Griffin Mining gets $30m dividend from Chinese subsidiary

(Sharecast News) - Griffin Mining announced the receipt of a further $30.3m in dividends from its Chinese subsidiary, Hebei Hua Ao Mining Industry Company (HHA), on Monday, boosting its offshore cash reserves to $53.67m. The AIM-traded firm said the dividend payments, made via electronic transfer and net of 5% Chinese withholding tax, included $13.75m received earlier in 2024 and $16.6m received in July.

It said the funds were remitted in the ordinary course of business.

Griffin holds an 88.8% interest in HHA, which operates the Caijiaying Zinc-Gold Mine in China's Hebei Province.

The mine produces zinc, gold, silver and lead in concentrate and continues to generate strong cash flows.

It followed an earlier dividend payment announced in November 2023, and marked continued progress in the repatriation of profits from the Chinese joint venture to the parent company outside of China.

At 1122 BST, shares in Griffin Mining were up 3.87% at 188p.

Reporting by Josh White for Sharecast.com.