Griffin Mining Limited (“Griffin”) has today been advised that Mr Dal S Brynelsen a non-executive director of Griffin purchased 15,000 ordinary shares in Griffin at a price of 62 pence per share. Following this purchase Mr Dal S Brynelsen has an interest in 397,001 ordinary shares representing 0.2% of the issued share capital of Griffin.
For a copy of the announcement as a PDF download please click here.
Griffin Mining Ltd (“the Company”) announces that it has today cancelled the 9,048,103 Ordinary Shares in the Company it purchased and held in treasury. Following the cancellation of these shares there are 169,983,727 ordinary shares in the Company in issue. No shares remain in treasury.
For a copy the announcement as a PDF download please click here.
Griffin Mining Limited (“Griffin” or “the Company”) has today released its unaudited results for the six months ended 30th June 2017.
Highlights:
Financial and Trading:
The first six months of 2017 has seen a continued recovery in profitability from the first half of 2016 mainly from increased zinc metal in concentrate prices received and increased throughput and higher grades. Operations at Caijiaying were maintained with minimal disruption throughout the first half of 2017 following the connection of the new 35kv power line and commissioning of the new 750,000 tonnes per annum ball mill.
In the six months to 30th June 2017, 461,618 (2016: 365,337) tonnes of ore were processed to produce:
Zinc revenues before royalties and resource taxes in the six months to 30th June 2017 were $40,259,000 (2016; $15,798,000) with 19,336 tonnes (2016: 13,414 tonnes) of zinc metal in concentrate sold with an average price received after smelter charges of $2,082 per tonne up 90% on that received in 2016 of $1,090. Lead and precious metals revenues were $14,485,000 (2016: $6,372,000) with more metal in concentrate sold.
During the six months to 30th June 2017:
Basic earnings per share were 8.85 cents (2016: losses 2.29 cents). At 30th June 2017, attributable net assets per share amounted to 91 cents (2016: 75 cents).
In the six months to 30th June 2017 bank loans of $10,940,000 (2016: nil) were repaid.
Cash flows from operations are being directed to the repayment of bank loans.
The Company continues to await the grant of a new mining licence over the Zone II and adjacent areas at Caijiaying. Development of the mine at Zone III continues.
With cash flows from operations directed to repaying Chinese banking facilities and in line with previous years’ practice of determining annual dividends at the time of the Company’s full year results, no interim dividend has been declared by the Board of Griffin.
Chairman’s Statement
Chairman Mladen Ninkov commented, “I am sure shareholders, in conjunction with management, derive enormous satisfaction from the outstanding results for the first half of the 2017 financial year. The result was due to a superb operational effort by all concerned with the Caijiaying mine which led to increased throughput and higher zinc grades in conjunction with the long awaited increase in the zinc price and lower smelter charges. Needless to say, we fully expect, all things being equal, an equally as impressive second half of the year. Most importantly, the priority of the Company remains the granting of the new mining licence over zone II at the Caijiaying mine which will only multiply the results achieved to date. I sincerely hope that day will arrive in the not too distant future.”
Griffin Mining Limited
Mladen Ninkov – Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin – Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
Dominic Morley
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
Griffin Mining Limited’s shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).
The Company’s news releases are available on the Company’s web site: www.griffinmining.com
Condensed Consolidated Income Statement
(expressed in thousands US dollars)
| 6 months to
30/06/2017 Unaudited |
6 months to
30/06/2016 Unaudited |
Year to
31/12/2016 Audited |
|||
| $000 | $000 | $000 | |||
| Revenue | 52,332 | 20,818 | 66,270 | ||
| Cost of sales | (20,820) | (17,290) | (37,851) | ||
| Gross profit | 31,512 | 3,528 | 28,419 | ||
| Net operating expenses | (8,061) | (5,354) | (13,218) | ||
| Profit / (loss) from operations | 23,451 | (1,826) | 15,201 | ||
| Losses on disposal of equipment | (16) | – | (224) | ||
| Foreign exchange (losses) | (104) | (190) | (532) | ||
