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Goldplat delighted with three-year licence renewal in Ghana

Goldplat’s GRG subsidiary can purchase and process by-products and export any gold recovered.
picture of miners working
Goldplat recovers gold from used mining by-products

Goldplat PLC (LON:GDP) has received a three year renewal for its gold recovery licence in Ghana.

It means Goldplat’s GRG subsidiary can purchase and process by-products and export any gold recovered.

GRG will pay a royalty to the Ghanaian government of 5% on all minerals obtained from its operations.

Some stock held up while the new licence process was ongoing will now be shipped for processing, with the profit to come through in the second half of this financial year.

In order to maintain the licence, GRG must also continue with its plans to install an elution plant by June 2018.

Gerard Kisbey-Green, chief executive, added he was pleased with a three year licence as Ghana is a key plank of its operation.

“We are in complete agreement with the government regarding the need to install and commission an elution plant, which will significantly increase our operational capacity.”

VSA said: "Despite the recent weakness in the gold price, the shares have remained supported and within their recent trading range and we continue to expect the turnaround at Kilimapesa to support earnings in FY 2017." 

The broker is a buyer with a target price of 11.2p. 

Shares rose 5% to 4.76p.

 

-- update for broker comment, share price --

 

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