(Alliance News) - Goldplat PLC on Friday reported a mildly weaker operating profit in the first quarter of financial 2024 amid tamer performance in South Africa and improvement in Ghana.
The London-based gold miner and producer, which has recovery operations in Ghana and South Africa and serves clients in Africa and South America, said in the three months to September 30, operating profit fell 4.0% to GBP1.87 million from GBP1.94 million a year prior.
Operating profit in South Africa declined by 22% year-on-year to GBP759,000 from GBP976,000, while operating profit in Ghana rose 14% to GBP1.1 million from GBP966,000.
It added that it had a capital expenditure of GBP205,000 on lower grade milling, gravity and flotation circuit in the just reported quarter.
The company said it had good supply of material in the quarter, supported by large lower grade consignment received out of Ivory Coast.
Meanwhile, cash balance as at September 30 halved to GBP1.4 million from GBP2.9 million.
Chief Executive Officer Werner Klingenberg said: "I am pleased with the operating results achieved by the group during Q1 and results we are seeing from continued efforts, specifically consignment from Ivory Coast, the improved turnaround of material being delivered to a different smelter, securing of low-grade carbon in leach material in South Africa and the momentum we are seeing on engagement around the reprocessing of our old tailing's storage facility."
Looking ahead, CEO Klingenberg said: "Our focus will remain on strengthening relationships and continued engagements in West Africa and South America, increasing market share in a declining gold market in South Africa and neighbouring countries, reprocessing of the old tailings facility and leveraging our strength and capabilities through partnership into other precious metals and commodities."
Goldplat shares fell 4.6% to 6.29 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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GoldPlat (GDP)