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Goldplat's South African, Ghana subsidiaries achieve solid Q2 performance

4th February 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Aim-listed Goldplat on Monday announced a 57% quarter-on-quarter increase in the production of gold-equivalent ounces for the second quarter ended December 31.

Output was, however, 4% lower year-on-year.

Production levels at the Goldplat Recovery (GPL) operation, in South Africa, returned to normal levels during the quarter, with both the by-product sections, as well as the carbon-in-leach (CIL) circuits having exceeded planned production.

This, the gold miner explained, was as a result of the sourcing of material from clients returning to normal, as well as the focus on processing built-up inventory in the plant.

Overall production numbers for the quarter were good and showed a dramatic turnaround when compared with the previous quarter, CEO Gerard Kisbey-Green commented.

Amid higher production from the by-product and CIL sections, as well as large volumes of inventory having been processed, test work on the large CIL stockpile material continued during the period with a trial campaign yielding opportunities for upgrading the material.

The process to secure West Pit 3 for deposition is still awaiting finalisation from the Department of Mineral Resources before GPL can move ahead and finalise the design and other requirements.

Alternative options for the reprocessing and final deposition of the tailings storage facility continue to be evaluated, the company said.

Additionally, the supply of material containing platinum group metals (PGMs) and other by-product materials were enhanced with a contract being concluded with a major producer. This, Goldplat said, will allow a degree of flexibility going forward in processing either gold-containing or PGM-containing woodchips so as to optimise some of the lower-grade circuits.

Meanwhile, production at Gold Recovery Ghana (GRG) improved compared with the previous quarter owing to a number of local Ghanaian contracts being processed and as a result of increased sourcing from South America.

During the quarter, a West African client agreed to send a batch of material to GRG to trial. This is expected to be processed during the current quarter, as soon as the export logistics and legalities have been finalised.

Nevertheless, the sourcing of material for GRG still remains erratic and difficult to predict.

At Kilimapesa Gold, in Kenya, production was further reduced, in line with previously announced plans.

Goldplat had planned to put the mine on care and maintenance by the end of November 2018 should a transaction to secure funding not have been realised.

However, the company took the decision not to put the operation on care and maintenance at the end of November, despite continuing losses, owing to the progress made with discussions with potential funders.

Further, initial expenditure of $1.5-million, that was required to be made by October 31, 2018, at the Anumso gold project, in Ghana, has been verified and Ashanti Gold Corp has exercised an initial option to take up 51% of Goldplat’s interest in the project.

Ashanti Gold Corp has, however, elected not to acquire a further 24% of the project, and the parties will form a joint venture to manage the project going forward.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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