Kenya still dragging at Goldplat in third quarter

Goldplat updated the market on its third quarter operations on Wednesday, highlighting strong performance in South Africa and Ghana, though its Kenyan division was still dragging.

The AIM-traded African gold producer saw production of 4,864 ounces of gold at its South African arm, of which 3,365 ounces were sold for own account and 975 ounces were returned to clients by way of metal transfers.

Operating profit in South Africa for the quarter was £845,000, bring the nine month year-to-date operating profit to £1.54m.

In Ghana, 1,885 ounces of gold was produced with 2,391 being sold. It produced an operating profit of £156,000, with a year-to-date profit of £458,000.

At the Kilimapesa Gold arm in Kenya, 503 ounces of gold were produced during the quarter, of which 442 ounces were sold.

Kenya’s operating loss for the quarter was £169,000, bringing the nine-month loss to £501,000.

"This has been another good quarter for Goldplat. I am pleased to report continued profitability at the recovery operations and decreased losses at Kilimapesa,” said Goldplat CEO Gerard Kisbey-Green.

“Good progress was made on major projects, including the Kilimapesa plant project and the GPL tailings storage facility.

“Finally I would like to congratulate all stakeholders for the successful completion of annual wage negotiations at all subsidiaries. Whereas the financial results reflect the performances of the operating subsidiaries only, it is pleasing to report that, including all holding company and non-operating subsidiary costs, the group remained profitable during the quarter."