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Goldplat shares down 10% as Kilimapesa gold mine goes into care and maintenance

Goldplat PLC's shares slid by more than 10% on May 31 in the London Stock Exchange as it put its Kilimapesa gold operations in Kenya on care and maintenance.

The company is looking for external funding to develop the operations, and is in talks with a number of parties interested in investing in Kilimapesa, it said May 31.

Meanwhile, a number of stakeholders have agreed to not demand payment in the next six months.

Goldplat is also in discussion with the Kenyan Revenue Authority to discuss payment of its value-added tax claims, which total more than £1 million.

The company expects to reclassify Kilimapesa as an asset held for sale in the consolidated results for the year ended June 30 and that goodwill in investments held by its holding company, Gold Minerals Resources Ltd., will be reassessed.

In July 2018, Goldplat said it was looking for an investment partner for Kilimapesa as poor performance at the project was expected to result in a loss.