Signs Agreements with AngloGold Ashanti and Rand Refinery
Goldplat plc, the AIM listed gold producer, has signed agreements with both AngloGold Ashanti Limited and Rand Refinery Limited to acquire materials which will be processed at Goldplat's gold recovery plants at Benoni in South Africa and at Tema in Ghana. The agreements reinforce Goldplat's blue chip client base and underpin its reputation as a leading recovery business. It is the Company's aim to utilise the revenue gained from its operations in South Africa and Ghana to secure and develop gold mining projects in Africa, as highlighted by its recent joint venture in Kenya.
The contract with AngloGold Ashanti, which runs for an indefinite period, includes by-products comprising of woodchips, rubber and steel mill liners, oils and greases from all AngloGold Ashanti's sites at both the Vaal River and the West Wits areas. The agreement with Rand Refinery is a strategic alliance, under which Goldplat has first right of refusal to process all Rand Refinery's by-products not suitable for its own refining process. In turn, Rand Refinery, which already refines the bullion produced by Goldplat in South Africa, has exclusive rights to refine Goldplat's Ghanaian production.
Goldplat CEO Demetri Manolis said, 'These agreements are important for Goldplat in a number of ways: they ensure a continuing supply of quality material for processing, where we already have stocks equivalent to almost two years production in Benoni, and more importantly, they highlight our position as the contractor of choice to deal with the by-products from the major mining houses. With guaranteed feed we can secure revenue which will be utilised to fulfil our strategy of becoming a leading mid-tier gold mining house through selected acquisitions. In this vein, our team is already on the ground evaluating the recent acquisition of an interest in the Lolgorien licence area in Kenya, which we are aiming to fast-track to production.'
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