We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
TIDMGFM
RNS Number : 9191H
Griffin Mining Ld
09 August 2021
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
9(th) AUGUST 2021
UNAUDITED INTERIM RESULTS
for the six months ended 30(th) June 2021
Griffin Mining Limited ("Griffin" or "the Company") has today released its unaudited results for the six months ended 30th June 2021.
Highlights:
-- Revenues of $54.1 million (30(th) June 2020: $21.3 million), an increase of 154%. -- Gross Profit of $25.7 million (30(th) June 2020: $4.2 million), an increase of 512%. -- Profit before tax of $15.5 million (30(th) June 2020: Loss $3.0 million). -- Profit after tax of $10.3 million (30(th) June 2020: Loss $3.8 million). -- Basic earnings per share of 5.88 cents (30(th) June 2020: Basic loss per share 2.22 cents).
Financial and Trading:
The results for the six months to 30(th) June 2021 reflect a step up in production following final PFA approval for previous development work at Zone III of the Caijiaying mine in late 2020, enabling increased mining rates. Mining and processing rates have now reached the equivalent of over a million tonnes of ore per annum without the benefit of ore from the Zone II area at Caijiaying expected in 2022.
As in previous years, the 2021 first half year results were impacted by the Chinese New Year holidays in February in comparison to the 2020 first half year results which were also affected by the suspension in operations at Caijiaying imposed by the Chinese authorities to contain the Covid-19 pandemic.
Ore tonnes mined in the first half of 2021 were up 47% on that mined in the first half of 2020 and tonnes processed in the first half of 2021 were up 47.1% on that achieved in the first half of 2020. Zinc metal in concentrate produced was up 47.8% on that achieved in the first half of 2020. Gold in concentrate production was up 213.6% on that produced in the first half of 2020 and silver in concentrate production was up 30.6% on that produced in the first half of 2020.
With 475,785 tonnes (30(th) June 2020: 323,536 tonnes) of ore processed, metal in concentrate production in the first six months of 2021 was:
-- 19,876 tonnes of zinc ( 30(th) June 2020: 13,448 tonnes); -- 561 tonnes of lead (30(th) June 2020: 631 tonnes); -- 144,705 ounces of silver (30(th) June 2020: 110,832 ounces); and -- 7,584 ounces of gold (30(th) June 2020: 2,418 ounces).
The results benefited from a significant improvement in the market price for zinc and lower smelter treatment charges from that in the first half of 2020, with the average price received for zinc metal in concentrate increasing by 69.4% from $1,304 per tonne in the first six months of 2020 to $2,209 per tonne in the first half of 2021. Zinc revenues before royalties and resource taxes in the six months to 30(th) June 2021 were $42,102,000 (30(th) June 2020: $17,008,000) with 19,062 tonnes of zinc metal in concentrate sold (30(th) June 2020: 13,046 tonnes). Precious metals and lead revenues were $15,136,000 (30(th) June 2020: $5,279,000).
During the six months to 30(th) June 2021:
-- 462,632 tonnes of ore were mined (30(th) June 2020: 314,690 tonnes); -- 471,423 tonnes of ore were hauled (30(th) June 2020: 321,514 tonnes); and -- 475,785 tonnes of ore were processed (30(th) June 2020: 323,536 tonnes).
Costs of sales (mining, haulage and processing) of $28,401,000 increased by 65.6% from that in the first six months of 2020 of $17,153,000 reflecting increased tonnes of ore mined, hauled and processed albeit with increased unit costs as mining accesses the deeper levels of the mine.
Net operating expenses (administration costs, including those of the Caijiaying site and the Chinese joint venture partners profit share) increased by 41.7% from $7,204,000 in the first six months of 2020 to $10,209,000 in the first six months of 2021. This reflects the resumption in activities from Covid-19 induced restrictions in 2020 and a 7.6% increase in the value of the Renminbi.
Basic earnings per share were 5.88 cents (30(th) June 2020: loss of 2.22 cents per share). At 30(th) June 2021, attributable net assets per share amounted to 141 cents (30(th) June 2020: 121 cents).
