Pan African Resources (PAF); gold sales volume increase 13.6%

Published on 18-02-2020 08:08:35
Author Sparks Team
Pan African Resources (PAF); H1 2019 EPS from combined operations expected to be higher

Company announced the interim unaudited results for the six months ended 31 December 2019. Total gold sold in the current reporting period increased 13.6% to 90,602oz (2018: 79,765oz), led by an increase in production by Evander Mines. Gold produced by the group rose 14.7% to 92,941oz.

Pan African Resources’ revenue grew 36.2% to $132.8m (2018: $97.5m), driven by an increase in gold sales by Evander Mines, following a full six-month contribution from Elikhulu to the group’s production profile and the increase in production from remnant mining and surface sources.

The group’s EPS more than doubled to 1.14 cents per share (2018: 0.50 cents per share). The group’s PAT increased 125.8% to $21.9m (2018: $9.7m), led by improved production performance at Evander Mines and the prevailing robust USD and rand gold price.

The company did not declare any dividend for the six-month period.

Cobus Loots, Pan African Resources’ CEO, commented: “Our business strategy of delivering safe, sustainable and high-margin gold production has yielded improved operational, financial and safety results for the six-month period ended 31 December 2019 (the current reporting period). Management’s key focus for the rest of the 2020 financial year includes further improving the safety performance, delivering on production guidance, reducing operational costs, managing cash flow generation and strengthening the group’s financial position by reducing senior debt.”

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