Goldplat plc - Quarterly Update
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
('Goldplat', the 'Group' or 'the Company')
Quarterly Update - Update on the six months ended
Goldplat plc, the AIM listed gold producer, with international gold recovery operations located in South Africa and Ghana and an underground mining operation in Kenya, is pleased to announce an operational update for the six months ended
The following events have contributed to the improved performance during the six months -
· South African operations performed strongly and achieved an operating profit for the six months ended
· Performance at the
· Operating losses at Kilimapesa have been reduced, year on year, for the six months ended
· During the six-month period,
· Cost reductions and improved operational efficiencies throughout the Group continued to manifest during this quarter.
· The Group benefitted from the higher gold spot price.
· Improvement in plant operational efficiencies in
· Some of the cost savings have been invested into material sourcing initiatives and increasing physical security in
· The TSF (Tailings Storage facility) in
We plan to release the unaudited consolidated financial statements for the six months ended
We remain committed to our strategy of increasing long term visibility of earnings in the recovery businesses through key initiatives and finding an investment partner or buyer for Kilimapesa. These key initiatives include:
· improving our gold recoveries from lower grade contaminated material, effectively reducing the grade of the material we will be able to source economically. Reserves of lower grade materials are more readily available and, help to alleviate the sourcing risk;
· Building strategic partnerships within the mining industry;
· Evaluating the investment into larger tailings storage facility and additional mill and leaching capacity to enable us to reprocess our current TSF; and
· Increased investment into sourcing initiatives and test work on a wider range of materials, including PGM discards.
GPR had a very strong operational performance and recorded sales during the six months ended
Towards the end of the 1st Quarter, we started the construction of the first stage of a pre-treatment facility to the largest Carbon in Leach ('CIL') section at a cost of
Our tailings storage facility ('TSF') is approaching full capacity in its current form and so we planned to expend
Gold Recovery Ghana ('GRG')
Activities at GRG continued to increase during the 2nd Quarter, achieving sales of
The sourcing of material improved further in the 2nd quarter with material being received from
GRG's Gold license, which has to be renewed every three years, has been approved for a further term up to
We are continuing exploring the opportunities for toll treating lower grade material from artisanal sources in
Kilimapesa Gold ('KPG')
The mining operation remains on care and maintenance whilst we seek an investment partner to inject funds directly into KPG or the assets.
The processing of artisanal tailings continues and operating losses are lower than it would have been under full care and maintenance.
KPG has reduced liabilities to creditors by
We are pleased that we have support from the Kenyan Government and that the status of our permits and licenses has not been affected by our decision to halt underground mining and that the local community continues to receive some benefit from KPG's activities.
Operating losses reduced circa 57%, year on year, to
We have agreed with our Joint Venture partner at Anumso, Desert Gold (
The strong performance from
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
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Tel: +27 (0) 82 051 1071
Colin Aaronson /
Tel: +44 (0) 20 7383 5100
James Joyce / Jessica Cave
WH Ireland Limited
Tel: +44 (0) 207 220 1666
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
This information is provided by RNS, the news service of the
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