20th Dec 2016 08:49
LONDON (Alliance News) - African gold producer Goldplat PLC on Tuesday said its licence to purchase and deal in gold in Ghana has been renewed by local authorities.
Gold Recovery Ghana Ltd, Goldplat's gold recovery subsidiary in Ghana, recovers gold from by-products of the mining process and had been operating under a temporary licence, pending confirmation its application to have its gold licence renewed had been accepted.
Goldplat said the licence has been renewed for three years, and its Gold Recovery Ghana unit will pay the Ghanaian government a 5.0% royalty on all minerals obtained under its operations.
The licence will be contingent on Goldplat meeting certain milestones around the construction of a elution plant, which must be installed by the end of 2017 and brought into production by the end of June 2018. Elution is the process of extraction one material from another by washing it with a solvent.
"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," said Gerard Kisbey-Green, Goldplat's chief executive.
Shares in Goldplat were untraded on Tuesday, having last traded at 5.15 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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