested.
cheers
RT

[phillis] 28/4/2017 19:58

Rm
Historically they have bought stock from instis bent on selling
Market seems a bit tighter this time

[bunlop] 28/4/2017 15:34

Light blue touch paper, wait for ever, then woooooossshhhhh.

[rmjones] 28/4/2017 15:33

MMs trying to attract some selling. I think Griffin may want to buy back more but MM's short of stock.

[phillis] 27/4/2017 17:28

Alan
It depends where the cash is located

[poleaxe] 27/4/2017 16:25

50p, i would rather give them to oxfam.

[alan@bj] 27/4/2017 11:15

With 179m shares in issue, surely buying in 100,000 isn't going to affect anything very much? I thought their priority was to pay down the debt?