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GFM Griffin Mining Limited

113.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.00 0.00% 113.25 113.00 114.00 115.00 113.00 113.00 227,508 16:35:18
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Metal Ores,nec 94.4M 7.7M 0.0400 28.25 217.9M

Griffin Mining Ld Half-year Report (8896M)

03/08/2017 7:00am

UK Regulatory


Griffin Mining (LSE:GFM)
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TIDMGFM

RNS Number : 8896M

Griffin Mining Ld

03 August 2017

8(th) Floor, 54 Jermyn Street, London, SW1Y 6LX. United Kingdom

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

E mail: griffin@griffinmining.com

3(rd) August 2017

INTERIM STATEMENT

for the six months ended 30(th) June 2017

Griffin Mining Limited ("Griffin" or "the Company") has today released its unaudited results for the six months ended 30th June 2017.

Highlights:

   --     Revenues of $52.3 million (2016: $20.8 million) 
   --     Operating profit of $23.5 million (2016: loss $1.8 million) 
   --     Profit before tax of $22.1 million (2016: loss $4.1 million) 
   --     Profit after tax of $15.8 million (2016: loss $4.1 million) 
   --     Basic earnings per share 8.85 cents (2016 loss per share 2.29 cents) 

Financial and Trading:

The first six months of 2017 has seen a continued recovery in profitability from the first half of 2016 mainly from increased zinc metal in concentrate prices received and increased throughput and higher grades. Operations at Caijiaying were maintained with minimal disruption throughout the first half of 2017 following the connection of the new 35kv power line and commissioning of the new 750,000 tonnes per annum ball mill.

In the six months to 30(th) June 2017, 461,618 (2016: 365,337) tonnes of ore were processed to produce:

   --     19,553 tonnes of zinc (2016: 13,420 tonnes); 
   --     719 tonnes of lead (2016: 705 tonnes); 
   --     168,426 ounces of silver (2016: 120,953 ounces); and 
   --     9,372 ounces of gold (2016: 3,553 ounces). 

Zinc revenues before royalties and resource taxes in the six months to 30(th) June 2017 were $40,259,000 (2016; $15,798,000) with 19,336 tonnes (2016: 13,414 tonnes) of zinc metal in concentrate sold with an average price received after smelter charges of $2,082 per tonne up 90% on that received in 2016 of $1,090. Lead and precious metals revenues were $14,485,000 (2016: $6,372,000) with more metal in concentrate sold.

During the six months to 30(th) June 2017:

-- 486,000 tonnes of ore were mined, up 139,811 (40.3%) on that mined in 2016 of 346,189 tonnes;

-- 466,020 tonnes of ore were hauled, up 159,958 (52.2%) on that hauled in 2016 of 306,062 tonnes; and

-- 461,618 tonnes of ore were processed, up 96,281 (26.3%) on that processed in 2016 of 365,337 tonnes.

Basic earnings per share were 8.85 cents (2016: losses 2.29 cents). At 30(th) June 2017, attributable net assets per share amounted to 91 cents (2016: 75 cents).

In the six months to 30(th) June 2017 bank loans of $10,940,000 (2016: nil) were repaid.

Cash flows from operations are being directed to the repayment of bank loans.

The Company continues to await the grant of a new mining licence over the Zone II and adjacent areas at Caijiaying. Development of the mine at Zone III continues.

With cash flows from operations directed to repaying Chinese banking facilities and in line with previous years' practice 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, "I am sure shareholders, in conjunction with management, derive enormous satisfaction from the outstanding results for the first half of the 2017 financial year. The result was due to a superb operational effort by all concerned with the Caijiaying mine which led to increased throughput and higher zinc grades in conjunction with the long awaited increase in the zinc price and lower smelter charges. Needless to say, we fully expect, all things being equal, an equally as impressive second half of the year. Most importantly, the priority of the Company remains the granting of the new mining licence over zone II at the Caijiaying mine which will only multiply the results achieved to date. I sincerely hope that day will arrive in the not too distant future."

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

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)

 
                                     6 months     6 months      Year to 
                                           to           to   31/12/2016 
                                   30/06/2017   30/06/2016      Audited 
                                    Unaudited    Unaudited 
                                         $000         $000         $000 
 
Revenue                                52,332       20,818       66,270 
 
Cost of sales                        (20,820)     (17,290)     (37,851) 
 
 
Gross profit                           31,512        3,528       28,419 
 
Net operating expenses                (8,061)      (5,354)     (13,218) 
 
 
Profit / (loss) from operations        23,451      (1,826)       15,201 
 
Losses on disposal of equipment          (16)            -        (224) 
Foreign exchange (losses)               (104)        (190)        (532) 
Finance income                             63           80          178 
Finance costs                         (1,401)      (2,245)      (4,286) 
Other income                               60           81           45 
 
 
Profit / (loss) before tax             22,053      (4,100)       10,382 
 
Income tax expense                    (6,209)            -      (4,468) 
 
