UK-listed gold retreatment and gold production company, Goldplat, said it was seeking an investment partner for its Kilimapesa operation in Kenya following a disappointing last quarter of its 2018 financial year.
The aim is to take steps to extract profits from the operation without existing Goldplat shareholders having to foot the bill. Ironically, gold production from Kilimapesa was higher year-on-year, but lower output at the Ghana and South African operations resulted in a 17% year-on-year decline in Goldplats full-year production of 35,431 gold equivalent ounces versus 42,857 oz.
However, the gold was extracted at higher margins which meant from a profitability perspective, Goldplat would deliver as previously guided to the market.
Said Gerard Kisbey-Green, CEO of Goldplat: “Whilst the financial results for the year are expected to be in line with market expectations, I do not believe this result is a fair reflection of the company’s performance during the first nine months and the hard work done by the team on all fronts”.
“Although discussions in this regard have begun with a number of interested parties, the focus remains on getting Kilimapesa to produce profitably in the short term,” the company said. It was commenting in a trading statement.
