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August 2022

Receipt of Dividends from China

Receipt of Dividends  from China

 24th  August 2022

Griffin Mining Ltd (“the “Company” with its subsidiaries “the Group”) is pleased to announce that yesterday, it received into the Group’s bank accounts outside of China, dividends from its operating Chinese subsidiary, Hebei Hua Ao Mining Industry Company Limited, in the amount of Renminbi 104,858,176 (US$15.2 million). The net funds were received in the normal course of business and in normal electronic wire transfer times.

The Company hopes this allays the fears expressed by potential investors concerning the repatriation of funds from China, particularly in light of the recent political and economic commentary generated by this region.


About Griffin Mining Limited 

Griffin Mining Limited’s shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates in China, through its 88.8% owned Joint Venture stock company, the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company’s website


Further information 

Griffin Mining Limited                  Telephone: +44(0)20 7629 7772

   Mladen Ninkov – Chairman

   Roger Goodwin – Finance Director

Panmure Gordon (UK) Limited                       Telephone: +44 (0)20 7886 2500

    John Prior

    Ailisa MacMaster

Berenberg                          Telephone: +44(0)20 3207 7800

   Matthew Armitt

   Jennifer Wyllie

   Deltir Elezi

BlytheRay                     Telephone: +44(0)20 7138 3205

   Tim Blythe

Swiss Resource Capital AG                         Telephone: +41 (0)71 354 8501

   Jochen Staiger



16th AUGUST 2022


for the six months ended 30th June 2022

Griffin Mining Limited (“Griffin” or the “Company”) has today released its unaudited results for the six months ended 30th June 2022. It should be noted that all operations at the Caijiaying Zinc-Gold Mine were fully suspended for virtually the whole of the first quarter of 2022 due to the mandatory Governmental suspension of operations directive relating to the 2022 Winter Olympics, subsequent Winter Paralympics and the Chinese New Year holidays.


  • Record second quarter zinc production and profitable second quarter.
  • Revenues of $34.7 million (uninterrupted 6 months operations to 30th June 2021: $54.1 million).
  • Gross Profit of $15.5 million (uninterrupted 6 months operations to 30th June 2021: $25.7 million).
  • Profit before tax of $5.4 million (uninterrupted 6 months operations to 30th June 2021: $15.5 million).
  • Profit after tax of $3.0 million (uninterrupted 6 months operations to 30th June 2021: $10.3 million).
  • Basic earnings per share of 1.73 cents (uninterrupted 6 months operations to 30th June 2021: 5.88cents).

Financial and Trading:

The results for the six months to 30th June 2022 were impacted by the suspension of operations at the Caijiaying Zinc Gold Mine imposed by the Chinese authorities in the period during, and leading up to, the Winter Olympics and Paralympics at Chong Li and the Chinese New Year Holidays. From 1st January 2022 to 23rd March 2022 no stoping or underground development work was undertaken with processing not restarting until 25th March 2022.

Whilst minimal ore was mined and processed in the first quarter of 2022, the second quarter to 30th June 2022 saw the successful recommencement of operations with record ore mined, hauled and processed resulting in record zinc metal in concentrate production for a quarter since operations began at Caijiaying in June 2005.

Mining and processing have now reached the equivalent of over 1.3 million tonnes of ore per annum, all of which has been extracted from Zone III. Zone II has not yet been placed into production.


To read the full Interim Results, please click here.