Cash flows from operations in the period of $16,818,000 (30(th) June 2020 used in operations $4,259,000) have been directed to the further development of the Caijiaying Mine. 359,799 shares in the Company were bought in to treasury at a cost of $672,000 in the six months to 30(th) June 2021 (30(th) June 2020: nil). The Griffin Mining Group of companies remains free of any bank loans.
Chairman's Statement
Chairman Mladen Ninkov commented, "This is an extraordinary 2021 half year result, already surpassing the full year financial results for 2020. It is a credit to the continuing team effort of the people at the mine site, office and board table. If all things remain equal, and assuming the zinc and gold prices hold firm or rise further, 2021 should prove to be an outstanding year for the Company. I would, however, caution that events can quickly turn in the current environment with the current Covid-19 coronavirus again having broken out in multiple Chinese provinces, the lack of any government announcement concerning the Winter Olympic Games and how that will impact Provincial borders and transport of workers, explosives, re-agents and other critical supplies and the ongoing diplomatic tensions between China, the US, the UK, Canada and Australia."
Teleconference Call for Griffin Mining Limited's interim results to 30(th) June 2021 on Monday 9(th) August 2021:
Time: 4.00pm British Summer Time Dial in numbers: Australia Toll Free: 1 800 681 584 Canada Toll Free: 1 866 378 3566 Berlin : +49 (0) 30 3001 90612 Germany Toll Free: 0800 673 7932 Hong Kong Toll Free: 800 900 476 UK-Wide: +44 (0) 33 0551 0200 Zurich: +41 (0) 43 456 9986 Switzerland Toll Free: 0800 800 038 UK Toll Free: 0808 109 0700 New York New York: +1 212 999 6659 USA Toll Free: 1 866 966 5335 Password: Quote Griffin Interim results when prompted by operator
Further information
Griffin Mining Limited Telephone: +44 (0)20 7629 7772 Mladen Ninkov - Chairman Roger Goodwin - Finance Director Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500 John Prior Ailsa Macmaster Berenberg Telephone: +44 (0)20 3207 7800 Matthew Armitt Jennifer Wyllie Deltir Elezi Blythewigh Telephone: +44(0)20 7138 3205 Tim Blythe Megan Ray Swiss Resource Capital AG Telephone: + 41(0)71 354 8501 Jochen Staiger
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 31/12/2020 30/06/2021 30/06/2020 Audited Unaudited Unaudited $000 $000 $000 Revenue 54,072 21,321 75,403 Cost of sales (28,401) (17,153) (42,737) Gross profit 25,671 4,168 32,666 Net operating expenses (10,209) (7,204) (17,518) Profit / (loss) from operations 15,462 (3,036) 15,148 Losses on disposal of equipment (26) (614) (1,129) Impairment of intangible fixed assets (2) (1) (10) Foreign exchange (losses) / gains (7) (147) 22 Finance income 68 45 108 Finance costs (152) (149) (359) Other income 63 76 735 Profit / (loss) before tax 15,406 (3,826) 14,515 Income tax expense (5,148) - (5,605) Profit / (loss) after tax 10,258 (3,826) 8,910 Basic earnings / (loss) per share (cents) 5.88 (2.22) 5.16 =========== =========== =========== Diluted earnings / (loss) per share (cents) 5.43 (2.22) 4.88 =========== =========== ===========
Griffin Mining Limited
Condensed Consolidated Statement Of Comprehensive income
(expressed in thousands US dollars)
6 months 6 months Year to to to 31/12/2020 30/06/2021 30/06/2020 Audited Unaudited Unaudited $000 $000 $000 Profit / (loss) for the financial period 10,258 (3,826) 8,910 ----------- ----------- ----------- Other comprehensive income Exchange differences on translating foreign operations 2,514 (1,891) 9,662 Other comprehensive income for the period, net of tax 2,514 (1,891) 9,662 ----------- ----------- ----------- Total comprehensive income / (losses) for the period 12,772 (5,717) 18,572 =========== =========== ===========
Griffin Mining Limited
Condensed Consolidated Statement Of Financial Position
(expressed in thousands US dollars)
