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Griffin Mining profit drops 71% after slide in zinc price

By BFN News | 02:47 PM | Monday 16 September, 2019


Griffin Mining booked a 71% fall in first-half profit that it pinned on falling zinc prices and higher smelter treatment charges. Pre-tax profit for the six months through June slid to $6.3m, down from $21.3m on-year. Revenue fell 29% to $38.6m. 'Although all stakeholders in the company will be disappointed with the financial results for the first half of 2019, they are directly, and practically solely, attributable to the fall in the zinc price and the tremendously higher smelter treatment charges in the first six months of the year,' chairman Mladen Ninkov said. 'Operations and metal production were generally in line with budget.' 'As is often said, mining is a fixed cost business and, as such, a reduction is sales revenues has a direct and significant effect on the margin of profit.' 'We continue to hope for a higher zinc price and lower treatment charges for 2019 into 2020.' At 2:47pm: (LON:GFM) Griffin Mining share price was -2p at 88.5p Story provided by StockMarketWire.com

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