Final Results
(Thomson Reuters ONE) - Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration15 September 2009 Goldplat plc ('Goldplat' or the 'Company') Preliminary StatementGoldplat plc, the AIM listed gold producer, is pleased to announceits results for the year ended 30 June 2009.Overview* Record pre-tax profits of £2.4 million for the year ended 30 June 2009 (2008: £1.6 million)* Healthy cash position with £2.2 million in the bank (2008: £1.5 million)* South African and Ghanaian gold recovery plants performing strongly - production totalled 21,068 ounces ('oz') of gold ('Au') (2008: 19,322 oz Au)* Stocks of materials for processing in South Africa and Ghana continued to increase securing future production - 88,000 oz of contained gold in stockpiles* Finalising agreement to acquire remaining 50% of Kilimapesa Gold (Pty) Limited ('Kilimapesa Gold') in Kenya from International Gold Exploration AB ('IGE') for US$2.7 million* Developing Kilimapesa Hill gold mining project with a view to establishing a formal mining operation - working towards a JORC compliant resource to clarify its economic potential* Evaluating opportunities to acquire other mining projects with deposits of between 200,000 and 1,000,000 oz Au with a short lead time to production throughout AfricaChairman's StatementThis has been another year of strong growth, increasing production atboth our recovery plants in South Africa and Ghana, and advancing ourKenyan gold mining operation. We are delivering on our strategy ofconsolidating our position as the market leader in gold recovery fromby-products of the mining process in Africa and advancing ouractivities in gold mining in order to achieve our objective ofbecoming a mid-tier gold mining house.We have continued to expand the range of materials being processedand the techniques used at our recovery plants and have also focusedon developing the Kilimapesa Hill gold mining project in Kenya with aview to establishing a formal mining operation. Additional projectsare also being evaluated, primarily in West Africa, as we endeavourto expand our portfolio, utilise our strong treasury and leverage theexpertise of the team to generate further value.During the period under review we have increased profitability at therecovery operations, producing 13,960 oz Au (2008: 15,239 oz Au) fromthe South African operations and 7,108 oz Au (2008: 4,083 oz Au) fromthe Ghanaian operations for the financial year ended 30 June 2009.This generated strong revenue of £11.1 million (2008: £7.7 million)culminating in pre-tax profits of £2.4 million (2008: £1.6 million).Exceptional items affected the headline profit. The sale of 15% ofour South African operations to satisfy Black Economic Empowerment('BEE') rules resulted in a profit of £420,000. Against that thereis a charge of £134,000 in respect of the options granted todirectors and senior management. The strong improvement of the SouthAfrican Rand exchange rate against the United States Dollar duringthe second half of the year negated the large gains achieved at halfyear. From a trading point of view the second half remained strong.Our cash position remained healthy with £2.2 million (2008: £1.5million) in the bank. No dividend is proposed as the profits will beretained for further expansion of our operations and to accelerateour growth strategy.We have continued to build stockpiles of materials to process at bothour gold recovery plants. To this end, we have 37,000 oz ofcontained gold in stockpiles at our South African plant, with afurther 16,000 oz contractually secured off-site, and 35,000 oz ofcontained gold in stockpiles in Ghana, securing future production.Additionally we increased capacity at the South African operations bycommissioning a larger mill and increasing our flotation capacity.In Ghana we purchased a fluidised bed incinerator and installed aspiral plant which is currently being commissioned. Theseimprovements will have a positive effect on future production andenhance the flexibility of the operations. At current prices andaverage production costs in the region of £413 per oz Au (2008: £372per oz Au) at our South African operations and £456 per oz Au (2008:£393 per oz Au) in Ghana, I believe the potential of our operationsto generate significant cash flow for the Company is very evident.Our wholly owned subsidiary, Gold Mineral Resources Limited (GMR),has agreed to acquire the remaining 50% interest in Kilimapesa Goldfrom IGE, together with IGE's loans to Kilimapesa Gold. Oncompletion Goldplat will own 100% of the project. Kilimapesa Goldincludes the Kilimapesa Hill gold mine and adjacent explorationassets as per the agreement with IGE. The total consideration forthe acquisition is US$2.7 million, of which US$1.2 million is payableon completion of the Sale Agreement, and the balance in six monthlyamounts of US$250,000.As a result Kilimapesa Gold is required to convert its existingexploration licence to a mining licence, and until