Business
Interim Results for the 6 months ended 31 Decem...
Interim Results for the 6 months ended 31 Decem....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \nRegulatory Announcement \n \nCompany Pan African Resources plc \n \nTIDM PAF \n \nHeadline Interim Results \n \nReleased 10 February 2010 \n\n Pan African Resources PLC \n\n (`Pan African' or the `Company' or the `Group') \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 Interim Results \n\nFor the 6 months ended 31 December 2009 and renewal of cautionary announcement \n\nPan African Resources PLC (AIM: PAF, JSE: PAN) is pleased to report its interim\nresults for the 6 months ended 31 December 2009.\n\nHighlights\n\nCorporate\n\n * Earnings before interest, taxes, depreciation and amortisation (`EBITDA')\n of £8.6 million (2008: £8.6 million).\n \n * Revenue increased by 16.4% to £29 million (2008: £24.9 million).\n \n * Unhedged and debt-free.\n \n * Barberton Mines Pty (Ltd) (`Barberton Mines') now a wholly-owned subsidiary\n (previously 74% held).\n \n * Cyril Ramaphosa joined the board as Non-Executive Chairman\n \n * Pan African moved from Altx to the main board of the JSE Limited on 1\n December 2009.\n \nMining Operations\n\n * The Fairview section of Barberton Mines, achieved 2 million fatality free\n shifts over a 6 year period. *\n \n * Major progress made on minimising criminal artisanal mining activity\n (`criminal mining').\n \n * 4.7% decrease in underground production to 45,385oz (2008: 47,634oz),\n principally due to non-recurring work stoppage to address criminal mining.\n \n * Headgrade remains sustainable at above 10g/t (2008: 11.40g/t).\n \n * Total cash cost of ZAR164,697/kg (2008: ZAR134,581/kg).\n \nNear Term Production\n\n * Resource base at Phoenix Platinum Mining (Pty) Ltd (`Phoenix Platinum')\n increased by 12.5% to 405,000oz (2008: 360,000oz).\n \n* Post period under review\n\nNature of Business\n\nPan African is a gold mining group that produces approximately 100,000oz per\nyear. Its focus is on developing low cost, high margin production or near term\nproduction projects. The Group is largely debt free, is unhedged and is able to\nfund all of its current on-mine capital expenditure from internal cash flows.\n\nFinancial Performance\n\nFor the period under review, gross revenue amounted to £29 million (2008: £24.9\nmillion),...