WH Ireland has reduced its gold production and profit forecasts for Goldplat following a tough first half for the gold recovery business.
Goldplat lost money in the first half as gold production slumped from 20,300 ounces to 15,800 ounces. It is taking longer to secure deals and get import documentation to supply the Ghana gold recovery plant. South African production also fell.
The 2018-19 gold production forecast has been cut from 39,500 ounces to 32,000 ounces. Flat gold production is forecast for next year, down from 43,000 ounces previously. This is partly due to the expectation that the Kilimapesa gold mine will be transferred to new owners.
This year pre-tax profit is expected to fall from £1.8m to £700,000, before recovering to £1.3m next year.
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