Proactive Investors - Griffin Mining rose 10% on Monday morning after announcing record first-quarter production since the commissioning of its Chinese Caijiaying Mine in 2005.
The AIM-listed firm mined 355,742 tonnes of ore in the three months to March 2023, up from just 17,975 tonnes in the same period last year, setting it on course to produce around 1.5mln tonnes this year.
“Production output was unimpeded [by] Chinese New Year holidays,” the company said in a statement, with ramped-up processing rates expected to bring “financial returns”.
Chairman Mladen Ninkov dubbed the figures “extraordinary”, adding he looked forward to “an event free 2023” now the Caijiaying Mine has shown “what it can achieve”.
Shares climbed 10% to 81.88p.