the mining licenceis issued Kilimapesa Gold is not permitted to make commercial salesof gold. This change is now with the Kenyan Authorities, and isexpected to be granted soon. Kilimapesa Gold will then be in aposition to move into commercial production and an announcementregarding our future mining plans will be made on the issuing of themining licence. In addition, we expect to be able to announce a JORCcompliant resource in the near future as a result of our explorationand development programme.We had had hoped to commence commercial production of gold at theKilimapesa Hill gold mining project early in 2009. Our inability tosell gold under the previous exploration licence, combined with therecent modifications to the processing plant, resulted in commercialproduction being deferred and the financial statements have beenprepared on the basis the Kilimapesa Gold remained in apre-production phase.In line with our objective of building a mid-tier mining house, weare also evaluating opportunities to acquire other mining projectswith deposits of between 200,000 and 1,000,000 oz Au with a shortlead time to production throughout Africa. A number are underevaluation using stringent criteria to ensure that the Company'sresources will not be dissipated. Our focus at this point in theeconomic cycle is on the acquisition of mining assets, rather thanbuilding new reprocessing facilities.Staff relations in all Goldplat's group companies remain good. Theoperations have an excellent safety record, with no reportableaccidents at any of our subsidiaries. We greatly benefit from thesupport of the governments in the countries in which we operate, andin turn, we provide employment and contribute towards importantenvironmental obligations. The Company's continued involvement inthe local communities we operate in has had a beneficial impact onGoldplat's image.On a corporate level, John Woolgar, a non-executive Director sincethe flotation of Goldplat, has stepped down from the Board witheffect from 31 August 2009, in order to devote more time to newprojects where he has executive responsibilities. I would like takethis opportunity to thank John for all his efforts on behalf ofGoldplat, particularly during the flotation of the Company andestablishing its London presence over the years.In conclusion, the last year has seen Goldplat build upon itsstrengths as the market leader in gold recovery from by-products ofthe mining process in Africa to produce record profits. In addition,our objective of becoming a mid-tier miner is underway withKilimapesa Gold moving towards profitable production and otherprojects under review. The current favourable gold price environmentis enhancing our value and we are in a strong position for growth. Ibelieve Goldplat has an exciting potential and a team with which torealise this.Finally, I would like to take this opportunity to thank the executivedirectors, management and work force for their dedication and supportover the past year, which resulted in the excellent financialperformance.Brian MoritzChairmanOperations ReportGold Recovery OperationsGoldplat Recovery (Pty) Ltd ('GRL') - South AfricaGRL is a mature business controlling the majority of availablematerials for processing in the sector in South Africa. During theyear it performed strongly, producing 13,960 oz Au (2008: 15,239 ozAu).Our business model relies on good relationships with the local mininghouses - we buy their mining by-products and in turn provide themwith an economic waste disposal solution which meets environmentalobligations. To this end, during the year GRL won a number of newcontracts across South Africa and strengthened relationships withexisting clients which in-turn increased our stockpiles of rawmaterials for processing to 53,000 oz of contained gold.Additionally we have entered into a number of new agreements forproduct which I believe could see this trend continue.We also increased milling capacity and installed additional flotationequipment in the flotation plant section which will enhance theflexibility and recovery of gold and platinum materials on site.Following the sale of 15% of its issued shares during the year, GRLis fully compliant under South African BEE legislation, which webelieve enhances our business connections within South Africa andimproves our competitive position when tendering for processingcontracts. By 1 May 2014 the percentage in the hands of HistoricallyDisadvantaged South Africans will need to increase to 26%.Gold Recovery Ghana Limited ('GRG') - GhanaGRG has performed buoyantly with 7,108 oz Au (2008: 4,083 oz Au)produced during the year. GRG's strategic location gives it accessto the major mining houses across West Africa. However, there areplenty of opportunities closer to home in Ghana, where GRG hasidentified and evaluated a significant number of surface stockpilesof gold bearing material with high gold grades. GRG has purchased anumber of these stockpiles and will continue