Business
Interim Financial Results to 31 Dec 2022
Interim Financial Results to 31 Dec 2022.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \n \n \n Pan African Resources PLC\n (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000)\n Share code on AIM: PAF\n Share code on JSE: PAN\n ISIN: GB0004300496\n ADR ticker code: PAFRY\n (“Pan African” or the “Company” or the “Group”)\n Pan African Resources Funding Company Limited\n Incorporated in the Republic of South Africa with limited liability\n Registration number: 2012/021237/06\n Alpha code: PARI\n (PAR Funding Company) \n \n \n (Key features are reported in United States dollar (US$) or South African rand (ZAR) where relevant)\n UNaudited INTERIM FINANCIAL results for PAN AFRICAN FOR THE SIX MONTHS ended 31 DECEMBER 2022 – SHORT-FORM ANNOUNCEMENT\n Key features\n \n Gold production of 92,307oz (2021: 108,085oz), with increased production forecast for the second half of the 2023 financial year as Barberton Mines’ continuous operating cycle and other optimisation initiatives are implemented\n Full-year production guidance maintained between 195,000oz and 205,000oz\n Refocused health and safety initiatives to address the regression in underground mining safety rates\n All-in sustaining costs (AISC) for the six months ended 31 December 2022 (current reporting period) of US$1,291/oz (2021: US$1,173/oz)\n Group operations (excluding Consort and Sheba Mines), which account for more than 85% of gold output, produced at an AISC of US$1,139/oz (2021: US$1,052/oz)\n Profit after tax of US$28.9 million (2021: US$46.1 million) and headline earnings of US$29.1 million (2021: US$46.1 million)\n Earnings per share and headline earnings per share decreased to US 1.52 cents per share (2021: US 2.39 cents per share)\n Inaugural sustainability-linked bond issued for US$47.3 million during December 2022 to fund growth projects\n Cash returned to shareholders with a net dividend of US$20.0 million (2021: US$21.6 million)\n Mintails project construction is planned to commence by June 2023 subject to finalisation of the funding package and permitting\n Site clearance completed for Barberton Mines’ 8.5MWac solar photovoltaic (PV) renewable energy plant, with construction scheduled to commence by June 2023\n \n This announcement contains inside information.\n Cobus Loots, Pan African’s chief executive officer, commented:\n Overview\n “Reduced gold prod...