Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Goldplat says considering partner for Kenyan mine

11 March 2014, 11:36

Nairobi - Africa-focused miner Goldplat Plc said on Monday it was considering a joint venture for its Kenyan operations to help curb losses and comply with a new local ownership law.

London-listed Goldplat, with assets in Kenya, South Africa, Ghana and Burkina Faso, said the partnership would help redevelop its Kilimapesa gold mine in western Kenya that is now maintained on a skeleton operation to limit financial losses.

"The company is talking to potential joint venture partners to carry the capital costs for expansion," Goldplat Chairman Brina Moritz said in a statement.

The firm began mining at Kilimapesa in January 2012, pouring the first bar of gold ever produced in the east Africa nation.

But a weaker gold price and uncertainty over a proposed mining law that forces foreign-owned firms to cede 35 percent of their mining operations to Kenyans dimmed its outlook, pushing management to suspend operations at Kilimapesa in June 2013.

"The Kilimapesa mine is still operating at reduced levels to defray costs. Kilimapesa continues to suffer losses, but, despite the lower gold price, the losses are at a much reduced rate," the chairman said.

The company said it would factor in the local stake rule, which is yet to be discussed by parliament, to its recovery plans for Kilimapesa.

- Reuters


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Wilwon Ochieng
Deputy Governor's ally found with...

The EACC has recovered KES 2 million in fake currency from a close ally of Deputy Governor for Tharaka Nithi Eliud Mati. Read more...

Submitted by
William Korir
Mudavadi given permission to join...

Musalia Mudavadi has been ghranted permission by his party to join the CORD Coalition. Read more...

Submitted by
Victor Tinto
EACC officers raid Deputy Governo...

EACC officers raided the home of a Deputy Governor as theft case continues in court. Read more...

Submitted by
Wilson Ochieng
New IEBC bosses to be named Novem...

New IEBC bosses will be named on November 30. Read more...

Submitted by
William Korir
DP Ruto has spoilt my name, activ...

DP William Ruto has spoilt my name, activist complains. Read more...

Submitted by
Wilson Ochieng
Apologise for attack on Auditor G...

Apologise for attack on Auditor General, President Uhuru Kenyatta is told by Kisumu Senator Anyang Nyong'o. Read more...