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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Griffin Mining Limited | LSE:GFM | London | Ordinary Share | BMG319201049 | ORD $0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.00 | 1.42% | 143.00 | 140.00 | 143.00 | 143.00 | 143.00 | 143.00 | 14 | 08:00:33 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 94.4M | 7.7M | 0.0400 | 35.25 | 271.89M |
From Apr 2019 to Apr 2024
TIDMGFM
RNS Number : 8648G
Griffin Mining Ld
11 August 2016
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com
11(th) August 2016
INTERIM STATEMENT
for the six months ended 30(th) June 2016
Griffin Mining Limited ("Griffin" or "the Company") has today released its results for the six months ended 30th June 2016.
Highlights:
-- Revenues of $20.8 million (2015: $35.2 million) -- Operating loss of $1.8 million (2015: profit $6.4 million) -- Loss before tax of $4.1 million (2015: profit $3.7 million) -- Loss after tax of $4.1 million (2015: Profit $2.2 million)
Financial and Trading:
Revenues and profits were severely impacted by the suspension of mining until 22(nd) January following a fatality at Griffin's Caijiaying mine in October 2015 and disruption caused by the Chinese new year holidays in February resulting in a lack of ore and low grade ore to process in the first quarter of 2016. Revenues were further impacted by relatively low commodity prices in the first quarter of 2016. The second quarter has seen an increase in the amount of ore mined and consequentially processed which together with rising commodity prices has led to a return to profitability.
With 13.5% less ore hauled to surface, throughput of 365,337 tonnes of ore in the six months to 30(th) June 2016 at the Caijiaying Mine was down 12.8% on that achieved of 418,950 tonnes in the six months to 30(th) June 2015. With surface stockpiles drawn down with lower grades, metal in concentrate production in the period was:
-- 13,420 tonnes of zinc (2015: 20,081 tonnes); -- 705 tonnes of lead (2015: 962 tonnes); -- 120,953 ounces of silver (2015: 193,098 ounces); and -- 3,553 ounces of gold (2015: 6,274 ounces).
Zinc revenues before royalties and resource taxes in the six months to 30(th) June 2016 were $15,798,000 (2015 $26,288,000) with less zinc metal in concentrate sold and the average price received after smelter charges of $1,190 per tonne down 13% on that received in 2015 of $1,368. Lead and precious metals revenues were $6,372,000 (2015: $10,799,000) with less metal in concentrate sold.
Cost of sales in the six months to 30(th) June 2016 was down 16.4% on the same period in 2015 reflecting the suspension in mining and haulage and consequent reduction in throughput. Costs were further reduced by a 7.5% fall in the value of the Renminbi in the period compared to the same period in 2015.
With improved mining, haulage and processing rates in the second quarter, unit costs were down on the same period in 2015 with; costs per tonne of ore mined down 27.7%; costs per tonne of ore hauled down 20.3%; and costs per tonne of ore processed down 6.1%. With the fall in the value of the Renminbi and less expenditure on local community projects, operating (administration) costs were $5,454,000 down 34% from that incurred in the six months to 30(th) June 2015 of $8,124,000.
Profits before tax were impacted by: foreign exchange losses of $190,000 (2015: $24,000) arising from a weaker Renminbi against the US dollar in the period; interest payable on Chinese bank loans of $1,938,000 (2015: $2,480,000); finance lease interest of $307,000 (2015: $392,000); interest receivable of $80,000 (2015: $106,000); and other income of $81,000 (2015: $36,000).
In view of the losses incurred no provision for taxation has been made (2015: $1,442,000).
Basic and diluted losses per share were 2.29 cents (2015: earnings 1.24 cents). At 30(th) June 2016, attributable net assets per share amounted to 75 cents (2015: 82 cents).
Funds continue to be repatriated from China to cover central costs whilst leaving sufficient working capital within Hua Ao for the further development of the Caijiaying mine. During the period $5,620,000 was expended on mine development and plant upgrade work.
