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Goldplat eyeing strong second half

Last updated: 01:29 11 Jan 2013 EST, First published: 02:29 11 Jan 2013 EST

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Goldplat (LON:GDP) is looking forward to a strong second half to the year after revealing that operating profits for the first half of 2013 are expected to be in line with last year’s.

In a trading statement, the African gold producer said gold recovery work in South Africa and Ghana has “performed well” and continues to generate “robust” operating profits.

Plant expansion at the company’s Kilimapesa gold mine in Kenya meanwhile was delayed due to uncertainties in the country’s mining legislation, as well as operational difficulties.

Russell Lamming, Goldplat’s chief executive, said: “The company's primary business of gold recovery continues to produce robust operating profits, which underpin the value of Goldplat, and are in line with the comparable period last year.

“In terms of our Kenyan gold mining project, the delays in the plant expansion and subsequent losses we are experiencing at Kilimapesa are disappointing; however, these issues are being addressed and we are confident that our continued discussions with the Kenyan government will result in a favourable outcome for all stakeholders, and we look forward to a strong second half of the year.”

Goldplat added that the improved results from the gold recovery operations are expected to cover losses at Kilimapesa, with operating profits coming in at around last year’s mark as a result.

 

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