This archive report was first published on 30 October 2019.
On October 30, 2019, Goldplat Plc, a London-based company, announced a significant reduction in operating losses at its Migori goldmine.
The company's local operations, owned through Kilimapesa Gold, reported a loss of Sh16.8 million in the quarter ended September, a nearly two-thirds decrease from the Sh46.6 million loss in the same period last year.
Despite the reduction in losses, the mine remains closed, with commercial production halted for five months due to a lack of investment.
Goldplat has placed the mine under care and maintenance, meaning that production has stopped, and only a few employees are retained to ensure the site remains safe and stable.
The company aims to resume production quickly and efficiently once an investment partner is secured.
Meanwhile, Goldplat is processing batches of artisanal material to reduce care and maintenance costs and support the local community.
The company has received cumulative VAT refunds of £345,000 (Sh45.8 million) from the Kenya Revenue Authority, which has been used to reduce its debt.