to procure furthermaterial based on evaluation results. Furthermore, GRG has signedagreements with suppliers, to recover gold from carbon fines locatedat properties in Ghana. These raw materials will add to GRG's totalcurrent stockpiles of 35,000 oz of contained gold, which equates toseveral years of current production capability.As part of GRG's optimisation programme, a new fluidised bed carbonincinerator was installed in July 2009, which will be used to burnfine carbon as part of the gold recovery process and is expected tobe commissioned shortly. This has increased GRG's processingcapabilities which in-turn will have a positive impact on totalounces of gold produced and a reduction of the cost per unit from therecovery plant.Gold MiningKilimapesa Gold - KenyaKilimapesa Gold's project is situated in south-western Kenya withinthe historically producing Migori Archaean Greenstone Belt. Goldplatfirst became involved in the Kilimapesa Hill gold mining project inJune 2007 and since then it has been developing the gold mine with aview to turning it into a small, high grade, formal miningoperation. As mentioned in the Chairman's Statement, we are close tocompleting the acquisition of the remaining 50% of Kilimapesa Gold,which will see Goldplat wholly owning the project.During the year we refurbished the Kilimapesa Hill gold miningproject's plant at a cost of £120,000, which included theinstallation of a new mill motor, crushing unit, the addition of agravity circuit and thickener, an upgrade to the leach section, a newpumping reticulation circuit, replacement of the electricalrecirculation circuit, a complete refurbishment of the assaylaboratory, and a general upgrade to the safety aspects.A further £165,000 was expended on underground development and theequipping of 458 metres of on reef development and 101 metres ofraise development and associated plant and equipment. This alsoincluded the cost of the infrastructure to connect to the nationalgrid to secure reliable power supply which is expected to be runningshortly.In terms of exploration and development, a programme was undertakento define a JORC compliant resource to clarify the project's economicpotential. Initial results have been encouraging and a JORCcompliant resource will be announced to the market in tandem with anunderground mine development programme once the mining licence fromthe Kenyan authorities is granted.Two new veins, the Mid Vein and the North Vein, were intersected onKilimapesa Hill in addition to the existing South Vein, which are allrobust in nature. The Mid Vein displayed visible gold and indicatedthicknesses of up to 100 centimetres. The North Vein is expected tobe the most continuous of the three veins, evidenced by thecontinuity of the corresponding artisanal workings on surface. Theseworkings can be traced over a strike length of over 500 metres.Additionally, the opening up of an adit 150 metres east of Adit B hasenhanced the understanding of the mine's geological model. This adithas over 150 metres of existing development, all of which was chipsampled in February 2009. We are also hopeful that a new adit 60metres below Adit B can be developed, having received results from afive-hole diamond drilling programme. The results of the drillingprogramme at Adit B are shown below. Hole UTM Zone 36M Arc Total Intersections (True No. 1960 Azimuth Angle Hole Width) Easting Northing Depth From To Au Width 2.35 58KPB002 697131 9865282 352º -70 39.6m 14.14m 14.72m g/t cms 0.58 96KPB007 697152 9865277 350º -69º 39.5m 11.97m 12.93m g/t cms 4.03 180KPB008 697152 9865277 350º -45º 31.9m 19.03m 20.83m g/t cms 4.21 140KPB011 697177 9865272 355º -65º 40.0m 13.87m 15.27m g/t cms 4.60 150KPB012 697177 9865272 348º -43º 37.8m 21.23m 22.73m g/t cms NB. Co-ordinates taken with GPS. To be confirmed by surveyGoldplat is also continuing to develop its further four explorationtargets, Olepoipoi, Meghor, Teng Teng and Red Ray, as well asinvestigating other known high-grade areas with surface miningpotential in order to increase the life of mine.Demetri ManolisChief Executive OfficerQualified PersonThis announcement has been reviewed by Mr. Mark Austin, the groupgeologist for Goldplat who has morethan 25 years' relevant experience in the field of activityconcerned. He is a fellow of the Geological Society of South Africa('GSSA') and has consented to the inclusion of the material inthe form and context in which it appears.Financial ResultsGroup and Company Balance Sheetsas at 30 June 2009 Group Group Company Company 2009 2008 2009 2008 £'000 £'000 £'000 £'000AssetsNon-current assetsProperty, plant and equipment 2,570 1,885 - -Pre-production expenditure 884 233 - -Goodwill 4,778 5,018 - -Proceeds from sale of shares in 472 - - -subsidiaryInvestments - - 6,425 6,425Loans to subsidiary companies - - 837 116 8,704 7,136 7,262 6,541Current assetsInventories 1,473 1,138 - -Trade and other receivables 2,012 1,437 26 27Cash and cash equivalents 2,198 