Mr Ninkov ... I have long thought you have built a super company, however as a small holder don't you think it time some attention was paid to the share price.

With $90 mil in the bank at this price surely you are in danger of being swallowed how about an increased dividend or at the very least a statement or two, by backs do not increase share prices. Market conditions are of course difficult but the present price is ridiculous.

http://www.investegate.co.uk/Article.aspx?id=201105040700118575F

F/results above from earlier?

10th May 2011.


Notice of the Annual General Meeting of Griffin Mining Ltd ("the Company") to be held on 9th June 2011 is being sent to shareholders and is available on the Company's web site on www.griffinmining.com.

A report back from a PI who attended the AGM.

Anyway, meeting attended by about 30 shareholders 90% of whom were of pensionable age.

MN and RG were only directors present - apologies from DB and WM who were absent due to coincident alternative AGM and postoperative recovery respectively.

MN kicked off promptly with a shortish presentation of where GFM stands. This was a precis of Minesite presentation with a few 'nuggets' added.

OUTPUT of ORE is already UP at 830,000 tonnes per annum and is continuing to improve with continual modification and improvements of processes. MN stated he is confident that this will move up to or close to a rate of 1,000,000 per annum over the next 3 months.
The intention is to then further increase to 1.5 million per annum.

Drill rigs continue to be busy - 6 rigs 24/7 and at times up to 9 rigs 24/7. The main news here is that wherever they drill more resource is found and although the lab results are not complete yet the indications are that the erstwhile presumption of continuity of zones II and III is very close to being PROVEN - THERE WILL LIKELY BE A RESOURCE UPDATE IN NEXT 3 MONTHS.

APPLICATION for mining licenses for Zone II and the area between Zones II and III are in progress.

One slide illustrated the proposed closure of a number of very significant big mines in the 'Zinc World' over the next few years with very few new mines about to come on line - the indication being that the Zinc business should be a good place to be.....

MN discussed the 'agonising' decision to withold dividend this year - long board discussions/arguments but stand by decision and feels it will pay 'dividends' from Chinese in next 6 months - more later.

Moving on to questions - not an easy ride - most, if not all, challenged/questioned board decisions. Couple of questioners were clearly impressed with their own importance - telling us of their alma mater - Oxbridge of course - but MN (mainly) and RG answered all questions patiently, precisely conclusively and in good humour.

1) Number of questions on buy-backs - have bought and will continue to buy to support share price whenever it appears undervalued - clearly 'undervalued' is open to interpretation and is dependent on market conditions as well as what is happening at Caijiaying.

2) why given the vast potential of Caijiaying is the board messing about with possible acquisitions around the globe?

Two facets to this answer - firstly, potential benefit of spreading risk with ventures in different geograhical locations although MN still feels that most potential ventures remain overpriced and, although fearful of a double-dip, he sees this may provide some opportunities. MN did admit that his nature does not facilitate the acquisition process - being over-cautious. Secondly, the possible use of cash focuses the minds of joint venture partners. BOD would love to buy out the JV partners - but would not be able in any event to buy out the Third Geological Brigade who hold 2.5%. However the Zhangjiakou City Government form the major part - 37.5% - of JV and despite National Government being very wealthy with trillions in overseas currency and bonds, the local government vis ZCG, have huge debts and for the first time have approached the BOD WITH A VIEW TO A BUYOUT - previously approaches have been in the opposite direction and, as we know, have floundered for various reasons. MN stated that he felt there was a good chance of some sort of conclusion to this process in the next 6 months but that it would be a convoluted process.

3) why has the BOD wasted time and money on Spitfire Oil? Why not get rid?

MN adament that SRO is not a waste - could sell it today at a profit. The technology for exploitation of lignite has been developed by a third party. There is new technology available that would allow exploitation at much lower capex. Previous studies show process to be viable at $100 per barrel oil price if by product is sold, $130 per barrel if by product not sold - market for this uncertain. Figures for the application of the new smaller scale technology are yet to be determined. This most likely to occur with JV. (new)

4) Power supply.

Have fully assessed possibility of own generators - very costly for something that may never be used.

Instead have persued listing as a vital industry for the province and this should bring the promise of no power cuts

5) Hong Kong listing - will occur on the back of some meaningful transaction - whether fund raising or future acquistion. MN stated there is no point listing for its own sake - raises problem of or lack of tradeable stock.

6) Gold wastage - failure of capture of all mined gold was noted by a questioner - obviously company aware of this and are trying to chase down exact structure of gold ore to enable more complete extraction - may result in production or dore bars on site.

7) Challenged over waste of money associated with hedging - defended well and stated intent to hedge in future if it seems approprite.

