Interim Results for the 6 months ended 31 Dec 2017

About this update from Pan African Resources Plc

[{"type":"text","content":"\n \nPan African Resources PLC\n\n(Incorporated and registered on 25 February 2000 in England and Wales under the Companies Act 1985, registration number 3937466)\n\nShare code on AIM     : PAF\n\nShare code on JSE     : PAN\n\nISIN   : GB0004300496\n\n(“Pan African Resources” or the “company” or the “group”)\n\nUnaudited interim results for the six months ended 31 December 2017\n\nKey features reported in South African Rand (“ZAR” or “R”) and Pound Sterling (“GBP”)\n\nOverview\n\nThe six months ended 31 December 2017 (“current reporting period”) saw the group further implement its strategy to provide not only a platform of stability at our operations at Barberton Mines and Evander Mines, but also one of improved and sustainable cash flows and production for the second half of this year and beyond. The measures taken have seen substantial changes at all of our underground operations, with the restructuring at Evander Mines and the increased investment in development at Barberton Mines.\n\nThe Elikhulu tailings retreatment plant (“Elikhulu”) project remains on track to commence commercial production a number of weeks ahead of schedule, whilst the operational challenges at Barberton tailings retreatment plant (“BTRP”) and the lower than anticipated recoveries are expected to be resolved following the installation of a regrind mill to assist with the processing of the coarser material encountered. The commissioning of Elikhulu will significantly advance Pan African’s strategy of sourcing a substantial portion of its annual gold production from long-life, low-cost surface tailings operations. These surface tailings operations ensure sustainability in the challenging South African operating environment.\n\nThe delivery of 85,282oz for the half year, down 6.9% (2016: 91,613oz) is a credible performance in the light of the substantial challenges faced during the current reporting period. The group remained profitable despite the currency volatility, the lost production days from industrial disputes, and the technical challenges at the BTRP. The group today is positioned for a stronger second half with the results of our investment in the BTRP regrind mill and improved grades from Barberton Mines set to deliver strong production growth and lower cost...

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