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Thursday, 26th February 2009 (1371 views)

The increasing price of gold has improved profits for mining company Goldplat, which has announced a 92 per cent rise in its pre-tax revenue.

In its interim results for the six months to December 31st 2008, the company reported that its cash balance stood at £2.5 million at the end of the year.

Pre-tax profits for Goldplat rose from £624,000 for the same period of 2007 to £1,201,000 for the latter half of 2008.

The firm credited a rise in gold prices for "positively impacting" its profit margins and revealed that it commenced production at its Kilimapesa mine in Kenya during January 2009.

In a statement, Demetri Manolis, Goldplat chief executive, said: "These excellent results underpin the rapid progress that the company is making and the strength of our business model."

Goldplat is focused on creating a mid-tier gold mining and production business in Africa partially funded by its metals recovery business.

 

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