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25 Mar 2020 08:37
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
25 March 2020
Goldplat plc
('Goldplat', the 'Group' or 'the Company')
Operational Update in relation to Covid-19
Goldplat plc, the AIM quoted gold producer, with international gold recovery operations located in South Africa and Ghana and an underground mining operation in Kenya, announces that its operations will be temporarily curtailed due to restrictions imposed by various Governments to combat the global Covid-19 outbreak.
The Covid-19 pandemic has been escalating and many Governments have taken drastic steps to combat this outbreak. These steps have far reaching ramifications and will continue to impact all spheres of society for the foreseeable future. Goldplat has adopted a policy whereby it will be guided by the respective directives of the Governments of the countries in which it operates including any aspect that prohibits continued operations.
It is expected that all Goldplat's operations in Ghana, South Africa and in Kenya will be affected by Government restrictions and protocols.
Goldplat's Kilimapesa gold plant, together with the mine which has already been under care and maintenance, will cease tailings processing and will remain under care and maintenance from 27 March.
Goldplat's South African operation will comply with the South African Government's directive to close certain businesses for a period of 21 days commencing 26 March 2020, midnight.
The Company's operation in Ghana continue to operate at this point in time, but will be placed under care and maintenance if and when instructed to do so by the Ghanaian Government.
Whilst in operation, in whichever jurisdiction, we will continue to protect the staff, business and stakeholders by complying with heightened hygiene measures, restrictions on site visits and travel in general, amongst others.
During the past few weeks, due to uncertainty surrounding the outcome of this virus, our operations have ensured that stock levels of critical materials are at appropriate levels so that operations can re-commence smoothly when we are able to do so.
Goldplat's indebtedness is low by industry standards, and the Board is confident that the Company will be strong enough to survive curtailed operations subject to the pandemic being sorted out in a reasonable time. On the date of this announcement, Goldplat had approximately £2.8 million of cash on hand and access to facilities of £500 000 which should provide us with the ability to service all short-term requirements.
These measures will result in the reduction of the Company's margins, the extent of which will depend on the length of time that operations will be affected, and we will update the market as appropriate.
Goldplat will continue to monitor developments and apply its best endeavours to mitigate the impact on the business, employees and all stakeholders in a responsible manner.
We will be updating the Market on the results for the 3rd Quarter during the month of April.
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
Werner Klingenberg Goldplat plc (CEO) Tel: +27 (0) 82 051 1071
Colin Aaronson / Richard Tonthat / Grant Thonrton UK LLP Tel: +44 (0) 207 383 5100
Harrison Clarke (Nominated Adviser)
James Joyce / Lydia Zychowska WH Ireland Ltd (Broker) Tel: +44 (0) 207 220 1666
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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