1,486 723 1,024 5,683 4,061 749 1,051Total assets 14,387 11,197 8,011 7,592Equity and liabilitiesEquity attributable to equity holdersof the CompanyShare capital 1,121 1,121 1,121 1,121Share premium 6,772 6,772 6,772 6,772Retained earnings 3,414 1,623 70 (356)Exchange reserves (185) (482) - -Shareholders' equity 11,122 9,034 7,963 7,537Minority interests 420 - - -Total equity 11,542 9,034 7,963 7,537Non-current liabilitiesProvisions 146 109 - -Deferred tax liabilities 289 241 - -Loans and borrowings 647 301 - - 1,082 651 - -Current liabilitiesTrade and other payables 1,471 1,145 48 55Obligations under finance leases - 30 - -Taxation 292 337 - - 1,763 1,512 48 55Total equity and liabilities 14,387 11,197 8,011 7,592Group Income Statementfor the year ended 30 June 2009 Group Group 2009 2008 £'000 £'000Revenue 11,149 7,713Cost of sales (8,225) (5,259)Gross profit 2,924 2,454Administrative expenses (1,100) (715)Operating profit 1,824 1,739Profit on sale of interest in subsidiary 420 -Finance income 204 82Finance expense (43) (197)Profit before tax 2,405 1,624Taxation (527) (570)Profit for the year 1,878 1,054Earnings per shareBasic 1.67p 0.95pDiluted 1.58p 0.94pGroup and Company Statements of Changes In Equityfor the year ended 30 June 2009 Share Share Retained Exchange Minority capital premium earnings reserves interest Total £'000 £'000 £'000 £'000 £'000 £'000GroupBalance at 30 June 1,090 6,556 569 (155) - 8,0602007Profit for the year - - 1,054 - - 1,054Issue of share 31 216 - - - 247capitalExchange - - - (327) - (327)translation lossBalance at 30 June 1,121 6,772 1,623 (482) - 9,0342008Profit for the year - - 1,706 - 172 1,878Minority interest - - - - (103) (103)in subsidiarydividendInvestment by - - - - 351 351minoritiesTreasury shares - (49) - - (49)Share incentive - - 134 - - 134scheme reserveExchange - - - 297 - 297translation profitBalance at 30 June 1,121 6,772 3,414 (185) 420 11,5422009 Share Share Retained Exchange Minority capital premium earnings reserves interest Total £'000 £'000 £'000 £'000 £'000 £'000CompanyBalance at 30 June 1,090 6,556 (163) - - 7,4832007Loss for the year - - (193) - - (193)Issue of share 31 216 - - - 247capitalBalance at 30 June 1,121 6,772 (356) - - 7,5372008Profit for the year - - 341 - - 341Share incentive - - 134 - - 134scheme reserveTreasury shares - - (49) - - (49)Balance at 30 June 1,121 6,772 70 - - 7,9632009Group and Company Cash Flow Statementsfor the year ended 30 June 2009 Group Group Company Company 2009 2008 2009 2008 £'000 £'000 £'000 £'000Cash flows from operating activitiesCash generated from operations 1,554 1,320 (364) (214)Financing income 204 82 33 32Financing costs (33) (188) - -Taxation paid (577) (439) - -Net cash from operating activities 1,148 775 (331) (182)Cash flows from investing activitiesProceeds from sale of property, plant 1 35 - -and equipmentAcquisition of property, plant andequipment - Additions to expand (666) (626) - -operations - Pre-production (651) (233) - -expenditureNet cash flows from investing (1,316) (824) - -activitiesCash flows from financing activitiesNet proceeds on issues of share capital - 247 - 247Purchase of treasury shares (49) - (49)Dividends received - - 800 -Proceeds from sale of shares in 540 - - -subsidiaryNet cash acquired with subsidiary - - - 261Loans to subsidiary - - (721) -Loans raised 346 301 - -Finance lease payments (30) (60) - -Net cash flows from financing 807 488 30 508activitiesNet increase/(decrease) in cash and 639 439 (301) 326cash equivalentsCash and cash equivalents at beginning 1,486 1,222 1,024 698of yearEffect of exchange rate changes on 73 (175) - -monetary assetsCash and cash equivalents at end of 2,198 1,486 723 1,024year 1. The financial information contained in this announcement does not comprise full statutory accounts. 2. The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU. The financial statements have been prepared on the historical cost basis.3. No dividend is proposed in respect of the year.4. The Annual General Meeting will be held on Tuesday 13 October2009 at 11.00am at 36 Dover Street, London, W1S 4NH. A formal noticeof AGM along with the Annual Report and Accounts will be sent toshareholders shortly. * * ENDS * *For further information visit www.goldplat.com or contact:Demetri Manolis, CEO Goldplat plc Tel: +27 (0) 11 423 1203James Joyce WH Ireland Limited Tel: +44 (0) 20 7220 1666Bill Sharp Alexander David Securities Tel: +44 (0)20 Limited 7448 9820David Scott Alexander David Securities Tel: +44 (0)20 Limited 7448 9820Felicity Edwards St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177Isabel Crossley St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 15.09.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 5803
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 253 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Final Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Goldplat plc (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
