Griffin Mining Limited Announces Impressive 2023 Final Results

Griffin Mining Limited released its 2023 annual financial results on May 15, 2024, revealing substantial growth in revenue and profits. The company reported a remarkable increase in revenues, up to $146,023,000 from $94,397,000 in 2022. This 54.7% rise is primarily attributed to significant enhancements in zinc, gold, silver, and lead production, with zinc sales alone up 90.6% in volume from the previous year.

The results highlighted total profits before tax of $24,486,000, a compelling increase from $15,272,000 in 2022. These earnings incorporate achievements from mining operations which experienced a high volume of ore processing, reaching a mill capacity of 1.5 million tons per annum. The gross profit also saw a sizeable increase to $51,842,000 from $38,252,000 in 2022.

The company managed to reduce production costs per tonne despite a rise in overall mining, haulage, and processing costs which surged by 67.7% to $94,181,000. Operational efficiencies were realized with mining costs per tonne decreasing to $17.0 from $19.7 in 2022.

Despite minor fallbacks such as a fall in average zinc prices and a slight increase in administrative expenses, the company's strategic operational enhancements have fortified its financial positioning. Enhanced production capabilities have not only improved turnover but have also efficiently managed cost ratios amidst extensive operational upscaling.