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London-listed mining company Goldplat, which has gold
recovery operations in South Africa, reported a 52% increase in profit before
tax to R70m, it said on Monday.
The company reported a 48% increase in operating profits to
R60.5m.
There was a 52% increase in the company's net cash position
of R6.1m as at June 30, 2012.
Production from Ghana and South Africa totalled 31,354
ounces, with the South African operations contributing 13,592 ounces of gold.
A maiden dividend was proposed of R8 per share (60UK pence).
Goldplat CEO Russell Lamming said it had been a "truly
exceptional year" for Goldplat, listed on London Stock Exchange's
alternate index Aim, which raises capital for smaller companies.
In South Africa Goldplat operates as Goldplat Recovery and
specialises in recovering ore from old mine wood supports, mine dams, vlei
material in the vicinity of the mine operator's processing plants, fine carbon,
waste grease, and liners.
It purchases the materials from mine operators when they
become available. This provides an economic method for mines to dispose of
waste.
According to its website, clients in South Africa include
Anglogold Ashanti [JSE:ANG], Gold Fields [JSE:GFI], Harmony Gold Mining Company
[JSE:HAR], and Lonmin [JSE:LON].
According to its results statement future plans include
maintaining growth and seeking new opportunities for its gold recovery
businesses in Ghana and South Africa.
The company said that for the first time the profits earned
in Ghana exceeded those earned in South Africa.
Due diligence was continuing based on an agreement with
Central Rand Gold [JSE:CRD], whereby Goldplat Recovery would arrange for the mining of
two of the shallow shafts at the Crown East and CMR Bird Reef mines in the West
Rand area near Johannesburg, on a 5% net smelter return basis.
Goldplat intended employing contract miners to supply ore to
its processing plant in Benoni, and that the mining right would be retained by
Central Rand Gold.
"Under these arrangements Goldplat will not incur the
onerous potential liabilities inherent in underground mining in South
Africa," the company said.
Rand Refinery, Goldplat Recovery's strategic partner, had
expressed its intention to expand the co-operation between the two companies in
South Africa, East and West Africa.
The strategy was to utilise Goldplat's recovery operations
to upgrade material to such a grade that it was viable for Rand Refinery to
process the concentrated material in its works.
Joint ventures would be considered if required.
