Pan African Resources (PAF); on track to deliver full-year production guidance of 185,000oz.

Published on 24-01-2020 08:30:52
Author Sparks Team
Pan African Resources (PAF): gold production increases by 54.2% for the six months ended 31 December

Pan African Resources provided an operational update for the six months ended 31 December 2019. According to the company, the operations delivered a robust operational and commendable safety performance during the period. The Evander 8 Shaft Pillar project development is progressing according to plan, with steady-state production planned from March 2020 as well.

The company experienced no fatalities during the current reporting period, while the lost-time injury frequency rate improved to 1.69 (2018: 1.77).

A new pump station, successfully commissioned at Elikhulu tailings retreatment plant during December 2019, is expected to increase plant feed grades and plant feed rates for the remaining part of the financial year. The Barberton Mines remain on track to achieve market guidance of approximately 100,000oz for the full financial year of 2020.

The Evander Mines’ Egoli project’s mining feasibility study (MFS) has been finalised, with the MFS results surpassing the findings of previous technical and financial assessments.

Total net debt, including the impact of capitalised operating leases in terms of IFRS 16, decreased to R1.74bn (R1.69bn when accounting for 71.3kg of gold delivered to Rand Refinery in December 2019, but not settled by 31 December 2019) from R1.83bn as of 30 June 2019. The company plans to announce its interim results on 18 February 2020.

Pan African Resources’s CEO Cobus Loots, commented: “We remain on track to produce at least 185,000oz of gold for the full financial year ending 30 June 2020, and we are committed to creating value for all our stakeholders.”

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