Profit for the full year will be in line with market expectations, according to Goldplat plc (LON:GDP).
The company produced 35,431 gold equivalent ounces in the year to 30 June, a 17% decrease over the previous year, albeit at higher margins.
WATCH: Goldplat focused on bringing in partner to develop Kilimapesa mine
Production at the gold recovery operations in South Africa and Ghana was lower, while production at the Kilimapesa mine increased by roughly 50%.
39,400 gold equivalent ounces were sold and transferred during the year, down only slightly from the 40,285 ounces sold and transferred the previous year.
The level of gold sold and transferred was higher than production for the period primarily to due to sales of stock carried over from the previous year.
Current operational and financial indicators show that Kilimapesa is now operating at close to breakeven at an operational level. However, substantial losses were incurred during April and May 2018 due to operational and processing issues.
The board of Goldplat has approved a process to seek an investment partner so as to enable existing shareholders to realise value from the operation without having to invest any more capital.
Although discussions in this regard have begun with a number of interested parties, the focus remains on getting Kilimapesa to produce profitably in the short term.