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LONDON (Alliance News) - Shares in Goldplat PLC fell on Monday as the company said it is looking for an investment partner for its Kilimapesa project after a difficult few months.
Goldplat was trading at 5.25 pence per share on Monday, down 11%.
Kilimapesa Gold Ltd, a company subsidiary, had a poor three months to June, Goldplat said, with plant 1 at the Kenyan project shut down during the fourth quarter of its financial year which ended June 30.
Kilimapesa is now operating at break-even, Goldplat continued, but the operational issues led to losses being incurred during April and May.
As a result, Goldplat has decided to look for an investment partner so it does not have to invest any more capital. Talks have begun with "a number" of parties, but the focus for now is to get to project profitable again.
Turning to group production, for the 12 months to June the figure was 35,431 gold equivalent ounces, 17% down year-on-year, with output at Goldplat Recovery Pty Ltd in Ghana and Gold Recovery Ghana both lower.
Despite its operational issues, Kilimapesa increased overall output by the year by 50%.
Chief Executive Gerard Kisbey-Green commented: "Whilst the financial results for the year are expected to be in line with market expectations, I do not believe this result is a fair reflection of the company's performance during the first nine months and the hard work done by the team on all fronts."
"During the final quarter of the financial year, the strong performance of this operation was arguably overshadowed by Kilimapesa and Gold Recovery Ghana, which is naturally disappointing, but work is already well underway to resolve these issues."
He continued: "The board of Goldplat is committed to realising value at Kilimapesa in the best possible way for existing shareholders, with discussions with potential investment partners progressing in support of this.
"Furthermore, at Gold Recovery Ghana I am confident the work being done in Ghana, wider West Africa, and South America to source quality material for processing will have a positive impact on production and profitability during the current financial year."
