AMN - GHANA: Goldplat dealing licence renewed for 3 years

Goldplat has received confirmation from the Government of the Republic of Ghana that its Ghanaian licence to purchase and deal in gold has been renewed for a period of three years.

Gold Recovery Ghana (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:

• An elution column arrives in Ghana by 30 June 2017

• Pre-construction work is completed by 30 September 2017

• The elution plant is installed by 31 December 2017

• 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 the second half of this year, 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.

Goldplat CEO Gerard Kisbey-Green says: “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.”

www.goldplat.com

News courtesy of International Mining