30/06/2021 30/06/2020 31/12/2020 Unaudited Unaudited Audited $000 $000 $000 ASSETS Non-current assets Property, plant and equipment 268,930 225,898 266,709 Intangible assets - exploration interests 349 325 325 269,279 226,223 267,034 ----------- ----------- ----------- Current assets Inventories 6,257 3,896 5,333 Receivables and other current assets 4,175 2,275 6,675 Cash and cash equivalents 25,143 10,351 16,435 ----------- ----------- ----------- 35,575 16,522 28,443 ----------- ----------- ----------- Total assets 304,854 242,745 295,477 =========== =========== =========== EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 1,749 1,728 1,728 Share premium 69,334 68,455 68,470 Contributing surplus 3,690 3,690 3,690 Share based payments 2,072 2,072 2,072 Shares held in treasury (1,589) (917) (917) Chinese statutory re-investment reserve 2,858 2,463 2,830 Other reserve on acquisition of non-controlling interests (29,346) (29,346) (29,346) Foreign exchange reserve 13,851 (151) 11,365 Profit and loss reserve 184,072 161,233 173,814 ----------- ----------- ----------- Total equity attributable to equity holders of the parent 246,691 209,227 233,706 Non-current liabilities Other payables 13,622 - 13,487 Long-term provisions 2,264 3,802 2,200 Deferred taxation 3,392 2,691 3,359 Finance leases - - - ----------- ----------- ----------- 19,278 6,493 19.046 ----------- ----------- ----------- Current liabilities Trade and other payables 38,842 25,311 42,342 Finance leases 43 1,714 383 Total liabilities 38,885 27,025 42,725 ----------- ----------- ----------- Total equities and liabilities 304,854 242,745 295,477 =========== =========== =========== Number of shares in issue 174,892,894 172,786,228 172,826,228 Attributable net asset value / total equity per share $1.41 $1.21 $1.35
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 on exchange and attributable payments in investment acquisition reserve loss to equity treasury reserve of reserve holders non-controlling of parent interests $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 At 31(st) December 2019 1,728 68,455 3,690 2,072 (917) 2,500 (29,346) 1,703 165,059 214,944 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ Retained (loss) for the 6 months - - - - - - - - (3,826) (3,826) Other comprehensive income: Exchange differences on translating foreign operations - - - - - (37) - (1,854)) - (1,891) ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ Total comprehensive income for the period - - - - - (37) - (1,854) (3,826) (5,717) ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ At 30(th) June 2020 (Unaudited) 1,728 68,455 3,690 2,072 (917) 2,463 (29,346) (151) 161,233 209,227 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ Regulatory transfer for future investment - - - - - 155 - - (155) - Issue of shares on exercise of options - 15 - - - - - - - 15 Transaction with owners - 15 - - - 155 - (155) 15 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ Retained profit for the 6 months - - - - - - - - 12,736 12,736 Other comprehensive income: Exchange differences on translating foreign operations - - - - - 212 - 11,516 - 11,728 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ Total comprehensive income for the period - - - - - 212 - 11,516 12,736 24,464 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ At 31(st) December 2020 1,728 68,470 3,690 2,072 (917) 2,830 (29,346) 11,365 173,814 233,706 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ Purchase of shares for treasury - - - - (672) (672) Issue of shares on exercise of options 21 864 - - - - - - - 885 Transaction with owners 21 864 - - (672) - - - - 213 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ Retained profit for the 6 months - - - - - - - - 10,258 10,258 Other comprehensive income: Exchange differences on translating foreign
operations - - - - - 28 - 2,486 - 2,514 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ Total comprehensive income for the period - - - - - 28 - 2,486 10,258 12,772 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------ At 30(th) June 2021 (Unaudited) 1,749 69,334 3,690 2,072 (1,589) 2,858 (29,346) 13,851 184,072 246,691 ------- ------- ------------ -------- -------- ---------- --------------- -------- ------- ------------
Griffin Mining Limited
Condensed Consolidated Cash Flow Statement
(expressed in thousands US dollars)
