Goldplat, which has gold mining operations in South Africa and Ghana, achieved profitable results for the six months ended December 31, 2023, despite facing challenging circumstances in South Africa.
The company's operating profit for the period under review was £2.97 million ($3.75 million), showing a positive increase compared to the operating profit of £2.81 million reported for the six months ended December 31, 2022.
This was particularly noteworthy, given the significant increase in revenue from £20.6 million to £37.40 million, representing an 82% growth.
The Ghanaian recovery operations experienced an impressive revenue surge of 167%, while the South African operations saw a slight decline of 9% in revenue.
The rise in revenue in Ghana was primarily due to the sale of a significant amount of high-quality, low-profit material.
This material had accumulated due to export delays caused by the company's finalisation of its export licence in the previous financial period. Additionally, some material was only supplied during the period.
The decrease in revenue in South Africa can be attributed to the impact of electricity cuts on production, as well as a reduction in by-products received from current mining operations due to changes in their production profile.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