8) Ivernia - the Magellan mine was mentioned during discussions on failed acquistion - MN was looking directly at me as he spoke of the mine and I specifically asked whether it Ivernia is still on the radar - answer yes. He explained a synergy that I hadn't appreciated - Ivernia, having been in financial difficulties for some years, on one occasion raised $20m dollars with an agreement to supply half of their production to China - producing a negative affect on future profitability - GFM in MN mind would be ideal managers of Magellan mine - promised lead could be sourced and shipped from Caijiaying thus making substantial transport savings - will it happen - who knows. Sentient have sunk a lot of money into Ivernia. GFM have approached Ivernia directly and via investment banks and so far no positive reponse. The game continues - Magellan mine is on care and maintenace for the foreseeable future. (If GFM took over the lead would be smelted on site)

I'm getting a bit stir crazy here - I think I've covered most of import.

In summary, I was very pleased with what I heard. MN and RG are/were very professional, were patient, considerate and direct with their answers to questions. They appear honest and trustworthy and I have full confidence in their abilities and intentions.

At the end of the meeting was opportunity to meet with MN and RG over coffee. Introduced myself to RG he appeared to recognise my name from previous phone/e mail contact. It is clear they keep an eye on bulletin boards - as he said it gives them a clue as to questions they may be facing. Was not impressed by the chap who attended last year and then complained about their dress sense - I wonder who that could have been? For the record, they looked the part yesterday!!

I will add to this if anything more of note comes to mind

Thanks for that, much appreciated

http://www.investegate.co.uk/Article.aspx?id=201109060700086558N

Highlights:



Increased revenues of $33.9m (2010 $27.0m)



Increased operating profit of $15.4m (2010 $11.2m)



Increased profit before tax of $17.9m (2010 $8.7m)



Increased profit after tax of $13.6m (2010 $6.8m)



Increased attributable profit after tax of $8.5m (2010 $2.0m)



Increased attributable earnings per share of 4.8 cents (2010 1.1 cent)



Reduced overhead costs of $5.5m (2010 $5.8m)



Record ore processed of 319,525 tonnes (2010 260,317 tonnes)



Record zinc metal in concentrate produced of 16,069 tonnes (2010 15,101 tonnes)



Record silver in concentrate produced of 117,036 ozs (2010 105,475 ozs)




Chairman's Statement



Chairman Mladen Ninkov commented, "The half yearly results provide clear evidence of the progress which has been made at Caijiaying and the resulting benefits to Griffin and its shareholders. The potential of Caijiaying has only just begun to be tapped with the recently upgraded processing, increased throughput and stabilized metal prices. The Company expects to produce even better results in the second half of the year.

Results could hardly be expected to be better. So why the drop in SP

Well I'm going seriously long with spreads and shares now......this used to be 100p plus a few years ago and now the big profits are rolling in !.

Thar she blows....just had to go up...plenty more to come from this baby....

Ten million pounds profit in six months....production increasing...zinc spot price set to rise....silver and gold adding to the total...market cap of 87 million pounds only....why the hell is this not 100p ?...

Cant be just you and I holding it - can it ?

Well, it used to be a darling of the stockmarket.....rising as we speak...must be tens of thousands of shareholders...

rf read the profit and loss account.profit attributable to shareholders in the parent company was only $8.5m(5.2m).

Well I haven't.....but the last rns was very upbeat to my way of thinking.....

CHINA MINING AWARD
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TIDMGFM

RNS Number : 6258R

Griffin Mining Ld

08 November 2011

Griffin Mining Limited

http://www.investegate.co.uk/Article.aspx?id=201111080700176258R


China Mining Award

8th November 2011.

Griffin Mining Limited ("Griffin") is extremely pleased to announce that its Chinese subsidiary, Hebei Hua Ao Mining Industry Company, has been awarded the "Best Project Development Award" at the China Mining Conference held in Tianjin China on 6th and 7th November. This prestigious award was given in recognition of sustainable development and expansion of Griffin's Caijiaying zinc gold mine.

Further information

Enjoy.

Mid-Term Investment Potential Zinc Sector Review

We think continued growth in zinc consumption, driven by double digit increases in the galvanising industry in China, will be concurrent with the market transitioning into deficit as supply moderates from 2013 due to the uncertain futures of a number of mature mines, declining inventories and tighter mine supply.

