Goldplat reports continued profitability in quarterly update

AIM-listed African gold producer Goldplat said output was 7,252 ounces for the quarter to 31 March.

The company owns gold recovery businesses in South Africa and Ghana, and the Kilimapesa Gold Project in Kenya.
In a trading update, Goldplat reported “continued profitability and steady progress on priority capital projects”.

"This has been another good quarter for Goldplat. I am pleased to report continued profitability at the recovery operations and decreased losses at Kilimapesa. Good progress was made on major projects, including the Kilimapesa plant project and the GPL tailings storage facility,” said chief executive Gerard Kisbey-Green.

“Whereas the financial results reflect the performances of the operating subsidiaries only, it is pleasing to report that, including all holding company and non-operating subsidiary costs, the Group remained profitable during the quarter."

He added that wage talks at all subsidiaries had been completed successfully.

South Africa-based Goldplat Recovery produced 4,864 ounces, of which 3,365 ounces were sold, whilst the other 975 ounces were returned to clients by way of metal transfers. The unit made an operating profit of £0.85m in the quarter bringing its nine-month figure profit to £1.5m.

Gold Recovery Ghana produced 1,885 ounces with 2,391 sold. Operating profits were £0.15m, making £0.45m for the nine months.

The Kilimapesa mine in Kenya, produced 503 ounces of gold in the third quarter and sold 442. The operation lost £0.16m for a nine month loss of £0.5m.

Monthly losses at Kilimapesa relative to the previous six month period were reduced by improving gold yields. Goldplat said.