London gold mine makes Sh16.8million loss in Migori operations

A gold mining venture in Macalder, Migori county

By MN Reporter

The London-based Goldplat Plc has made Sh16.8million loses in Migori gold mines in the quarter ending September.

Last in the same period last year, the firm which operates under Kilimapesa Gold in the county also made Sh46.6 million in similar period last year.

Business Daily, reported that for the past five months the mines have been closed as it “remains on care and maintenance; mining has ceased and we are only incurring costs on security at the mining sites to safeguard our assets,”

The firm still plans to continue operation as it still has a few employees to maintain their maeins and is engaging in small scale golf production.

“To reduce the cash costs of care and maintenance and to support the local community while we seek an investment partner, we are processing batches of artisanal material, which we will continue to do whilst it makes a cash contribution to the care and maintenance costs,” the company said.

Goldplat, said they are looking for investors to help kick start new operations.