Goldplat plc Update: Management Team, Licensing and Electricity (0667B)
31 Maio 2023 - 3:00AM
UK Regulatory
TIDMGDP
RNS Number : 0667B
Goldplat plc
31 May 2023
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining &
Exploration
31 May 2023
Goldplat plc
('Goldplat' or the 'Company')
Update on senior management team, licensing and electricity
Goldplat Plc, (AIM: GDP) the AIM listed Mining Services Group,
with international gold recovery operations located in South Africa
and Ghana, servicing the African and South American Mining
Industry, is pleased to provide an update on the strengthening of
the Group management team, the finalisation of the renewal of Gold
Recovery Ghana ("GRG") gold license and the electricity supply in
South Africa.
During May, the Group appointed a Chief Operating Officer,
Douglas Davidson, to focus specifically on improving and
strengthening current operations. Douglas is a Metallurgical
Engineer with 26 years of experience in the mining industry of
which 23 years have been in the diamond industry, mainly in Namibia
and Lesotho. Douglas Davidson has extensive operational experience
built up in operating large plants for De Beers, Namdeb and Namakwa
Diamonds. He has held various senior positions including Group
Metallurgical Lead and Mine Manager at these companies as well as
serving on the Executive Committee at Namdeb. He has led
multi-disciplinary operational teams to identify, develop and
implement value accretive and risk mitigating initiatives to
improve overall business performance.
In Ghana, the renewal of GRG's gold license has been finalised
and the export of product has started, but we expect that most of
this material will only arrive at customers in July 2023. As a
result, the sales will only be recognised in the next financial
period.
The electricity shortages in South Africa continue and we have
lost 28% of hours available during the first 2 months of Q4,
compared to 20% in Q3, as a result. Due to the increased
uncertainty of supply in the medium term, we have made a decision
to invest in diesel generators which will be able to sustain
operations in South Africa during electricity cuts. The capital
cost of these investments will be GBP750,000 and will be financed
over 36 months with one of our local banks. We estimate that it
will take 12 - 14 weeks to receive and install these generators.
Based on 25% of available hours expected to be lost during the next
24 months, we expect that the capital cost will be recovered within
24 months. During this period, we will also continue to investigate
other options to secure electricity supply, for example additional
connections to the local Municipality Grid or a new direct
connection to Eskom (South Africa Electricity Generator and
Supplier); however the timelines of these options remain uncertain
and unclear.
Werner Klingenberg, CEO of Goldplat commented: "I am pleased
with the appointment of Douglas as COO and believe that his
operational strength will be extremely valuable in securing the
current operations and production whilst we continue to look to
investigate diversification and growth opportunities.
The delay in the gold license in Ghana impacted our ability to
export and although we've experienced good production in Ghana, the
margins will only be realised during the last 4 months of the
year.
The diesel generators will not just reduce impact of electricity
cuts, but also give control back to operational teams to improve
efficiencies and maximise gold production and provide a sense of
normality which we believe is important for the morale of our
employees."
For further information, visit www.goldplat.com, follow on
Twitter @GoldplatGDP or contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / George Grant Thornton UK LLP Tel: +44 (0) 20 7383
M Grainger (Nominated Adviser) 5100
James Bavister / Andrew WH Ireland Limited Tel: +44 (0) 207 220
de Andrade (Broker) 1666
Tim Thompson / Mark Flagstaff Strategic Tel: +44 (0) 207 129
Edwards / Fergus Mellon and Investor Communications 1474
goldplat@flagstaffcomms.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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