Goldplat PLC - London-based gold recovery services company, which has operations in South Africa and Ghana - Names Douglas Davidson as Chief Operating Officer. Notes Davidson has extensive operational experience built up in operating large plants for De Beers, Namdeb and Namakwa Diamonds. Further, says the renewal of the group's gold license in Ghana has been finalised and the export of product has started, but notes sales will only be recognised in the next financial period. In addition, states the electricity shortages in South Africa continue and the company has lost 28% of hours available during the first two months of the financial fourth quarter compared to 20% in the third quarter. Intends to buy diesel generators which will be able to sustain operations in South Africa during electricity cuts at a cost of GBP750,000, which will be financed over 36 months. Expects the capital cost to be recovered within two years.
Current stock price: 7.74 pence, down 0.1% in London on Wednesday
12-month change: down 10%
By Jeremy Cutler, Alliance News reporter
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GoldPlat (GDP)