S&P 500 slips as Fed meeting kicks off
LONDON - Griffin Mining Limited (AIM:GFM) reported a recovery in production during the second quarter of 2025 following disruptions in the first quarter caused by the suspension of underground operations in late 2024.
The company posted a profit of $8.8 million for the six months ended June 30, 2025, down from $11.3 million in the same period last year. Revenue decreased 25.7% to $63.7 million compared to $85.7 million in the first half of 2024, primarily due to lower metal production volumes.
Production rebounded in the second quarter to the normal operational rate of approximately 1.5 million tonnes of ore per annum. The first quarter had been "severely impacted" by the repercussions of the total suspension of underground development and operations in the last quarter of 2024.
For the six-month period, Griffin mined 582,683 tonnes of ore, down from 764,683 tonnes in the first half of 2024. The company produced 17,093 tonnes of zinc in concentrate, compared to 26,202 tonnes in the prior-year period.
Griffin benefited from higher precious metal prices, with gold averaging $3,038 per ounce compared to $2,183 in the first half of 2024. Precious metals accounted for 46.5% of gross revenues before royalties.
The company’s cash position strengthened to $69.7 million as of June 30, 2025, up from $48.8 million at the end of December 2024.
Chairman Mladen Ninkov said the company has returned to "business as usual" and noted that Zone II infrastructure development is almost complete, with commissioning expected in the last quarter of this year.
Griffin also announced it will no longer publish quarterly trading results, citing the variable nature of quarterly performance due to seasonal factors including the Chinese New Year holiday period.
This article is based on a press release statement from Griffin Mining Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.