Griffin Mining Limited Reports Slight Production Downturn in First Quarter 2024 Due to Seasonal Factors

Griffin Mining Limited disclosed its first quarter production output for 2024 from the Caijiaying Zinc-Gold Mine, highlighting a mixed performance largely due to the Chinese Lunar New Year and National People's Congress impacts. The mining activity showed a decrease in zinc concentrate production by 18.2% compared to the same quarter in 2023, although there was an improvement in the production of precious metals. Specifically, the company reported an 11.1% increase in gold concentrate and a 4.7% increase in silver concentrate production.

The reduction in overall ore processing, attributed to scheduled maintenance during the slower activity period, did not hinder the company’s optimistic outlook for the year. With expectations to recover the production shortfall in subsequent quarters, Griffin projects an annual throughput of approximately 1.5 million tonnes of ore. The temporary decrease in zinc output was mitigated by better grades of precious metals and an uptick in their prices, which bolstered the production of precious metal concentrates.

Griffin’s Chairman, Mladen Ninkov, expressed that the subdued first-quarter results were anticipated due to calendar effects from the Chinese Lunar New Year and the overlapping parliamentary meetings in Beijing. Despite these factors causing operational delays, Griffin remains on course to meet its 1.5 million tonnes throughput target for 2024, alongside further development prospects and the favorable market prices for zinc and gold.