JOHANNESBURG (miningweekly.com) – Aim-listed Goldplat has reported “robust” gold production of 9 581 oz for the quarter ended September 30, pointing to stability across its South African, Ghanaian and Kenyan gold operations that has returned the company to profitability.

Goldplat’s South Africa-based operation Goldplat Recovery Limited (GPL) delivered 6 141 oz of gold over the three months, of which 4 983 oz was sold and a further 1 608 oz transferred to clients by way of metal transfers.

This drove a quarterly operating profit of £415 000 for GPL.

After announcing earlier in the quarter that it had completed construction of the
woodchip wash plant and low-grade mill at GPL, the company reported on Thursday that a new 4 t elution column, with its associated ancillary equipment, had been installed and was scheduled to be commissioned in November.

This was expected to increase elution throughput capacity from 5 t/d to 8 t/d, allowing for a reduction in by-product stock levels and the elimination of backlog stock by the end of December.

“The project is in line with Goldplat's strategy to capture more of the gold recovery value chain in-house.

“A consultant has been appointed to undertake a resource estimation of the stock dam. The results are expected by the end of December. Good progress is also being made on the installation of a weighbridge on the property to result in additional cost savings,” said the group.
 
GOLD RECOVERY GHANA
Goldplat’s Ghana-based operation delivered 2 797 oz of gold over the three months to September 30, with 3 086 oz sold during the period.

This resulted in a return to profitability, with an operating profit of £156 000 at Gold Recovery Ghana (GRG).

The company added in a statement that, with the increased elution capacity at GPL, and the pipeline of third-party refiner Aurubis being filled, GRG had returned to positive cashflow.

Moreover, the installation of four new filter presses had been completed and had improved the efficiency of the spiral circuits.

“The new shot blast facility has been constructed at GPL and will be transported to GRG, for installation and commissioning during the current quarter.

“Constructive discussions have begun with a view to sourcing by-product material from South American sources. This forms part of Goldplat’s stated diversification and growth strategy for GRG,” the company explained.
 
KILIMAPESA GOLD
The Kenya-based Kilimapesa operation produced 643 oz of gold during the quarter under review, of which 611 oz were sold during the period. This resulted in an operating loss for the period of £115 000.

Goldplat said the intersection of the new adit with the old cross-cut had been equipped and on-reef development on the previously intersected first vein had been started.

The new adit and cross-cut would ultimately provide access to six additional reef drives, which would be used to delineate a new mining block to increase production and flexibility.

Processing of artisanal tailings had, meanwhile, ceased and the plant was now being fed only from the Kilimapesa underground mine.

Goldplat noted that this decision had been taken to preserve the life of the existing tailings facility.

“Progress at the Teng Teng decline shaft was delayed during the quarter, pending the installation of an underground pump, which is now in full operation.

“Limited production of high-grade ore from on-reef exploration at Teng Teng is expected to start during the current quarter,” said the company.
 
Commenting on the quarterly showing, CEO Gerard Kisbey-Green said he had been particularly encouraged by the feedback from a trip to South America during the quarter, during which opportunities to expand the company’s gold recovery business had been explored.

He further welcomed the return to positive cash flow.

“Whereas the financial results reflect the operational performances only, it is pleasing to report that, including all head office costs associated with nonoperating subsidiaries, the group was profitable during the quarter,”
he noted.