UK-Based Goldplat Gets Sh25.5m Loan For Kenya Plant Upgrade

London-listed miner Goldplat has secured a Sh25.5 million local bank facility to expand its processing plant in south-western Kenya where it targets to boost production.

A piece of rock with gold. Goldplat's plant expansion comes in the wake of stabilising gold prices. PHOTO | FILE

A piece of rock with gold. Goldplat’s plant expansion comes in the wake of stabilising gold prices. PHOTO | FILE

Chairman Brian Moritz said more discussions were ongoing to shore up additional funds for the project in Kilimapesa area in the wake of stabilising gold prices.

“A local bank facility of $250,000 (Sh25.5 million) is in place for financing of equipment related to the production and processing expansion” he said.

Goldplat currently mines gold ore from the Kilimapesa Hill area with additional material being sourced from artisans (artisanal tailings) within the block.

The firm’s gold output in the six months to December 31 was down to 932 ounces compared to 1,081 ounces over a similar period in 2014.

“The main reason for this decrease was that sourcing of tailings from third parties (artisans) was stopped by the Kenyan government during the period. Processing of tailings from within the Kilimapesa lease area has subsequently been restarted,” Mr Moritz said.

– Business Daily