Administrative state issues in China outside the Company's control continue to delay the grant of a new mining licence over the unmined Zone III deeps, Zone II and adjacent areas at Caijiaying. Development of the mine at Zone III continues.
In line with previous years' practice and the Company's policy of determining annual dividends at the time of the Company's full year results, no interim dividend has been declared by the Board of Griffin.
Chairman's Statement
Chairman Mladen Ninkov commented, "The interim results, although by their very nature disappointing, need to be understood in the context of the short and long term consequences of the 5 month shutdown caused by the death of a contractor at Caijiaying in late 2015. The cessation of operations not only ceased mining, processing, production, revenues and profits, but also prevented underground clean-up activities and vital capital development to be undertaken in the down period. The effects of the shutdown were being felt, both operationally and financially, until June of this year. Barring any further extraneous events, the second half of 2016 is expected to return to normality and, with higher commodity prices, the Company is confident of a very acceptable second half year period. Needless to say, the Company continues to progress the Mining Licence application and remains hopeful of a successful conclusion to this matter."
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
Dominic Morley
Cantor Fitzgerald Europe Limited Telephone: +44 (0)20 7894 7000
Stewart Dickson
Patrick Pittaway
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).
The Company's news releases are available on the Company's web site: www.griffinmining.com
Griffin Mining Limited
Condensed Consolidated Income Statement
(expressed in thousands US dollars)
Hot Features
Premium
6 months 6 months Year to
to to 31/12/2015
30/06/2016 30/06/2015 Audited
Unaudited Restated
Unaudited
$000 $000 $000
Revenue 20,818 35,216 59,779
Cost of sales (17,290) (20,676) (42,948)
Gross profit 3,528 14,540 16,831
Net operating expenses (5,354) (8,124) (12,530)
(Loss) / profit from operations (1,826) 6,416 4,301
Losses on disposal of equipment - - (48)
Foreign exchange (losses) (190) (24) (447)
Finance income 80 106 202
Finance costs (2,245) (2,872) (5,084)
Other income 81 36 136
(Loss) / profit before tax (4,100) 3,662 (940)
Income tax expense - (1,442) (1,246)
(Loss) / profit after tax (4,100) 2,220 (2,186)
===========
Basic (loss) / earnings per
share (cents) (2.29) 1.24 (1.22)
=========== =========== ===========
Diluted (loss) / earnings
per share (cents) (2.29) 1.24 (1.22)
=========== =========== ===========
Griffin Mining Limited
Condensed Consolidated Statement Of Comprehensive income
(expressed in thousands US dollars)
6 months 6 months Year to
to to 31/12/2015
30/06/2016 30/06/2015 Audited
Unaudited Unaudited
$000 $000 $000
(Loss)/ profit for the financial
period (4,100) 2,220 (2,186)
----------- ----------- -----------
Other comprehensive income
Exchange differences on translating
foreign operations (1,184) 10 (2,967)
Other comprehensive income
for the period, net of tax (1,184) 10 (2,967)
----------- ----------- -----------
Total comprehensive income
for the period (5,284) 2,230 (5,153)
=========== =========== ===========
Griffin Mining Limited
Condensed Consolidated Statement Of Financial Position
(expressed in thousands US dollars)
30/06/2016 30/06/2015 31/12/2015
Unaudited Unaudited Audited
$000 $000 $000
ASSETS
Non-current assets
Property, plant and equipment 209,388 213,186 210,252
Intangible assets - Exploration
interests 1,843 1,946 1,870
211,231 215,132 212,122
----------- ----------- -----------
Current assets
Inventories 4,718 16,797 7,182
Other current assets 4,062 3,293 3,194
Cash and cash equivalents 18,313 24,348 24,062
----------- ----------- -----------
27,093 44,438 34,438
----------- ----------- -----------
Total assets 238,324 259,570 246,560
=========== =========== ===========
EQUITY AND LIABILITIES
Equity attributable to equity
holders of the parent
Share capital 1,790 1,790 1,790
Share premium 71,310 71,310 71,310
Contributing surplus 3,690 3,690 3,690
Share based payments 1,672 388 1,363
Shares held in treasury (3,875) (3,875) (3,875)
Chinese statutory re-investment
