Goldplat shares lift as it reports progress despite processing woes

Shares in mining firm Goldplat lifted 15.73% to 2.17p at 8.54 on Wednesday, after it said progress in South Africa and Ghana had countered its processing troubles.

Goldplat’s partner Rand Refinery has been unable to process certain by-product material, impacting profits and cashflow for Goldplat over the last nine months.

In an announcement on Wednesday, Goldplat said business is returning to normal and it has secured sources to process all backlog material. It said it is now receiving material from new and old sources.

The company had arranged Aurubis refinery in Germany to take on some processing, and arrangements were being to pre-finance a certain amount of the Aurubis pipeline material to alleviate the current cashflow issues if the need arises.

Goldplat chief executive Gerard Kisbey-Green said the team had worked had to find ways to mitigate reliance on Rand Refinery.

“I am confident with the outlook for all areas of our business and look forward to keeping the market updated on our progress going forward," Kisbey-Green said.