JOHANNESBURG (miningweekly.com) – With its recovery operations now “back on track and profitable”, Aim-listed Goldplat is shifting its attention to returning its Kilimapesa mine, in Kenya, to profitability during the 2017 financial year, while also looking to new opportunities in South America.
The company’s operations produced 37 666 oz of gold in the year ended June 30, compared with the 30 524 oz produced in the 2015 financial year.
Production from its recovery operations, Goldplat Recovery Limited (GPL) and Gold Recovery Ghana (GRG), increased to 35 661 oz in the year under review, compared with the 28 246 oz produced in the prior year.
Production at Kilimapesa, however, decreased to 2 005 oz, from 2 278 oz in 2015.
Gold sales were 40 763 oz, compared with 24 904 oz the year before.
Goldplat recorded a net profit of £1.4-million for the 2016 financial year, compared with a loss of £892 000 the year before.
GPL increased its operating profits to £1.78-million in the year under review, compared with an operating profit of £1.09-million in 2015, while GRG swung from a £641 000 loss in 2015 to a £437 000 profit in the 2016 financial year.
Kilimapesa recorded a £711 000 loss. Goldplat stated on Monday that operational constraints were being dealt with, with mining and treatment capacity to be increased in the first half of the 2017 financial year.
Goldplat intends to increase processing capacity and production at Kilimapesa in a staged process.
The initial stage will entail the construction of a new processing facility and tailings deposition site near the Kilimapesa Hill mining operation, which will increase processing capacity to 3 000 t/m. The new processing plant is expected to be completed in the first half of the 2017 financial year.
The existing treatment plant will continue to process high-grade artisanal tailings.
SOUTH AMERICA
Goldplat has identified a potential Brazilian business partner to help it enter the South American market.
The plan is to initially source material for processing through Goldplat’s existing recovery operations in Africa, and also to determine the potential for establishing a recovery operation in South America.
The company expects to finalise contractual arrangements with the partner early in the new financial year.
The partner has already introduced Goldplat to potential future clients and the first sample batches of materials had been shipped to Ghana for testing and were found to be profitable.
The company will soon appoint a manager to oversee its South American operations.
NEW CHAIRPERSON
Goldplat on Monday also announced that Brian Moritz will step down as chairperson in October.
He will be succeeded by Matthew Robinson.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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