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LONDON (Alliance News) - Africa-focused gold miner Goldplat PLC on Friday reported a "very difficult" first quarter, with production slumping.
The stock was down 21% early on Friday, trading at 3.50 pence a share.
Gold equivalent production for the three months to September was 6,138 ounces, compared to 10,227 ounces the same period a year prior - a 40% fall.
Goldplat's gold equivalent ounces sold in the period declined 62%, to 5,407 ounces from 13,374 ounces.
The fall was due to a planned slowing down of production at its Kilimapesa mine in south-western Kenya, as well as a fall in volumes and grades in the gold recovery operations in South Africa and Ghana.
Goldplat did say South African operations started to improve at the end of September, and it is hopeful of returning to normal in the second quarter ending December.
Chief Executive Gerard Kisbey-Green said: "Management remain confident that the ongoing focus on sourcing of sufficient quantities and quality material for the recovery operations and the continued focus on all identified group strategic initiatives will yield improved results going forward despite the very difficult quarter for Goldplat reported on today.
"Sourcing funding for Kilimapesa and curtailing the funding burden at Kilimapesa by the group is of the highest priority and we look forward to significant progress in this regard during the current period."
