Goldplat, the AIM quoted African gold producer, is pleased to announce
that it has received confirmation from the Government of the Republic of
Ghana (the "Ghanaian Government") that its Ghanaian licence to purchase
and deal in gold has been renewed for a period of three years.
Gold Recovery Ghana Limited ("GRG"), the Company's wholly owned gold
recovery subsidiary in Ghana, recovers gold from by-products of the
mining process, providing an economic method for mines to dispose of
waste materials and adhere to environmental obligations. GRG was
previously operating under a temporary licence, pending confirmation
that its application for the renewal of its gold licence had been
accepted.
As per previous licences, the renewed licence grants the Company the
right to purchase and process by-products for the purpose of recovering
and exporting gold and concentrates. Under the terms of the licence, GRG
will pay a royalty to the Ghanaian Government of 5% on all minerals
obtained from its operations. In order to maintain the licence, GRG must
continue with its previously announced plans to install an elution
plant. The licence requires inter alia that GRG ensures that:
1. an elution column arrives in Ghana by 30 June 2017;
2. pre-construction work is completed by 30 September 2017;
3. the elution plant is installed by 31 December 2017; and
4. the plant is commissioned and brought into production by 30 June 2018.
The Company is confident that it can install the elution column within
this timeframe to meet the defined milestones.
Customs clearance and shipping of a number of containers, containing
concentrates and other by-products destined for further processing
outside of Ghana, which have been awaiting the renewal of the licence,
will begin immediately. The profits from the sale of the affected stock
will be realised in H2 FY2017 rather than the first half of the
financial year; the Company does not expect this shipping delay to
affect the group's full year results.
Gerard Kisbey-Green, CEO of Goldplat plc commented: "We are very pleased
that we have been granted a three-year licence at our Ghanaian recovery
business, as a major pillar of our growth strategy is the international
diversification of sourcing of material for import into and processing
at this operation. We are in complete agreement with the government
regarding the need to install and commission an elution plant, which
will significantly increase our operational capacity, and look forward
to delivering on our construction targets. I would like to thank the GRG
team, our local director as well as the Minister of Lands and Natural
Resources, the Chief Executive Officer of the Minerals Commission and
their various colleagues for the effort put in to grant this licence
before year-end."
Gold gains on weaker dollar
8th February 2021
Gold prices edged higher on Monday, as softer U.S. jobs data cemented hopes of further fiscal stimulus and pressured the dollar, although bullion’s gains were capped by higher Treasury yields. Spot gold was up 0.2% at