Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Griffin Mining revenue, profits jump in 2023
(Sharecast News) - Griffin Mining reported a substantial increase in revenue in its final results for 2023 on Wednesday, to $146.02m, compared to $94.4m in 2022. The AIM-traded firm said gross profit jumped to $51.84m from $38.25m year-on-year, while earnings before depreciation, interest and tax reached $51.86m, up from $35.22m a year earlier.
Operating profit jumped to $23.84m from $15.63m, and profit before tax rose to $24.49m from $15.27m.
Profit after tax soared to $15.24m, a substantial improvement from $7.7m in 2022, with basic earnings per share standing at 8.03 cents, up from 4.41 cents.
On the operational front, the company achieved record levels of ore mined, hauled, and processed in 2023, reaching the mill's nameplate capacity of 1.5 million tonnes per annum, leading to record zinc metal in concentrate production.
Ore mined increased 76.6% to 1,505,642 tonnes, all sourced from Zone III at Caijiaying, while ore processed rose by 82.1% to 1,513,977 tonnes.
As a result, zinc metal concentrate production increased 79.1%, while gold in concentrate production rose 68.2%, silver in concentrate production by 40.1%, and lead in concentrate production by 64.5%, all compared to 2022 levels.
Despite a decline in zinc market prices in 2023, smelter treatment charges and transport costs decreased, leading to improved margins.
Gold, silver, and lead prices saw increases throughout the year, with the firm's partner Hebei Hua Ao receiving premium prices on lead and gold in concentrate sales.
Production costs rose 67.7% due to increased ore mining, hauling, and processing, although production costs per tonne of ore processed decreased from $65.80 to $62.60.
Operating expenses, excluding certain charges, rose 4.2% from 2022.
Chinese partners' share of profits from Hebei Hua Ao increased significantly, partly due to force majeure provisions.
Additionally, a share incentive plan incurred a charge of $3.02m in 2023.
Interest receipts on bank deposits saw a notable increase, to $1.4m in 2023 from $0.37m in 2022.
At 1202 BST, Griffin Mining shares were down 0.98% at 151p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.