StockMarketWire.com - Griffin Mining swung into the black in the year to the end of December posting a pre-tax profit of $10,382,000 against a loss $940,000 last time.

Revenues rose to $66,270,000 - up from $59,779,000 in 2015 - and operating profits increased to $15,201,000 from $4,301,000.

The group made a a rofit after tax of $5,914,000 against a loss of $2,186,000 in 2015.

Griffin said: "Although record throughput was achieved in 2016, lower zinc, lead and silver head grades caused by restricted mine access following the suspension in mining operations, resulted in lower zinc, lead and silver in concentrate being produced and sold than in 2015.

"However, gold in concentrate production was up 22.1% on 2015 to a record 12,654 ozs.

"Metal in concentrate prices received were significantly higher in 2016 than in 2015 with zinc metal in concentrate prices received of $1,520 per tonne up 27.6% on that received in 2015 of $1,191; silver of $13.25 per oz was up 10.9% from that received in 2015 of $11.95; and gold of $1,154 per oz up 10.6% on that received in 2015 of $1,043.

"This reflects higher market prices and a tightening of concentrate supply in China."






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