Griffing Mining shares jump on mining licence approval

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(Kitco News) – Griffin Mining has announced that the new Mining License covering both the Zone II and Zone III areas has finally been approved and issued by the Chinese Ministry of Land and Natural Resources.

The morning’s report said the magnitude of the accomplishment cannot be diminished. The company said this major milestone was finally reached after 8 years of lengthy and arduous document preparation and written submissions, which continually needed to accommodate a significant number of legislative and regulatory changes throughout that time.

Chairman Mladen Ninkov commented saying, “After 8 long and frustrating years and the difficulties experienced during the Covid-19 pandemic, the 2020/2021 new year period has finally delivered what the shareholders have hoped, and patiently waited for, all this time. It is a gigantic achievement which catapults Griffin from a junior mining company into the ranks of one of the largest zinc producers, in the largest base and ferrous metals consuming market in the world. To say I am elated would be an understatement. I am so happy for those shareholders who have been so supportive, who believed and kept the faith when so, so many did not and that they will now get to fully realise the exciting potential of the Caijiaying Mine.”

Shares in the company jumped well over 15% on the announcement. The weekly price chart below shows the extent of this morning’s rally. Now there are some key resistance levels to watch out for. The first is the 118 area, this level has been used as a consolidation support and a resistance zone in early 2019. Back in 2006 it was also a resistance zone too. Beyond that the main high on the chart is 163 and if the level break it will be all guns blazing for the bulls. 

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