Zinc miner Griffin Mining (LSE:GFM) has confirmed over 200,000 tonnes mined from its Caijiaying mine in China for the fourth quarter of the year. It managed to process over 217,000 tonnes despite a challenging environment which included factors like the impending Chinese New Year and the Winter Olympic Games.
The company said it was ceasing operations to allow staff to take time off for the New Year and also for the Olympic Games. Its chairman, Mladen Nikov, warned investors that this would mean "a bleak financial first quarter."
Griffin Mining operates the mine via an 88.8% joint venture. The mine is profitable and produces gold, silver, zine and lead metals in concentrates. The Caijiaying Mine is an operating zinc, gold, silver and lead mine, together with processing plant, camp and supporting facilities, located approximately 250 kilometres by road, north-west of Beijing in Hebei Province in the People’s Republic of China. The Caijiaying mine is easily accessible by two separate freeways from Beijing.
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