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Market: AIM
Sector: General Mining - Gold
EPIC: GDP
Latest Price: 11.50p  (-1.12% Descending)
52-week High: 15.38p
52-week Low: 10.00p
Market Cap: 19.31M
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Goldplat
www.goldplat.com
Goldplat plc is an AIM-listed gold company with production and advanced exploration assets across Africa. Its strategy is to consolidate its position as a gold producer in Africa and build itself into a mid-tier gold company.
Full Goldplat profile here
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Goldplat expects significant increase in operating profit in first half

30th Jan 2012, 9:17 am by Giles Gwinnett Goldplat operates two gold recovery operations based in South Africa and Ghana

Africa-focused Goldplat (LON:GDP) said today it expected to report a 'significant' increase in operating profit for its first half after its gold recovery operations performed well.

Goldplat said its high grade mill project is performing solidly while it has agreed with a mid-tier South African gold producer to mine one of its shafts on a net smelter return basis. 

A Letter of Intent has also been accepted by DRD in South Africa to secure further feedstock from its East Rand Proprietary Mines operation.

Longer term, Goldplat is also accessing a project to reprocess tailings from the Goldplat Recovery operation and nvestigating the feasibility of setting up a tailings processing unit in Burkina Faso.

Shares in Goldplat have been rising strongly since it said last week that it expected 2012 gold production to exceed last year's figure.

On January 3 the firm's shares stood at 10.5 pence but have been steadily climbing and today are trading at 14.75 pence.

Production of the yellow metal for the year to June 30, 2011 was 28,185 ounces and for the year to June 30, 2012 it is expected to be much more.

Goldplat operates two gold recovery operations based in South Africa and Ghana.

Chief executive Demetri Manolis described the company today as "highly cash generative" and "profitable".

"I am delighted to report that our two gold recovery operations in South Africa and Ghana have performed strongly for the first half of the trading year and expect to see this trend continue for the second half of the year."

Goldplat is also developing the Nyieme gold project in Burkina Faso, the 100 per cent Kilimapesa gold mine in western Kenya, and the Banka gold project in Ghana.

Earlier this month, it announced a significant milestone - its first gold pour from the Kilimapesa mine - and the beginning of production there.

"In turn we also have two brownfield high grade gold development projects in Burkina Faso and Ghana with resource upgrade and production potential. With these developments in mind, I believe that Goldplat looks set for significant growth during the remainder of 2012 and beyond," added Manolis.

At the South African recovery operation, highlights included that the plant's operational efficiency was continuing to improve and that a project to increase milling capacity had begun.

In Ghana, gold recovery is performing ahead of management's expectations and there had been a marked increase in by-products received for processing, added the firm.

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