Gold Recovery Ghana Reports Unaudited Earnings and Production Results for the Quarter Ended September 30, 2015
Oct 29 15
Gold Recovery Ghana reported unaudited earnings and production results for the quarter ended September 30, 2015. During the quarter 2,797 ounces of gold was produced with 3,086 ounces being sold during the period.
Operating profit was £156,000. With the increased elution capacity at Goldplat Recovery Pty Limited, and the Aurubis pipeline being filled, the company has returned to positive cashflow.
Gold Recovery Ghana Limited Reports Earnings and Production Results for the Year Ended June 30, 2015
Sep 28 15
Gold Recovery Ghana Limited reported earnings and production results for the year ended June 30, 2015. For the year, the company reported loss from operating activities of £641,000 compared to an operating profit of £813,000 in 2014. During the year under review £544,000 was lost during the first half which illustrates a strong recovery during the second half of the financial year. The effects of the deterioration of the Ghana Cedi in relation to the British Pound and the reduction in ounces produced is the main causes for their poor performance. Operating results for GRG after finance cost resulted in a loss of £311,000 compared to profit of £1,056,000 a year ago.
For the year, the company produced 6,111 ounces of gold compared to 13,739 ounces a year ago, of which 2,578 ounces were sold, the balance being unprocessed concentrates. As can be seen, there was a significant reduction in production as well as a large build-up of stock. During the year the CIL operation was terminated as tailings deposition was no longer possible on the confined tailings facility which had run out of capacity. Furthermore, the toll treatment contract was put on hold to allow Endeavour and GRG to comply with certain regulatory requirements, and the remaining spiralling and incineration business was severely hampered by knock-on effects of Rand Refinery issues experienced in South Africa. As a result, operations at GRG were reduced to a very low level at one point during the year with backlog material building up and little new material being procured, resulting in a material impact on the operation's production and profitability in fiscal year 2015.