JSE- and Aim-listed Goldplat on Monday posted record results for the year ended June 30, with production increasing 11% and profit surging 57%.
After-tax profit increased to £4.64-million, while operating profit rose 48% to £4.53-million, the gold recovery company reported.
The company produced 31 354 oz of gold, up from 28 185 oz in 2011, and 7 976 oz of silver, with 17 762 oz of gold attributed from Ghana and 13 592 oz of gold from its South African operations.
Goldplat, led by new CEO Russell Lamming, said the gold recovery operations had significant stockpiles of material for processing, and would continue to remain important to the group, providing investment capital to advance other exploration and mining projects, which negated the need to turn to other funding options.
“We have, therefore, focused on maintaining each plant’s operational efficiency with profitability remaining a key focus.”
Goldplat also said its strategic partner, Rand Refinery, had expressed its intention to expand the cooperation between the two companies in South Africa, as well as in East and West African countries.
“The strategy is to utilise Goldplat's recovery operations to upgrade material to such a grade that it is viable for Rand Refinery to process the concentrated material in its works,” the company explained.
Meanwhile, Goldplat is continuing to develop its gold mining projects, including the Kilimapesa gold mine, in Kenya, and the Anumso and Nyieme gold exploration and development projects, in Ghana and Burkina Faso respectively.
“We aim to increase production at our first gold mine, Kilimapesa, towards the 10 000 oz mark over the next two years and delineate in excess of one-million ounces of resources across our whole development portfolio by the end of the year.
“With a robust treasury to support growth at our existing operations and fund future acquisitions, Goldplat looks set to hit its key targets,” said Lamming, who took over from Demetri Manolis on September 1.
The company declared a maiden dividend of 0.6p a share, totalling £1.01-million.
Edited by: Mariaan Webb