StockMarketWire.com - Griffin Mining reported a sharp fall in profit as falling zinc prices and higher costs dented performance.

For the year ended 31 December 2019, pre-tax profit fell to $11.7m from $34.8m on-year as revenue decreased $82.3m from $99m.

'Lower profits in 2019 were primarily caused by falling zinc prices and significantly higher smelter treatment charges resulting in lower zinc metal in concentrate prices received by the group,' the company said.

'The last 3 months has seen a large closure of marginal zinc mines and world zinc production falling by at least 10%. This trend will inevitably get worse before it gets better, but it bodes well for the zinc price,' it added.


At 8:54am: [LON:GFM] Griffin Mining share price was -3p at 48p



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