Business
Subsidiary Results
Subsidiary Results.
About this update from Goldplat Plc
[{"type":"text","content":"\n Goldplat plc\n24 October 2006\n\n\n Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration\n\n24 October 2006\n\n Goldplat plc ('Goldplat' or 'the Company')\n\n Subsidiary Results\n\n\nGoldplat plc, the AIM-traded producer of gold and platinum group metals ('PGM')\nrecovered from by-products of the mining process, is pleased to announce the\nfull year results for its wholly owned subsidiary, Goldplat Recovery (Pty)\nLimited ('Goldplat Recovery') for the year ended 30 June 2006. The Company\n(whose year end is also 30 June 2006) acquired the whole of the issued share\ncapital of Goldplat Recovery on 26th July 2006 upon admission to trading on AIM.\nAs such the results for Goldplat Recovery will not be included in the\nconsolidated final results of the Company for the period ending 30 June 2006.\nThe results of the Company for the year ended 30 June 2006 are expected to be\npublished by the end of November 2006.\n\nSince the publication of the nine month audited accounts for Goldplat Recovery\nwhere a loss after tax of ZAR306,868, (£27,229), was recorded, the Directors are\npleased to report a significant turnaround in profitability during the last\nquarter which has resulted in a profit after tax of ZAR1,327,674 (£116,463),\n(2005: ZAR4,717,627 or £409,084) for the year as a whole. As reported in the\nCompany's Admission document, the results of Goldplat Recovery for the first\nnine months of the financial year were impacted by a number of technical\nproblems which impacted on the full year results.\n\nMost of the problems were due to one specific source of material not lending\nitself to the processes that were in place at that time. During the year\nmanagement successfully installed two gravity concentrators and a flotation\ncircuit. This has enabled the plant to process the more problematic raw\nmaterials at higher recovery rates. Also, during the year two additional mills\nwere acquired to provide extra capacity at the low grade milling circuit and\nflotation circuit and two sets of spirals were purchased to be used in\nconjunction with the fluidized bed furnace.\n\nThe Directors believe that the strong improvement in the last quarter's\nprofitability demonstrates they have resolved the previous processing problems\nwith the new source of material. The unaudited management accounts indicate that\nthe...