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Additional Information

Market:	AIM
Sector:	Gold Mining
EPIC:	GDP
Latest Price:	14.50 (0.87% )
52-week High:	15.00
52-week Low:	9.88
Market Cap:	24.34M

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Goldplat Full Goldplat profile here

Goldplat is focused on building a mid-tier gold mining and production vehicle in Africa, partially financed by an established gold and platinum group metals recovery business with blue-chip clients and strong revenues.

Goldplat signs further gold-bearing materials deal with AngloGold Ashanti

Tuesday, March 16, 2010

Goldplat PLC (AIM: GDP) said it has, through its Ghanaian business Gold Recovery Ghana Ltd (GRG), signed an ongoing agreement with AngloGold Ashanti Ltd’s (LSE, ASX: AGG; NYSE: AU) unit in the country to purchase gold bearing materials for processing at its operations in Tema, Ghana.

Goldplat is confident that the gold produced from these materials will increase GRG's overall monthly gold production figures.

GRG provides an economic method for mines to dispose of waste materials while meeting environmental obligations. In line with this, the agreement will see GRG acquire fine carbon and mill liners, which are by-products from the mining process, from AngloGold's Obuasi and Iduapriem gold mining operations in Ghana, where stockpiles of these materials have accumulated. Goldplat expects the first load of materials to be delivered to GRG by beginning of April 2010.

Goldplat CEO Demetri Manolis said: "Our gold recovery processing operations both in Ghana and South Africa continue to be cash generative and profitable. We are focussed on increasing production at GRG, so were delighted to strengthen an existing relationship with one of the major mining companies, AngloGold, and secure additional long-term supplies of gold bearing materials for processing and future production."

In its half-yearly report for the six months ended 31 December 2009, Goldplat in late Frebruary said it was realising its strategy of becoming a mid-tier gold producer as its Kilimapesa mining operation advances in Kenya towards commercial production. The company’s South African and Ghanaian gold recovery plants were performing well, generating healthy revenues.

Operating profits grew by 54% from the previous first half to £1.225m, however foreign exchange movements impacted overall results, leading to a slight dip in pretax group profit to £1.15m compared to £1.2m in the same period a year earlier.

Looking forward Goldplat said last month the future looks bright for its recovery businesses due to good stockpiles and a steady flow of materials and contracts. Supported by its newly increased capacities and capabilities, the company believes that revenues should rise accordingly. Goldplat added it is "excited" about the prospects at Kilimapesa Gold, with commercial production poised to commence in the near future. With the new project in Burkina Faso and various other opportunities under review, the company is expecting a busy second half.

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