Goldplat plc Operational Update in relation to Covid-19 (5245H)
March 25 2020 - 3:37AM
UK Regulatory
TIDMGDP
RNS Number : 5245H
Goldplat plc
25 March 2020
G ol dp lat plc / Ti cker: GDP / Index: AIM / Secto r: M in i ng
& E x p l o rati on
25 March 2020
Goldplat plc
( 'Goldplat', t he 'Group' or 'the Company ')
Operational Update in relation to Covid-19
G ol dp lat pl c, the AIM quoted g o ld p r o ducer, w ith
internati onal g o ld reco very o perati ons l o cated in South Afr
i ca and Ghana and an underground m i ning operation in Ken ya,
announces that its operations will be temporarily curtailed due to
restrictions imposed by various Governments to combat the global
Covid-19 outbreak.
The Covid-19 pandemic has been escalating and many Governments
have taken drastic steps to combat this outbreak. These steps have
far reaching ramifications and will continue to impact all spheres
of society for the foreseeable future. Goldplat has adopted a
policy whereby it will be guided by the respective directives of
the Governments of the countries in which it operates including any
aspect that prohibits continued operations.
It is expected that all Goldplat's operations in Ghana, South
Africa and in Kenya will be affected by Government restrictions and
protocols.
Goldplat's Kilimapesa gold plant, together with the mine which
has already been under care and maintenance, will cease tailings
processing and will remain under care and maintenance from 27
March.
Goldplat's South African operation will comply with the South
African Government's directive to close certain businesses for a
period of 21 days commencing 26 March 2020, midnight.
The Company's operation in Ghana continue to operate at this
point in time, but will be placed under care and maintenance if and
when instructed to do so by the Ghanaian Government.
Whilst in operation, in whichever jurisdiction, we will continue
to protect the staff, business and stakeholders by complying with
heightened hygiene measures, restrictions on site visits and travel
in general, amongst others.
During the past few weeks, due to uncertainty surrounding the
outcome of this virus, our operations have ensured that stock
levels of critical materials are at appropriate levels so that
operations can re-commence smoothly when we are able to do so.
Goldplat's indebtedness is low by industry standards, and the
Board is confident that the Company will be strong enough to
survive curtailed operations subject to the pandemic being sorted
out in a reasonable time. On the date of this announcement,
Goldplat had approximately GBP2.8 million of cash on hand and
access to facilities of GBP500 000 which should provide us with the
ability to service all short-term requirements.
These measures will result in the reduction of the Company's
margins, the extent of which will depend on the length of time that
operations will be affected, and we will update the market as
appropriate.
Goldplat will continue to monitor developments and apply its
best endeavours to mitigate the impact on the business, employees
and all stakeholders in a responsible manner.
We will be updating the Market on the results for the 3(rd)
Quarter during the month of April.
For further i n fo rmat i on v i s it www .g o ld p lat.com, f o
l l ow on Twitter @GoldPlatPlc or contact:
Werner Klingenberg Goldplat plc (CEO) Tel: +27 (0) 82 051
1071
C o l i n Aaro n s on / Richard Tonthat / Grant Thonrton UK LLP
Tel: +44 (0) 207 383 5100
Harrison Clarke (Nominated Adviser)
James Jo yce / Lydia Zychowska WH Ireland Ltd (Broker) Tel: +44
(0) 207 220 1666
Th e i n formati on co ntai ned w ith in t h is ann oun cement
is deemed to const itute in s ide i nf o rma t i on as st ipu lated
under the Market Abu se Regulati ons (EU) No. 5 9 6 / 2 0 1 4. Up
on the pub l ication of this ann o u ncement, this in s i de i n fo
rmati on is now c o n s i dered to be in the pub l ic domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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contact rns@lseg.com or visit www.rns.com.
END
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