 
Profit / (loss) after tax              15,844      (4,100)        5,914 
                                               =========== 
 
 
Basic earnings / (loss) per 
 share (cents)                           8.85       (2.29)         3.30 
                                  ===========  ===========  =========== 
 
Diluted earnings / (loss) 
 per share (cents)                       8.36       (2.29)         3.26 
                                  ===========  ===========  =========== 
 

Griffin Mining Limited

Condensed Consolidated Statement Of Comprehensive income

(expressed in thousands US dollars)

 
                                         6 months     6 months      Year to 
                                               to           to   31/12/2016 
                                       30/06/2017   30/06/2016      Audited 
                                        Unaudited    Unaudited 
                                             $000         $000         $000 
 
Profit / (loss) for the financial 
 period                                    15,844      (4,100)        5,914 
                                      -----------  -----------  ----------- 
 
Other comprehensive income 
 
Exchange differences on translating 
 foreign operations                         3,854      (1,184)      (3,299) 
 
 
  Other comprehensive income 
  for the period, net of tax                3,854      (1,184)      (3,299) 
                                      -----------  -----------  ----------- 
 
Total comprehensive income 
 for the period                            19,698      (5,284)        2,615 
                                      ===========  ===========  =========== 
 
 

Griffin Mining Limited

Condensed Consolidated Statement Of Financial Position

(expressed in thousands US dollars)

 
                                   30/06/2017   30/06/2016   31/12/2016 
                                    Unaudited    Unaudited      Audited 
                                         $000         $000         $000 
 
ASSETS 
Non-current assets 
Property, plant and equipment         206,556      209,388      204,491 
Intangible assets - Exploration 
 interests                              1,834        1,843        1,792 
                                      208,390      211,231      206,283 
                                  -----------  -----------  ----------- 
Current assets 
Inventories                             6,121        4,718        6,148 
Other current assets                    6,607        4,062        8,232 
Cash and cash equivalents              15,752       18,313       13,218 
                                  -----------  -----------  ----------- 
                                       28,480       27,093       27,598 
                                  -----------  -----------  ----------- 
 
Total assets                          236,870      238,324      233,881 
                                  ===========  ===========  =========== 
 
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                    2,072        1,672        2,072 
Shares held in treasury               (4,105)      (3,875)      (3,875) 
Chinese statutory re-investment 
 reserve                                1,621        1,558        1,583 
Other reserve on acquisition 
 of non-controlling interests        (29,346)     (29,346)     (29,346) 
Foreign exchange reserve                8,687        6,921        4,871 
Profit and loss reserve               107,018       81,250       91,174 
                                  -----------  -----------  ----------- 
Total equity attributable to 
 equity holders of the parent         162,737      134,970      143,269 
 
Non-current liabilities 
Long-term provisions                    2,332        2,376        2,277 
Deferred taxation                       2,670        2,568        2,607 
Finance lease                           3,479        5,670        3,791 
                                  -----------  -----------  ----------- 
                                        8,481       10,614        8,675 
                                  -----------  -----------  ----------- 
Current liabilities 
Taxation payable                        2,826            -        2,549 
Trade and other payables               26,142       28,654       31,917 
Finance lease                           1,995        2,420        2,783 
Bank loans                             34,689       61,666       44,688 
                                  -----------  -----------  ----------- 
Total liabilities                      65,652       92,740       81,937 
                                  -----------  -----------  ----------- 
 
Total equities and liabilities        236,870      238,324      233,881 
                                  ===========  ===========  =========== 
 
Number of shares in issue         179,041,830  179,041,830  179,041,830 
 
Attributable net asset value 
 / total equity per share               $0.91        $0.75        $0.80 
 

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 
 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 
 (Unaudited)      1,790   71,310         3,690     1,672   (3,875)       1,558         (29,346)     6,921   81,250       134,970 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
Regulatory 
 transfer 
 for future 
 investment           -        -             -         -         -          90                -         -     (90)             - 
Cost of share 
 based 
 payments             -        -             -       400         -           -                -         -                    400 
Transaction 
 with owners          -        -             -       400         -          90                -               (90)           400 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
Retained 
 profit for 
 the 6 months         -        -             -         -         -           -                -         -   10,014        10,014 
Other 
comprehensive 
income: 
Exchange 
 differences 
 on 
 translating 
 foreign 
 operations           -        -             -         -         -        (65)                -   (2,050)        -       (2,115) 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
Total 
 comprehensive 
 income for 
 the period           -        -             -         -         -        (65)                -   (2,050)   10,014         7,899 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
At 31(st) 
 December 2016    1,790   71,310         3,690     2,072   (3,875)       1,583         (29,346)     4,871   91,174       143,269 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
Purchase of 
 shares for 
 treasury             -        -             -         -     (230)           -                -         -        -         (230) 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
Transaction 
 with owners          -        -             -         -     (230)           -                -         -        -         (230) 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
Retained 
 profit for 
 the 6 months         -        -             -         -         -           -                -         -   15,844        15,844 
Other 
comprehensive 
income: 
Exchange 
 differences 
 on 
 translating 
 foreign 
 operations           -        -             -         -         -          38                -     3,816        -         3,854 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
Total 
 comprehensive 
 income for 
 the period           -        -             -         -         -          38                -     3,816   15,844        19,698 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 
At 30(th) June 
 2017 
 (Unaudited)      1,790   71,310         3,690     2,072   (4,105)       1,621         (29,346)     8,687  107,018       162,737 
                -------  -------  ------------  --------  --------  ----------  ---------------  --------  -------  ------------ 
 

