Goldplat Share Discussion Threads

[kimboy2] 09/6/2017 08:05

Gerard isolated? An interesting theory.

As for trust, well Gerard took over 2 years ago. Since then he has on the positive side;
1. Sorted out alternative refiners to RR and ameliorated the 'single refiner risk'.
2. Completed South African elution column
3. Completed liquid cyanide project
4. Completed stage 1 and just about stage 2 at Kili
5. Returned company to profitability, and all units presently profitable.
6. Started second elution column in Ghana
7. Numerous smaller projects to enhance reliability and profitability
8. Opened routes for substantial amounts of cheaper feedstock from South America
9. Made progress on stock dam and route to production
10.By end of year running profits will be £4m+ pbt pa

On the negative side;
1. Rand Refinery refused to pay their bill

Of course things can come out of the blue, but I think considerable steps have been taken on trust and building a track record of delivery.

[shareholder7] 09/6/2017 07:28

Hi DDBuying and selling softcat and have a small position at the moment Think this could go down below 400 but the finals will be good so will be a buyer if it goes below 400Not bad from 285 when we last discussed this share though Moved into physical silver ETFs as you don't have to rely on management Must say I agree with you, I won't ever come back into GDP and learned a great deal about how you can't trust management and the risk of AIMWhy I still monitor is that I don't think we have seen the end of this saga as I agree with you on RR and that's why I left Ian going is something that should have happened some time ago and now it will be interesting as Gerard is now isolated IMV he was an Ian fan and got the feeling he was protecting him to a degree. Now we have a new chairman and FD, Hansie still there but questions over the RR deal as he was in charge of this We will see but as you said Sea has been really good and posted great stuff and hope this does well, but trust still not there yet

[kimboy2] 08/6/2017 21:06

The $2m loan (though it could be more)was to buy in more material from South America. So they may well have 'burned through $2m very quickly' but it will appear in the accounts as inventories.

Seems a good thing to me. Virtually zero risk and increasing profitability.

[shareholder7] 08/6/2017 20:36

Hi DD good to see your post Don't think you played this wrong at all we all got suckered into this with the past board of directors The Fat Lady has not sung yet and until the present board prove that they are different and there are no skeletons left in the cupboard you might have got it right.All I know is it is very easy to burn through $2m very quickly I do hope this will works out for Sea and others but I watch with interest on further developments as we head to year end

[discodave4] 08/6/2017 18:50

Not doing too bad thanks...........glad your ok.Probably best not to start debating RR again!, only winds up some (can't see but can guess).Hope it comes good for you here, you played this a lot better than me, live and learn.All the bestDD

[sea7] 08/6/2017 14:55

Hi dd,

Doing fine, you?

All gone quiet on the goldplat front since the last update. No roadshows, interviews or presentations. They appear to be quietly getting on with the business at hand. As for rand refinery, well it doesn't appear to be affecting things to much, as we would have heard about any showstoppers, so I guess that is working its way through its own process and we will hear at some point.

Share price has stagnated at the current level, however, the increase in business, along with the increase in gold, should give the share price a lift, when the company decide to mention it.

[kimboy2] 08/6/2017 09:38

Hi DD
Hadn't heard any mention of RR for some time. Only rated one sentence in the last operations update;

Legal proceedings with regards to the Rand Refinery dispute are in process and remain separated from the day-to-day operations between the two companies.

The main development has been at Kili where a £700k loss in the first half will be translated into an ongoing £700k annual profit thanks to phase 2. Phase 3 still to come of course.

The focus will now shift to the elution column in Ghana which will earn a bottom line profit of over £1m for GDP.

There is also the material being secured in South America. The better grades will ensure greater profitability going forward.

As always none of these significant recent developments will be taken into account by the market till the numbers are actually on the table.

[sea7] 06/6/2017 18:16

The 4-tonne elution project is progressing well and on target. Various equipment and construction material are already in Ghana with the shipment of the main acid and carbon columns planned before the end of June 2017 to allow the engineering modifications on the carbon column to be completed

[kimboy2] 06/6/2017 17:54

Took 2 or 3 weeks to commission the first one.

[sea7] 06/6/2017 17:28

on Ghana it was..

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; and
the plant is commissioned and brought into production by 30 June 2018.

I think we are on target and the costings will be finalised in this quarter.

[kimboy2] 06/6/2017 17:22

Hopefully we have exhausted the disappointments that RR can cause.

I am expecting something to say that the Kili crusher unit has been commissioned. This is dependent on steel availability which caused a delay. Could be any time. The good thing is that they are producing sufficient material that doesn't need crushing to keep up to the 120tpd indicated.

