StockMarketWire.com - Griffin Mining posted a slight fall in first-half profit after higher revenue was offset by rising costs.

Pre-tax profit for the six months through June fell to $21.3m, down from $22.0m on-year.

Revenue rose to $54.1m, up from $52.3m, but sales costs were pushed higher due to the need to extract ore from greater depth, and backfilling waste material and tailings to minimise surface storage of tailings.

'This is a wonderful result in light of the 21% fall in the zinc since the beginning of the year,' chairman Mladen Ninkov said.

'The second half of the year will remain challenging if commodity prices remain subdued.'

'However, the recent signing of the Contract of Transfer and the progress towards the issue of the new Mining Licence over Zone II, sets the stage for an exciting 2019.'


At 2:54pm: [LON:GFM] Griffin Mining share price was -20p at 122p



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