| Finance income | 63 | 80 | 178 | ||
| Finance costs | (1,401) | (2,245) | (4,286) | ||
| Other income | 60 | 81 | 45 | ||
| Profit / (loss) before tax | 22,053 | (4,100) | 10,382 | ||
| Income tax expense | (6,209) | – | (4,468) | ||
| Profit / (loss) after tax | 15,844 | (4,100) | 5,914 | ||
| Basic earnings / (loss) per share (cents) | 8.85 | (2.29) | 3.30 | ||
| Diluted earnings / (loss) per share (cents) | 8.36 | (2.29) | 3.26 |
Condensed Consolidated Statement Of Comprehensive income
(expressed in thousands US dollars)
| 6 months to
30/06/2017 Unaudited |
6 months to
30/06/2016 Unaudited |
Year to
31/12/2016 Audited |
|||
| $000 | $000 | $000 | |||
| Profit / (loss) for the financial period | 15,844 | (4,100) | 5,914 | ||
| Other comprehensive income | |||||
| Exchange differences on translating foreign operations | 3,854 | (1,184) | (3,299) | ||
|
Other comprehensive income for the period, net of tax |
3,854 |
(1,184) |
(3,299) |
||
| Total comprehensive income for the period | 19,698 | (5,284) | 2,615 | ||
Condensed Consolidated Statement Of Financial Position
(expressed in thousands US dollars)
| 30/06/2017 | 30/06/2016 | 31/12/2016 | |||
| Unaudited | Unaudited | Audited | |||
| $000 | $000 | $000 | |||
| ASSETS | |||||
| Non-current assets | |||||
| Property, plant and equipment | 206,556 | 209,388 | 204,491 | ||
| Intangible assets – Exploration interests | 1,834 | 1,843 | 1,792 | ||
| 208,390 | 211,231 | 206,283 | |||
| Current assets | |||||
| Inventories | 6,121 | 4,718 | 6,148 | ||
| Other current assets | 6,607 | 4,062 | 8,232 | ||
| Cash and cash equivalents | 15,752 | 18,313 | 13,218 | ||
| 28,480 | 27,093 | 27,598 | |||
| Total assets | 236,870 | 238,324 | 233,881 | ||
| EQUITY AND LIABILITIES | |||||
| Equity attributable to equity holders of the parent | |||||
| Share capital | 1,790 | 1,790 | 1,790 | ||
| Share premium | 71,310 | 71,310 | 71,310 | ||
| Contributing surplus | 3,690 | 3,690 | 3,690 | ||
| Share based payments | 2,072 | 1,672 | 2,072 | ||
| Shares held in treasury | (4,105) | (3,875) | (3,875) | ||
| Chinese statutory re-investment reserve | 1,621 | 1,558 | 1,583 | ||
| Other reserve on acquisition of non-controlling interests | (29,346) | (29,346) | (29,346) | ||
| Foreign exchange reserve | 8,687 | 6,921 | 4,871 | ||
| Profit and loss reserve | 107,018 | 81,250 | 91,174 | ||
| Total equity attributable to equity holders of the parent | 162,737 | 134,970 | 143,269 | ||
| Non-current liabilities | |||||
| Long-term provisions | 2,332 | 2,376 | 2,277 | ||
| Deferred taxation | 2,670 | 2,568 | 2,607 | ||
| Finance lease | 3,479 | 5,670 | 3,791 | ||
| 8,481 | 10,614 | 8,675 | |||
| Current liabilities | |||||
| Taxation payable | 2,826 | – | 2,549 | ||
| Trade and other payables | 26,142 | 28,654 | 31,917 | ||
| Finance lease | 1,995 | 2,420 | 2,783 | ||
| Bank loans | 34,689 | 61,666 | 44,688 | ||
| Total liabilities | 65,652 | 92,740 | 81,937 | ||
| Total equities and liabilities | 236,870 | 238,324 | 233,881 | ||
| Number of shares in issue | 179,041,830 | 179,041,830 | 179,041,830 | ||
| Attributable net asset value / total equity per share | $0.91 | $0.75 | $0.80 |
Condensed Consolidated Statement of Changes in Equity
(expressed in thousands US dollars)
| Share | Share | Contributing | Share | Shares | Chinese | Other | Foreign | Profit | Total | |
| Capital | premium | surplus | based
payments |
held in
treasury |
re investment
reserve |
reserve on
acquisition of non-controlling interests |
exchange
reserve |
and loss
reserve |
attributable
to equity holders of parent |
|
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
| At 31 December 2015 | 1,790 | 71,310 | 3,690 | 1,363 | (3,875) | 1,595 | (29,346) | 8,068 | 85,350 | 139,945 |
| Cost of share based payments | – | – | – | 309 | – | – | – | – | – | 309 |
| Transaction with owners | – | – | – | 309 | – | – | – | – | – | 309 |
| Retained profit for the 6 months | – | – | – | – | – | – | – | – | (4,100) | (4,100) |
| Other comprehensive income: | ||||||||||
| Exchange differences on translating foreign operations | – | – | – | – | – | (37) | – | (1,147) | – | (1,184) |
| Total comprehensive income for the period | – | – | – | – | – | (37) | – | (1,147) | (4,100) | (5,284) |
| At 30th June 2016 (Unaudited) | 1,790 | 71,310 | 3,690 | 1,672 | (3,875) | 1,558 | (29,346) | 6,921 | 81,250 | 134,970 |
| Regulatory transfer for future investment | – | – | – | – | – | 90 | – | – | (90) | – |