reserve 1,558 1,688 1,595
Other reserve on acquisition
of non-controlling interests (29,346) (29,346) (29,346)
Foreign exchange reserve 6,921 10,946 8,068
Profit and loss reserve 81,250 89,762 85,350
----------- ----------- -----------
Total equity attributable to
equity holders of the parent 134,970 146,353 139,945
Non-current liabilities
Long-term provisions 2,376 2,584 2,433
Deferred taxation 2,568 1,954 2,630
Finance lease 5,670 10,693 7,454
----------- ----------- -----------
10,614 15,231 12,517
----------- ----------- -----------
Current liabilities
Taxation payable - - -
Trade and other payables 28,654 30,197 28,977
Finance lease 2,420 725 1,982
Bank loans 61,666 67,064 63,139
----------- ----------- -----------
Total liabilities 92,740 97,986 94,098
----------- ----------- -----------
Total equities and liabilities 238,324 259,570 246,560
=========== =========== ===========
Number of shares in issue 179,041,830 179,041,830 179,041,830
Attributable net asset value
/ total equity per share $0.75 $0.82 $0.78
Griffin Mining Limited
Condensed Consolidated Statement of Changes in Equity
(expressed in thousands US dollars)
Share Share Contributing Share Shares Chinese Other Foreign Profit Total
capital premium surplus based held re reserve exchange and attributable
payments in investment on reserve loss to equity
treasury reserve acquisition reserve holders
of of parent
non-controlling
interests
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
At 31 December
2014 1,790 71,310 3,690 3,064 - 1,686 (29,365) 10,957 84,794 147,926
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Cost of share
based
payments - - - 72 - - - - 72
Transfer on
expiry of
options (2,748) - - - - 2,748 -
Purchase of
shares for
treasury - - - (3,875) - - - - (3,875)
Transaction
with owners - - - (2,676) (3,875) - - 2,748 (3,803)
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Retained
profit for
the 6 months - - - - - - - - 2,220 2,220
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - - 2 19 (11) - 10
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Total
comprehensive
income for
the period - - - - - 2 19 (11) 2,220 2,230
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
At 30 June
2015
(unaudited) 1,790 71,310 3,690 388 (3,875) 1,688 (29,346) 10,946 89,762 146,353
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Regulatory
transfer
for future
investment - - - - - 6 - - (6) -
Cost of share
based
payments - - - 975 - - - - - 975
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Transaction
with owners - - - 975 - 6 - - (6) 975
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Retained
profit for
the 6 months - - - - - - - - (4,406) (4,406)
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - - (99) - (2,878) - (2,977)
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Total
comprehensive
income for
the period - - - - - (99) - (2,878) (4,406) (007,383)
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
At 31 December
2015 1,790 71,310 3,690 1,363 (3,875) 1,595 (29,346) 8,068 85,350 139,945
Cost of share
based
payments - - - 309 - - - - - 309
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Transaction
with owners - - - 309 - - - - - 309
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Retained
profit for
the 6 months - - - - - - - - (4,100) (4,100)
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - - (37) - (1,147) - (1,184)
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Total
comprehensive
income for
the period - - - - - (37) - (1,147) (4,100) (5,284)
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
At 30(th) June
2016 1,790 71,310 3,690 1,672 (3,875) 1,558 (29,346) 6,921 81,250 134,970
------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Griffin Mining Limited
Condensed Consolidated Cash Flow Statement
(expressed in thousands US dollars)
6 months 6 months Year to
to to 31/12/2015
30/06/2016 30/06/2015 Audited
Unaudited Restated
Unaudited
$000 $000 $000
Net cash flows from operating
activities
(Loss) / profit before taxation (4,100) 3,662 (940)
Foreign exchange losses 190 24 447
Finance (income) (80) (106) (202)
Finance costs 2,245 2,872 5,084
Adjustment in respect of share
based payments 309 72 1,047
Depreciation, depletion and
amortisation 3,510 3,823 6,808
