Business
Audited Full Year Results & Dividend Recomm...
Audited Full Year Results & Dividend Recomm....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \n31 August 2010\n\n Pan African Resources PLC \n\n (`Pan African' or the `Company') \n\n(Incorporated and registered in England and Wales under Companies Act 1985 with\n registered number 3937466 on 25 February 2000) \n\n Share code on AIM: PAF \n\n Share code on JSE: PAN \n\n ISIN: GB0004300496 \n\n Audited Full Year Results and Dividend Recommendation for the Year Ended \n 30 June 2010 \n\nPan African Resources PLC (\"Pan African\" or the \"Company\" or the \"Group\") (AIM:\nPAF, JSE: PAN) is pleased to report its audited full year results and dividend\nrecommendation for the year ended 30 June 2010.\n\n a. Highlights 2010\n \nCorporate\n\n * Revenue from gold sales increased by 29.25% to GBP68.5 million (2009:\n GBP53.0 million)\n \n * Unhedged and debt free\n \n * Barberton Mines (Proprietary) Limited (\"Barberton Mines\") is now a wholly\n owned subsidiary (2009: 74%)\n \n * Headline earnings per share (\"HEPS\") increased by 25.88% to 1.07p (2009:\n 0.85p)\n \n * Earnings per share (\"EPS\") increased by 160.00% to 1.04p (2009: 0.40p)\n \n * Earnings before interest, tax, depreciation, amortisation and impairments\n (\"EBITDA\") increased by 9.17% to GBP25.0 million (2009: GBP22.9 million)\n \n * Final dividend of GBP5.26 million, 0.3723p (2009: interim dividend of\n 0.2555p declared) proposed\n \n * Cash and cash equivalents increased by 435.56% to GBP12.80 million (2009:\n GBP2.39 million)\n \n * Shanduka Gold (Proprietary) Limited (\"Shanduka\") acquired a 26%\n shareholding in Pan African\n \n * Cyril Ramaphosa appointed as Non-Executive Chairman\n \nMining Operations\n\n * Underground gold production increased by 2.71% to 97,483oz (2009: 94,909oz)\n \n * Headgrade improved by 2.81% to 10.61g/t (2009: 10.32g/t)\n \n * Measured and indicated resource base increased by 30.22% to 1,814,000oz\n (2009: 1,393,000oz)\n \n * Barberton Mines old order mining rights converted to new order mining\n rights\n \nNear-Term Operations\n\nPhoenix Platinum\n\n * Exclusive terms signed with International Ferro Metals (SA) (Proprietary)\n Limited (\"IFM\") in terms of the site location of a Chrome Tailings\n Retreatment Plant (\"CTRP\")\n \n * Resource upgraded by 15.80% to 469,000oz from 405,000oz\n \n * Production expected to commence in the second half of 2011\n \n * Forecast cash cost of less than US$400/oz\n \n Year ended Year en...