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Goldplat focuses on expanding recovery operations and securing funding for Kilimapesa

Snapshot

Interim chief executive Werner Klingenberg said management’s continued priority will be to “maintain the established momentum of the recovery operation and improve the reliability of sourcing material”.

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Quick facts: Goldplat PLC

Price: 2.65 GBX

AIM:GDP
Market: AIM
Market Cap: £4.44 m
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  • Strong performance of gold recovery operations 

  • Growing output from mines 

  • Committed to securing funding for Kilimapesa

 

What Goldplat does:

Goldplat plc (LON:GDP) is a business built around the recovery of gold from previously used mining equipment. As such it has been able to support its other endeavours in exploration and mining, secure in the support of steady cashflow from a consistent supply of product.

Goldplat takes waste materials from major mining companies like AngloGold Ashanti, Goldfields, Harmony and Lonmin.

The principal sources of Goldplat’s production are mill liners, woodchips, waste grease, silt from lakes and tailings dams, and fine carbon.

Within its exploratoin and mining division, the group owns the Kilimapesa gold mine in south-west Kenya, the Anumso gold project in Ghana and the Nyieme gold project in Burkina Faso.

Inflexion points:

  • Goldplat has placed its Kilimapesa mine on care and maintenance until external funding for the operation can be secured.  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.
  • Performances of the gold recovery operations, based in South Africa and Ghana, remain “strong”, according to the latest operational update.
  • In the third quarter, production from mining operations rose to 7,078 ounces of gold and gold equivalents, compared to 6,751 ounces in the comparative period of last year.
  • Gerard Kisbey-Green stepped down as chief executive in late April and the company has launched a full review of its senior management requirements. Werner Klingenberg, who has been chief financial officer since June 2017, has been appointed interim chief executive.

What the CEO says:

Interim chief executive Werner Klingenberg said management’s continued priority will be to “maintain the established momentum of the recovery operation and improve the reliability of sourcing material”.

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

“I look forward to updating the market and stakeholders as soon as enough progress has been made.”

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