leadf
logo-loader
viewGoldplat PLC

Goldplat places Kenya mine on hold as it seeks funding for the operation

“I believe that putting Kilimapesa on care and maintenance, until the required external funding can be raised, is best for all stakeholders involved,” said chief executive Werner Klingenberg

1559285314_Goldplat-23.jpg
The company's main operations are focused on gold recovery in South Africa and Ghana

Gold recovery specialist Goldplat plc (LON:GDP) is placing its Kilimapesa mine in south-west Kenya on care and maintenance until external funding for the operation can be secured.

In an update, the company said a number creditors of the Kilimapesa business are showing patience, while it is still waiting for the local tax authorities to sanction a VAT repayment in excess of £1mln.

“I believe that putting Kilimapesa on care and maintenance, until the required external funding can be raised, is best for all stakeholders involved,” said Goldplat chief executive Werner Klingenberg.

“We will be focusing on expanding our profitable recovery operations whilst maintaining our commitment to secure the relevant external funding for the KPG.”

The performances of the gold recovery operations, based in South Africa and Ghana, are described as “strong”. The company has guided that it expects to post a loss for the full-year in line with the shortfall seen at the halfway stage, reflecting the problems at Kilimapesa and the “current activity levels” in Ghana.

Quick facts: Goldplat PLC

Price: 7.85 GBX

AIM:GDP
Market: AIM
Market Cap: £13.33 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Bango reports record revenue growth in the first half of 2020

Bango PLC's (LON:BGO) Paul Larbey talks to Proactive's Katie Pilbeam `about their latest record revenue growth in the first half of this year. Larbey is confident Bango is positioned to continue delivering growth after reporting revenues of £4.77mln, up 50% year-on-year. He goes on to...

1 day, 6 hours ago

2 min read