It would be hoped the availability of material is sufficient to push the button on stage 3.

[sea7] 06/6/2017 16:38

Last year we had an update on 20th april, same as this year, the next update wasn't until 11 july, the rand dispute, so I am hopeful of a more positive update this time around and preferably once there is decent news to talk about.

[kimboy2] 06/6/2017 16:24

We haven't heard much about the Ghana elution column. The cost was estimated at $2m but not confirmed.

The elution column should be in Ghana by the end of June according to the license requirements. I suspect it is probably all there and the work has started on it.

The column at Benoni was started in June 2015 and finally commissioned in November 2015. I am certainly expecting it to be up and running before the year end. It would be nice to get a timeline.

[sea7] 06/6/2017 13:00

The usd/shilling rate of 103 gives us quite a bit more than 5 years ago, when the rate was about $1/84 shillings.

The bullion produced in kenya which used to go straight to rand, now goes to another refinery, it will still be sold in dollars, when converted to shillings gives us more at this time. With dollar gold up, we should be getting a good effect here, when looking at the costs in shillings, which hopefully is countering some of the inflation in kenya.

[kimboy2] 06/6/2017 11:11

The rand price of gold was up to 20k about a year ago but is now down to around 16k. That is quite a big drop and without any real noticeable effect on profitability.

That won't be the case in Kenya where they are mining, though this is of course a double edged sword.

[sea7] 06/6/2017 10:47

rand is weakening as south Africa has entered a recession, the first time since 2009.

Incidentally gold in rand in august 2009 was ZAR8000 and goldplat traded at 11p.

[kimboy2] 06/6/2017 09:13

The price of gold seems to be wandering upwards, but I think it is due more to dollar weakness than gold actually rising. This tends to eliminate the benefit in the local currency so (I think) the benefit to GDP is limited.

However the Kenyan shilling seems under pressure and the gold price in local currency has risen by about 11% since the beginning of the year. Given that we are now producing at an annual rate of around 7kozs this will amount to an extra profit of £700k over what could have been achieved on Jan 1st, all other things being equal.

All things are not equal of course and one problem in Kenya seems to be rising inflation due to the drought;



The net effect is positive though.

[kimboy2] 04/6/2017 20:13

Can't see the point if shipping is dirt cheap.

[russman] 04/6/2017 14:37

240t @ 200g/t +; just set up in Brazil.

[sea7] 02/6/2017 14:21

shareholder7,

Ian took over management control of goldplat recovery in November 2000 with Demetri Manolis. They both owned the south Africa plant 100%. Ian and Demetri first bought 60% of goldplat recovery in august 2000 and then Demetri acquired the remaining 40%
in January 2006.


When goldplat plc listed on aim, they raised £1.5m. They used £500k to buy shares in Gold Mineral Resources, which is the holding company. Gold Mineral Resources used the £500k to purchase goldplat recovery, south Africa from Ian and Demetri. They got paid proportionately, in accordance with their holding in the South African company. Gold Mineral Resources then held 100% of goldplat recovery. This was reduced to 76% in accordance with BEE regulations later on.

Ian no longer has any shares in goldplat recovery south Africa and has never purchased any shares in Goldplat PLC, as there has never been any rns stating it.
The admission document shows that Ian did not hold any shares in Goldplat plc prior to listing and still held none after listing.

As there has been no rns since the announcement in the listing doc that Ian held no shares and he never exercised any of the options he was granted, it would be fair to say that he does not have any interest in the company, apart from his service agreement, which is at three months notice to quit by either side.

[kimboy2] 02/6/2017 06:22

I thought that Klingenberg had been in charge of accounts across the group pretty much for the last 18 months so I doubt there will be any surprises.

As for if/how many shares Visagie has I can't see any significance.

[shareholder7] 01/6/2017 22:17

All good posts Sea as per normal and you are rightHaving loans in Kili secured on the assets of the SA business is not fair to the minority shareholders I do hope the new FD will not find any banner skins but now the board has a good balance at long lastSomething I wanted over two years ago What does surprise me Sea is your insistence that Ian holds no shares As a founder and someone that has hung on for far too long I do think he has a few Good luck to all long term holders

[sea7] 01/6/2017 19:20

according to peter moyo, ceo of NMT at the black management forum in October last year....

Moyo was part of a panel discussion at the conference.
Panellists agreed that ownership was pivotal to transformation, depending on how it was used. In addition, black executives should have a say on who should be employed in top positions