6 months 6 months Year to to to 31/12/2020 30/06/21 30/06/2020 Audited Unaudited Unaudited $000 $000 $000 Net cash flows from operating activities Profit /(loss) before taxation 15,406 (3,826) 14,515 Foreign exchange losses / (gains) 7 147 (22) Finance income (68) (45) (108) Finance costs 152 149 359 Depreciation, depletion and amortisation 7,964 5,518 12,801 Impairment of intangible assets 2 1 10 Losses on disposal of equipment 26 614 1,129 (Increase) / decrease in inventories (924) (57) (1,494) Decrease / (Increase) in receivables and other current assets 2,936 (414) (4,814) Increase / (decrease) in trade and other payables (1,395) (2,762) 5,666 Taxation paid (7,288) (3,584) (3,644) ---------- ----------- ----------- Net cash inflow / (outflow) from operating activities 16,818 (4,259) 24,398 ---------- ----------- ----------- Cash flows from investing activities Interest received 68 45 108 Proceeds / (expenses) on disposal of equipment - (34) (44) Payments to acquire - mineral interests (mine development) (7,471) (3,379) (18,691) Payments to acquire - plant & equipment (1,215) (984) (5,684) Payments to acquire - office equipment - (4) (5) Payments to acquire - intangible assets - exploration interests (26) (3) (11) ---------- ----------- ----------- Net cash (outflow) from investing activities (8,644) (4,359) (24,327) ---------- ----------- ----------- Cash flows from financing activities Issue of shares on exercise of share purchase options 885 - 15 Purchase of shares for treasury (672) - - Interest paid (101) - (112) Finance lease repayments (357) (929) (2,469) Net cash (outflow) from financing activities (245) (929) (2,566) ---------- ----------- ----------- Increase / (decrease) in cash and cash equivalents 7,929 (9,547) (2,495) Cash and cash equivalents at beginning of the period 16,435 19,885 19,885 Effects of exchange rate changes 779 13 (955) ---------- ----------- ----------- Cash and cash equivalents at end of the period 25,143 10,351 16,435 ========== =========== ----------- Cash and cash equivalents comprise bank deposits Bank deposits 25,143 10,351 16,435 ========== =========== ===========
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(st) December 2020.
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 consolidated statement of financial position at 31(st) December 2020 and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended have been extracted from the Group's 2020 statutory financial statements upon which the auditors' opinion is unqualified, and should be read in conjunction with the accompanying notes contained therein.
4. The summary accounts have been prepared on a going concern basis. Having considered recent events, including the impact of Covid-19, the Group's cash resources, banking facilities and forecasts regularly updated, the directors consider that the Group will be able to meet its liabilities as they fall due.
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. There was no dilutive effect on the losses per share in the six months to 30(th) June 2020. 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 30/06/2021 30/06/2020 31/12/2020 Unaudited Unaudited Audited Weighted Weighted Per Weighted average Per share average share average Per share Earnings number amount Earnings number amount Earnings number amount $000 of shares (cents) $000 of shares (cents) $000 of shares (cents) Basic (loss) / earnings per share (Loss) earnings attributable to ordinary shareholders 10,258 174,410,343 5.88 3,826 172,728,728 (2.22) 8,910 172,788,420 5.16 Dilutive effect of securities Options 14,374,897 (0.45) 9,861,227 (0.28) -------- ----------- --------- --------- ----------- -------- -------- ----------- ---------- Diluted earnings per share 10,258 188,785,241 5.43 8,910 182,649,647 4.88 ======== =========== ========= ========= =========== ======== ======== =========== ==========
6. As at 30(th) June 2021 there were no adjusting post balance sheet events. Since 30(th) June the Company bought in 40,000 shares to be held in treasury at a cost of $54,000.
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
IR KZGGRVVNGMZM
(END) Dow Jones Newswires
August 09, 2021 02:00 ET (06:00 GMT)
1 Year Griffin Mining Chart |
1 Month Griffin Mining Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions