Griffin Mining Ld Repayment of debt (0046Z)
December 12 2017 - 2:00AM
UK Regulatory
TIDMGFM
RNS Number : 0046Z
Griffin Mining Ld
12 December 2017
8(th) Floor, 54 Jermyn Street, London, SW1Y 6LX. United
Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629
7773
E mail: griffin@griffinmining.com
Griffin Mining Group Totally Debt Free
12(Th) December 2017
Griffin Mining Limited ("Griffin" or the "Company") is pleased
to announce that its Chinese subsidiary, Hebei Hua Ao Mining
Industry Company limited ("Hebei Hua Ao"), having incurred
approximately $67 million in debt over the past number of years for
plant upgrades and mine development, has now repaid all outstanding
bank loans, including $44.7 million repaid during 2017. The Company
and its subsidiaries are now debt free.
Chairman's Comment
Mladen Ninkov the Chairman of Griffin Mining commented, "I am
delighted that the Griffin Mining group of companies are now
totally debt free and generating significant free cash, with
infrastructure built and ready to double production as soon as the
new mining licence over Zone II is granted. The financial benefits
the current commodity prices are allowing will be even more
extraordinary once this licence is in place. I couldn't be happier
for everyone involved with the Company."
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
Dominic Morley
Griffin Mining Limited's shares are quoted on the Alternative
Investment Market (AIM) of the London Stock Exchange (symbol
GFM).
The Company's news releases are available on the Company's web
site: www.griffinmining.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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