| Cost of share based payments | – | – | – | 400 | – | – | – | – | 400 | |
| Transaction with owners | – | – | – | 400 | – | 90 | – | (90) | 400 | |
| Retained profit for the 6 months | – | – | – | – | – | – | – | – | 10,014 | 10,014 |
| Other comprehensive income: | ||||||||||
| Exchange differences on translating foreign operations | – | – | – | – |
– |
(65) | – | (2,050) | – | (2,115) |
| Total comprehensive income for the period | – | – | – | – | – | (65) | – | (2,050) | 10,014 | 7,899 |
| At 31st December 2016 | 1,790 | 71,310 | 3,690 | 2,072 | (3,875) | 1,583 | (29,346) | 4,871 | 91,174 | 143,269 |
| Purchase of shares for treasury | – | – | – | – | (230) | – | – | – | – | (230) |
| Transaction with owners | – | – | – | – | (230) | – | – | – | – | (230) |
| Retained profit for the 6 months | – | – | – | – | – | – | – | – | 15,844 | 15,844 |
| Other comprehensive income: | ||||||||||
| Exchange differences on translating foreign operations | – | – | – | – | – | 38 | – | 3,816 | – | 3,854 |
| Total comprehensive income for the period | – | – | – | – | – | 38 | – | 3,816 | 15,844 | 19,698 |
| At 30th June 2017 (Unaudited) | 1,790 | 71,310 | 3,690 | 2,072 | (4,105) | 1,621 | (29,346) | 8,687 | 107,018 | 162,737 |
Condensed Consolidated Cash Flow Statement
(expressed in thousands US dollars)
| 6 months to
30/06/2017 Unaudited |
6 months to
30/06/2016 Unaudited |
Year to
31/12/2016 Audited |
||||
| $000 | $000 | $000 | ||||
| Net cash flows from operating activities | ||||||
| Profit / (loss) before taxation | 22,053 | (4,100) | 10,382 | |||
| Foreign exchange losses | 104 | 190 | 532 | |||
| Finance income | (63) | (80) | (178) | |||
| Finance costs | 1,401 | 2,245 | 4,286 | |||
| Adjustment in respect of share based payments | – | 309 | 709 | |||
| Depreciation, depletion and amortisation | 4,855 | 3,510 | 8,526 | |||
| Losses on disposal of equipment | 16 | – | 224 | |||
| Decrease / (increase) in inventories | 27 | 2,464 | 1,034 | |||
| Decrease / (increase) in receivables and other current assets | 1,602 | (926) | (6,251) | |||
| (Decrease) / increase in trade and other payables | (3,807) | (326) | 3,280 | |||
| Taxation paid | (5,932) | (641) | ||||
| Net cash inflow from operating activities | 20,256 | 3,286 | 21,903 | |||
| Cash flows from investing activities | ||||||
| Interest received | 63 | 80 | 178 | |||
| Payments to acquire – mineral interests | (2,764) | (4,035) | (7,361) | |||
| Payments to acquire – plant & equipment | (1,201) | (1,585) | (3,776) | |||
| Payments to acquire – office equipment | (2) | – | (102) | |||
| Payments to acquire – intangible assets – exploration interests | 1 | (17) | (43) | |||
| Net cash (outflow) from investing activities | (3,903) | (5,557) | (11,104) | |||
| Cash flows from financing activities | ||||||
| Purchase of shares for treasury | (230) | – | – | |||
| Interest paid | (1,181) | (1,938) | (3,684) | |||
| Finance lease | (1,463) | (1,469) | (2,935) | |||
| Repayment of bank loans | (10,940) | – | (14,891) | |||
| Net cash (outflow) from financing activities | (13,814) | (3,407) | (21,510) | |||
| Increase / (decrease) in cash and cash equivalents | 2,539 | (5,678) | (10,711) | |||
| Cash and cash equivalents at beginning of the period | 13,218 | 24,062 | 24,062 | |||
| Effects of exchange rate changes | (5) | (71) | (133) | |||
| Cash and cash equivalents at end of the period | 15,752 | 18,313 | 13,218 | |||
| Cash and cash equivalents comprise bank deposits | ||||||
| Bank deposits | 15,752 | 18,313 | 13,218 | |||
Notes to the Interim Statement
| 6 months to
30/06/2017 Unaudited |
6 months to
30/06/2016 Unaudited |
Year to
31/12/2016 Audited |
|||||||||
| Earnings
$000 |
Weighted average number of shares | Per share amount(cents) | Earnings
$000 |
Weighted
average number of shares |
Per share amount (cents) | Earnings
$000 |
Weighted
average number of shares |
Per share amount (cents) | |||
| Basic earnings per share | |||||||||||
| Earnings attributable to ordinary shareholders |
15,844 |
179,091,830 | 8.85 |
(4,100) |
179,091,830 | (2.29) |
5,914 |
179,091,830 |
3.3 |
||
| Dilutive effect of securities | |||||||||||
| Options | – | 10,311,861 | (0.49) | – | – | – | – | 2,248,862 | (0.04) | ||
| Diluted earnings per share |
15,844 |
189,403,691 | 8.36 |
(4,100) |
179,091,830 | (2.29) |
5,914 |
181,340,692 |
2.26 |
||
For a copy of the announcement as a PDF download please click here.