China Demand to Rebound: China is currently the worlds largest producer
and consumer of finished zinc, with 2011 consumption forecasted to grow at
13% to 4.7Mt, with production growth falling below 10%.
Global Demand Increase: Zinc consumption was up to 11.6Mt in 2010, and is
forecasted to be 12.2-12.4Mt in 2011.
Driven by Galvanising: Approximately half of all zinc is used in galvanising
finished steel. Chinas galvanising industry is on track to grow by 13% this year, increasing 2011 consumption by 100,000t. If China reaches a similar
consumption ratio for galvanised to finished steel as Europe and the US, an
additional 5Mt of zinc will be required.
Major Mine Closures: From 2013 onwards, operations such as New Brunswick
(Xstrata) and Century (MMG) will go offline as resources are exhausted,
removing approximately 2.5Mt of zinc production per annum from the market.
Tighter Concentrate Market: Vertically integrated mining and smelting
companies will be looking to acquire new mines or off-take agreements to
secure concentrate supplies, especially at this point in the cycle while the zinc price is low. We expect further consolidation in the near-term.
Niche Opportunities: As supply growth slows, recycling of zinc-coated steel in
Electric Arc Furnaces (EAF) is likely to rise, opening wider markets for current
and upcoming zinc recycling companies.

Industry Outlook and Catalysts

In the short-term, we see the market drivers for zinc including the restocking of inventories in China, weak growth in mine supply, and increasing demand as growth in the galvanised steel market continues. Smelter treatment and refining charges will be renegotiated in Feb12 and miners are likely to benefit from lower realised terms, reflecting tighter concentrate markets and concerns of maintaining high utilisation rates in smelters.

In the longer-term we see upside in the zinc market boosted by continued growth in Chinas galvanising industry, the closure of several large producing mines and continuing slow supply growth. With zinc consumption forecast to reach 14.9Mt by 2015, and over 2.5Mt of zinc supply to be lost from a number of mines due to exhausted resources, the market is likely to transition into deficit; by 2020, an additional 7Mt of mine supply will be needed to meet demand.

GFM flying(up 33% since start of year),with it's cash pile increasing production had to be one of this years safer investments imo,only the price of Zinc has geld this back and that's back up.

http://www.investegate.co.uk/griffin-mining-ld-%28gfm%29/rns/throughput-at-caijiaying--licence-at-zone-ii/201303070700194180Z/



7th March 2013



The directors of Griffin Mining Limited ("Griffin" or "the Company") are very pleased to confirm the approval for the doubling of mining and processing of ore at Caijiaying from 750,000 to 1.5 million tonnes per annum. The increase will include an expansion of the processing facilities, the underground development of Zone II and an expansion of the existing mining operations at Zone III. These developments are all subject to the successful granting of a mining licence over Zone II which is not expected to occur prior to the end of the first quarter of 2014.



Application for a mining licence over and including the area between Zone II and Zone III has commenced with the Geological Report and Resources Statement for Zone II being accepted by the Ministry of Land and Resources on the 28th of January 2013. Work has subsequently commenced on the boundary survey, feasibility study and environmental impact study which are all scheduled to be completed by the end of this calendar year. Application for the new Safety Permit tied to the expansion has begun and is expected to be completed during the fourth quarter of 2013. Work to access the new mining licence area via underground access has also already begun and underground development work will follow later this year to enable ore to be extracted upon granting of the mining licence. Development work has also already commenced to access the lower levels of the Zone III mine to further increase the amount of ore extracted. Preliminary works for the upgrade of the processing facilities will be undertaken in 2013 with the expectation of completing the upgrade by the end of 2014.



The development of the Zone II deposit and upgrade of the processing facilities is not expected to result in any interruption to existing operations. Development and plant upgrade costs will be funded from cash flow from existing operations with surplus cash flow directed to repaying existing Chinese banking facilities created to fund the acquisition of additional equity in, and the extension of, the joint venture in 2012. As a consequence of this need for internally generated cash flow, the Company does not anticipate paying a dividend in 2013.





Chairman's Statement



Griffin's Chairman, Mladen Ninkov, commented: "I am well aware of certain individual shareholders desire for the Company to begin paying dividends both for personal income requirements and the financial discipline such an action imposes upon management. No-one would be more pleased to do so. However, shareholders short term desire to have cash returned to them cannot cause an under investment in the future growth of the Company. In this light, Griffin's directors have concluded that further investment in Caijiaying represents the best use of Griffin's available resources. With a number of major world zinc mines reaching the end of their economic lives, the supply of zinc is expected to diminish and, hopefully, a rise in zinc prices will follow. Accordingly, it is expected that this further investment at Caijiaying will result in significant returns to the Company and to its shareholders in the future at which time the Company's dividend policy will be reassessed."

Well worth a punt with a M/Cap of just £50m,once commodities recover this compay should rocket? IMHO

http://www.investegate.co.uk/griffin-mining-ld--gfm-/rns/preliminary-results/201304110700280724C/

Hi NOC - I got my punt out some years ago and have long expected a return to 100p and over - I think you are right - I take it you are a Spurs supporter - if so good luck tonight although you havn`t got Garath to "Bail" you out. !

Like oak142 I got my punt out several years ago when despite much mention of rewards for share holders the directors seemed to have lost my address.

good luck to other holders Tipton11

don,t worry Mr Ninkov and his fellow directors are making plenty of money.