Losses on disposal of equipment - - 48
Decrease / (increase) in inventories 2,464 680 10,295
(Increase)/ decrease in receivables
and other current assets (926) 29 804
(Decrease) / increase in trade
and other payables (326) 3,654 2,748
Net cash inflow from operating
activities 3,286 14,710 26,139
----------- ----------- -----------
Taxation paid - (1,223) (974)
----------- ----------- -----------
Cash flows from investing activities
Interest received 80 106 202
(Payments) to acquire / receipts
from intangible fixed assets
- exploration interests (17) (30) (68)
Payments to acquire - mine development (4,035) (4,012) (8,960)
Payments to acquire - plant
& equipment (1,585) (4,547) (7,218)
----------- ----------- -----------
Net cash (outflow) from investing
activities (5,557) (8,483) (16,044)
----------- ----------- -----------
Cash flows from financing activities
Purchase of shares for treasury - (3,875) (3,875)
Interest paid (1,938) (2,480) (4,324)
Finance lease (1,469) (866) (2,573)
Proceeds from bank loans - 3,328 3,171
Net cash (outflow) from financing
activities (3,407) (3,893) (7,601)
----------- ----------- -----------
Increase / (decrease) in cash
and cash equivalents (5,678) 1,111 1,520
Cash and cash equivalents at
beginning of the period 24,062 23,371 23,371
Effects of exchange rate changes (71) (134) (829)
----------- ----------- -----------
Cash and cash equivalents at
end of the period 18,313 24,348 24,062
=========== =========== ===========
Cash and cash equivalents comprise
bank deposits
Bank deposits 18,313 24,348 24,062
=========== =========== ===========
Griffin Mining Limited
Notes to the Interim Statement
1. These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2015.
2. Copies of this interim report are being sent to all registered shareholders. Additional copies are available from the Company's London office, 60 St James's Street, London, SW1A 1LE.
3. The summary accounts set out above do not constitute statutory accounts as defined by Section 84 of the Bermuda Companies Act 1981 or Section 434 of the UK Companies Act 2006. The condensed consolidated statement of financial position at 31 December 2015 and the condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and the condensed consolidated cash flow statement for the year then ended have been extracted from the Group's 2015 statutory financial statements upon which the auditors' opinion is unqualified.
4. The summary accounts have been prepared on a going concern basis. As at 30th June 2016, Hebei Hua Ao (a subsidiary of the Company) had bank loans outstanding of $61,666,000 (30(th) June 2015 $67,064,000). Having previously rolled over each of the bank facilities Hebei Hua Ao expects to roll over the existing facilities for a further 12 months. Having considered the cash resources, banking facilities and forecasts for the remainder of the Hebei Hua Ao joint venture term, the directors do not expect any going concern issues to arise.
5. The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The calculation of diluted earnings per share is based on the basic earnings per share on the assumed conversion of all dilutive options and other dilutive potential ordinary shares. Reconciliation of the earnings and weighted average number of shares used in the calculations are set out below:
6 months to 6 months to Year to
30/06/2016 30/06/2015 31/12/2015
Unaudited Unaudited Audited
Weighted Per Weighted Per Weighted Per
average share average share average share
Earnings number amount Earnings number amount Earnings number amount
$000 of shares (cents) $000 of shares (cents) $000 of shares (cents)
Basic earnings per share
Earnings
attributable
to ordinary
shareholders (4,100) 179,041,830 (2.29) 2,220 179,041,830 1.24 (2,186) 179,041,830 (1.22)
Dilutive effect of securities
Options - - - - - - - - -
--------- ----------- -------- --------- ------------- -------- --------- ------------- --------
Diluted
earnings
per share (4,100) 179,041,830 (2.29) 2,220 179,041,830 1.24 (2,186) 179,041,830 (1.22)
========= =========== ======== ========= ============= ======== ========= ============= ========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFEFMSFMSEDA
(END) Dow Jones Newswires
August 11, 2016 02:00 ET (06:00 GMT)
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