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Wishbone Gold PLC

Wishbone Gold hampered by Honduras permit delays, eyes expansion into Zimbabwe

Wishbone's new online gold trading initiative will be unveiled shortly

miners
Zimbabwe is one country Wishbone is looking at

Delays in getting permits for its Honduras operations held back interim revenues at Wishbone Gold PLC (LON:WSBN).

Wishbone trades gold and also supplies equipment and know-how to artisanal miners in Thailand and potentially Honduras.

READ: Wishbone Gold’s sales continue to rise as business model rolls out

Total sales in the half year to June were US$3.91mln (US$3.977m), with gold processed originating from Thailand and supplemented by African trading.

Volumes were constrained by a shortage of trading capital, Wishbone added, something that is being tackled.

“Gross margins remained thin at 0.91%, an improvement on the same period last year (0.54%), but a slight decline from the last full year (1.02%).“

Working with artisanal/small-scale miners will improve margins, said the company, while Honduras coming on stream will stream 'significantly boost the company's profitability'.

Cash holdings reduced due to the efforts in Africa and also Wishbone's new online gold trading initiative that will be unveiled shortly.

Wishbone says it continues to look at how to expand in Africa and in particular, has been holding discussions in Zimbabwe since the change of government.

Quick facts: Wishbone Gold PLC

Price: £0.00

Market: AIM
Market Cap: £1.03 m
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Wishbone Gold actively looking for acquisitions as it reviews Honduras...

Wishbone Gold PLC's (LON:WSBN) Richard Poulden tells Proactive London they're reviewing strategic options for its Honduras gold operation amid low recoveries. He says they've been able to make some shipments of gold from the Honduras plant and efforts are being made to improve the quality...

on 22/5/19

2 min read