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Listed gold producer Goldplat expects its consolidated profit, before taxes, for the fiscal year ended June 30, to be in line with market expectations, despite Kilimapesa Gold (KPG) had a poor last quarter.
Although Kilimapesa Plant 1 was shut down during the last quarter of the fiscal year, current operational and financial indicators show that the mine in Kenya is now close to operational equilibrium .
On Monday, substantial losses were experienced in April and May due to operating and processing problems.
Meanwhile, the Goldplat Board of Directors approved a process to seek an investment partner for KPG. without having to invest more capital.
Although discussions on this topic began with a number of interested parties, Goldplat baderted that the goal remains to get Kilimapesa to produce profitably in the short term.
In addition, Goldplat's operations in South Africa, Ghana, and Kenya produced 35,431 ounces of gold equivalent during the year under review, a decrease of 17 percent from the previous year. in the previous year. Ghana's recovery rate (GRG) was lower while Kilimapesa production increased by about 50% compared to the 2017 fiscal year.
Thirty-nine thousand four hundred (39,400 gold equivalent ounces were sold and transferred
The overall production of 8,219 ounces of gold and gold equivalents was achieved in the last quarter.
Gold production at GPL in the fourth quarter of 5,066 ounces of gold equivalent was in line with the forecast the operation, in the absence of any significant one-time contract, was performed.
The company continues to optimize the recovery of gold from the tailings storage facility, adding that it contains 81,959 oz o In the fourth Quarter, GRG, meanwhile, produced 1,963 ounces of gold equivalent, which included an expedition from a long-time customer to East Africa, Goldplat said
. quarter, Ashanti Gold continued the extensive program of soil sampling across Anumso to test the expansion of the conglomerate Banka.
In addition, adit sampling was undertaken to study mineralization under known surface anomalies.
The CEO Gerard Kisbey-Green noted on Monday that the financial results of On's drilling campaign are expected to meet market expectations this year, this result does not reflect not faithfully the performance of the company during the first nine months and the hard work of the team on
"We continue to operate a strategic portfolio of production of gold badets and , apart from the absence of a major contract outside of South Africa, we are satisfied with the outcome of the LPG operation, "he said. During the last quarter of the fiscal year, Kilimapesa and GRG may have overshadowed the strong performance of this exercise, but work is already well advanced to address these issues, Kisbey-Green said
. The work done in Ghana, throughout West Africa and South America to find quality material to be processed will have a positive impact on production and profitability over the course of the year. the current exercise. I look forward to sharing full results with the market in September, "he concluded.
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