Griffin Mining Limited

Condensed Consolidated Cash Flow Statement

(expressed in thousands US dollars)

 
                                          6 months     6 months      Year to 
                                                to           to   31/12/2016 
                                        30/06/2017   30/06/2016      Audited 
                                         Unaudited    Unaudited 
                                              $000         $000           $000 
Net cash flows from operating 
 activities 
Profit / (loss) before taxation             22,053      (4,100)       10,382 
Foreign exchange losses                        104          190          532 
Finance income                                (63)         (80)        (178) 
Finance costs                                1,401        2,245        4,286 
Adjustment in respect of share 
 based payments                                  -          309          709 
Depreciation, depletion and 
 amortisation                                4,855        3,510        8,526 
Losses on disposal of equipment                 16            -          224 
Decrease / (increase) in inventories            27        2,464        1,034 
Decrease / (increase) in receivables 
 and other current assets                    1,602        (926)      (6,251) 
(Decrease) / increase in trade 
 and other payables                        (3,807)        (326)        3,280 
Taxation paid                              (5,932)                     (641) 
                                       -----------  -----------  ----------- 
Net cash inflow from operating 
 activities                                 20,256        3,286       21,903 
                                       -----------  -----------  ----------- 
 
Cash flows from investing activities 
Interest received                               63           80          178 
Payments to acquire - mineral 
 interests                                 (2,764)      (4,035)      (7,361) 
Payments to acquire - plant 
 & equipment                               (1,201)      (1,585)      (3,776) 
Payments to acquire - office 
 equipment                                     (2)            -        (102) 
Payments to acquire - intangible 
 assets - exploration interests                  1         (17)         (43) 
                                       -----------  -----------  ----------- 
Net cash (outflow) from investing 
 activities                                (3,903)      (5,557)     (11,104) 
                                       -----------  -----------  ----------- 
 
Cash flows from financing activities 
Purchase of shares for treasury              (230)            -            - 
Interest paid                              (1,181)      (1,938)      (3,684) 
Finance lease                              (1,463)      (1,469)      (2,935) 
Repayment of bank loans                   (10,940)            -     (14,891) 
                                                    ----------- 
Net cash (outflow) from financing 
 activities                               (13,814)      (3,407)     (21,510) 
                                       -----------  -----------  ----------- 
 
Increase / (decrease) in cash 
 and cash equivalents                        2,539      (5,678)     (10,711) 
 
Cash and cash equivalents at 
 beginning of the period                    13,218       24,062       24,062 
Effects of exchange rate changes               (5)         (71)        (133) 
                                       -----------  -----------  ----------- 
Cash and cash equivalents at 
 end of the period                          15,752       18,313       13,218 
                                       ===========  ===========  =========== 
 
Cash and cash equivalents comprise 
 bank deposits 
Bank deposits                               15,752       18,313       13,218 
                                       ===========  ===========  =========== 
 

Griffin Mining Limited

Notes to the Interim Statement

1. These unaudited 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 2016.

2. This interim report will be available on the Company's web site, www.griffinmining.com. Hard copies are available from the Company's London office, 8(th) Floor, Royal trust House, 54 Jermyn Street, London. SW1Y 6LX.

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 2016 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 2016 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 2017, Hebei Hua Ao (a subsidiary of the Company) had bank loans outstanding of $34,689,000 (30(th) June 2016 $61,666,000). Having previously rolled over each of the bank facilities and having made substantial repayments, Hebei Hua Ao expects to repay or 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 
                   30/06/2017                               30/06/2016                    31/12/2016 
                    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      15,844  179,091,830      8.85    (4,100)  179,091,830    (2.29)     5,914    179,091,830      3.3 
Dilutive effect of securities 
Options                -   10,311,861    (0.49)          -            -         -         -      2,248,862   (0.04) 
                --------  -----------  --------  ---------  -----------  --------  --------  -------------  ------- 
Diluted 
 earnings 
 per share        15,844  189,403,691      8.36    (4,100)  179,091,830    (2.29)     5,914    181,340,692     2.26 
                ========  ===========  ========  =========  ===========  ========  ========  =============  ======= 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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