StockMarketWire.com - Griffin Mining posts pre-tax profits of $1,021,000 for the year to the end of December - down from $13,228,000 in 2013.

Revenues fell to $45,564,000 in 2014 (2013 $71,071,000) and operating profit was $6,732,000 (2013 $18,694,000).

Griffin said its results were severely impacted by the suspension of processing activities at Caijiaying from 11 August to 17 November to facilitate the upgrade of the processing facilities and the subsequent ramp up on re-commissioning of those facilities.

As a result, the amounts of ore processed and metals in concentrate produced and sold were significantly down on previous years. With the use of lower grade ores during re-commissioning of the processing plant, the base and precious metal grades of the ore processed were slightly down on 2014 resulting in a minor fall in the recovery of base metals, whilst improvements were made in gold recoveries.

The average price per tonne of zinc metal in concentrate received by the Group in 2014 rose by 3.3% to $1,345 (2012 $1,302), for silver rose 1.8% to $17.1 per ounce (2013 $16.8), for gold by 1.5% to $1,251 per ounce (2013 $1,233), and for lead fell 2.3% to $1,595 per tonne (2013 $1,633). Cost of sales fell to $25,345,000 (2013 $40,078,000) reflecting the suspension in processing and stockpiling of ore mined and hauled. With processing suspended and with mining and haulage impacted by restrictions in the supply of explosives and logistical issues created by the stockpiling of ore during the suspension in processing, unit cost of sales rose.








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