 saw a 238 percent rise in profits in the six months to December, following a surge in gold production.){kind=link}
Goldplat plc (LON:GDP) saw a 238 percent rise in profits in the six months to December, following a surge in gold production.
In its interim statement, the gold exploration company reported posted pre-tax profits to £1.33 million, on profits of £14.4 million in the six months to the end of December. Additionally, gold and gold equivalent production saw a rise in the same six-month period to 21.317 ounces in total, which translated to 16,653 ounces of gold equivalent being sold.
Furthermore, results were boosted by the competition of the first stage of installation for the company’s new processing plant at Kilmapesa Mine. This included a “resolution of the preliminary findings by the Kenyan Revenue Authorities” with regards to Kilimapesa related tax affairs. The company also achieved the renewal of its gold licence for Ghana, to span three years.
Matthew Robinson, chairman, said;
“I am delighted to report that the company has continued to improve its profitability during the period under review. Our portfolio of core assets consists of two gold recovery operations in South Africa and Ghana, recovering gold from by-products of the mining process and the Kilimapesa gold mine in Kenya.”
In terms of setting out the company’s objectives for the remainder of the year, Robinson pointed to opportunities in its locations in Africa and South America as ways to further stimulate growth.
“Focus for the remainder of FY2017 will be on completion of Stage two of the new plant at Kilimapesa; concluding the strategy for sourcing material in South America and West Africa to deliver the growth strategy for GRG; and continuing to seek efficient and acceptable alternative sources of debt”. He added.
Goldplat plc is an AIM-listed gold producing specialising company which operates two “market leading operations” in South Africa and Ghana. Alongside this, it also has claim to a smaller gold mining and exploration portfolio in the areas of Kenya, Ghana and Burkina Faso.
Following the strong set of results, shares in the London-listed Goldplat plc were up 14.12 percent as of 11.12AM (GMT).