Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
18 September 2017
Goldplat plc ('Goldplat' or 'the Company')
Goldplat plc, the AIM listed gold producer, announces its preliminary results for the year ended 30 June 2017 ('FY 2017').
Operations / Corporate
- Significant increase in operating profitability from continuing operations in FY 2017 following the successful turnaround strategy at Kilimapesa Gold Mine, meaning by the end of the last quarter of the year, all operations were operating profitably
- Increased gold equivalent production highlights the continued and steady growth of the business - Goldplat produced 42,857 ounces of gold during the year, marking a 13.7% increase on 2016 (2016: 37,666 ounces), which follows a 23.3% increase from 2015
- Recovery operations produced 39,449 gold equivalent ounces (2016: 35,661 ounces)
- Kilimapesa Mine produced 3,408 ounces of gold (2016: 2,005 ounces) - the increased processing capacity was only seen towards the end of FY 2017 meaning further upside expected with in excess of 5,800oz targeted during FY 2018
- Actual sales were 40,285 gold equivalent ounces (2016: 40,763 ounces)
- 34,112 gold equivalent ounces sold for own account (2016: 27,538 ounces)
- 6,173 gold equivalent ounces transferred to clients (2016: 13,225 ounces)
- Committed to maintaining active growth strategy to build production and profitability:
- Gold recovery:
- Work well advanced to increase geographical reach, by establishing Ghana as an international recovery hub, with material already being imported from elsewhere in Africa and South America and opportunities identified in North America
- Opportunity to diversify metal focus - platinum group metals trials continuing in South Africa
- Potential to maximise environmental value by offering mining "clean-up" services processing by-products with contaminants such as mercury - investigating a major project with the Ghanaian Government to assist in the clean-up of artisanal mining tailings
- Primary mining:
- Focussed on driving increased production at Kilimapesa
- Targeting expansion by considering opportunities to gain interests in producing or near-production assets
- Gold recovery:
- Non-core exploration portfolio:
- TSX quoted Ashanti Gold Corp has the option to earn up to 75% of Goldplat's interest in the Anumso Gold Project in Ghana by expending US$3million on exploration work at the project
- Strategic decision to write off Nyieme Gold Project in Burkina Faso having found the project to be too small scale to be economically viable
- Matthew Robinson appointed as Chairman - bolsters the experienced management team
- 140% increase in operating profit from continuing operations to £2,910,000 (2016: £1,212,000)
- 43% increase in profit before tax from continuing operations to £2,836,000 (2016: £1,988,000)
- Strong performance continues to be reported at the Group's recovery subsidiaries:
- Goldplat Recovery (Pty) Ltd - South Africa - 36% increase in profit after tax to £2,420,000 (2016: £1,777,000)
- Gold Recovery Ghana Limited - Ghana - 169% increase in profit after tax to £1,177,000 (2016: £437,000)
- Kilimapesa Gold (Pty) Limited reported a net loss of £1,100,000 for the year (2016: loss of £711,000) as the benefits of increased production capacity were only realised during the second half of FY 2017. In FY 2017 revenue increased to £3,150,000 (2016: £156,000), with operating profit achieved towards the end of the year
- Nyieme exploration project discontinued and development cost of £955,000 written-off, with no cashflow impact in current period.
- Total comprehensive income for the year still higher than comparative year at £1,989,000 (2016: £1,897,000)
- Net cash position of £2,650,000 as at 30 June 2017 (£2,056,000 as at 30 June 2016)
To read the full results please click here.
** ENDS **
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
|Gerard Kisbey-Green||CEO Goldplat plc||Tel: +27 (71) 8915775|
|Colin Aaronson / Daniel Bush||Grant Thornton UK LLP (Nominated Adviser)||Tel: +44 (0) 20 7383 5100|
|Andrew Raca / Justin McKeegan||VSA Capital Limited (Broker)||Tel: +44 (0) 20 3005 5000|
|Charlotte Page / Susie Geliher||St Brides Partners Ltd (Financial PR)||Tel: +44 (0) 20 7236 1177|
Goldplat is a profitable, African gold recovery services company . . .More info...
Goldplat has two profitable gold recovery businesses in South Africa and Ghana . . .More info...
To subscribe to Goldplat's news release list please click here . . .More Info...