Griffin Mining reinstates share buyback programme

(Sharecast News) - Griffin Mining confirmed the reinstatement of its share buyback programme on Wednesday, authorising the repurchase of up to 10 million shares, or $10m worth of ordinary shares, by 13 December.

The AIM-traded company said the move aligned with its strategy to return excess funds to shareholders, adding that it would be carried out on an ad-hoc basis through market purchases on the London Stock Exchange.

It said the programme would be conducted under the safe harbour provisions of the EU Market Abuse Regulation and applicable London Stock Exchange rules.

Griffin said it would seek to repurchase shares at price levels and volumes it believed were value-enhancing for shareholders, while reserving the right to suspend or cancel the programme at any time.

In addition to routine buybacks, the company said it could consider acquiring large blocks of shares from individual shareholders to avoid potential market disruption, and may also launch a tender offer to non-US shareholders, subject to further documentation.

The new programme followed the completion of a prior buyback that ended on 25 April, during which Griffin purchased and cancelled 1,266,996 shares.

As of Wednesday morning, the company had 184,263,481 ordinary shares in issue and none held in treasury.

Griffin Mining operates the Caijiaying zinc-gold mine in China through an 88.8%-owned joint venture.

The mine produces zinc, gold, silver and lead in concentrate and remains a core source of the company's earnings.

At 1223 BST, shares in Griffin Mining were up 4.64% at 179.98p.

Reporting by Josh White for Sharecast.com.