Business
Interim results for the six months ended 31 Dec...
Interim results for the six months ended 31 Dec....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \nPan African Resources plc\n\n(Incorporated and registered in England and Wales under Companies Act 1985 with\nregistered number 3937466 on 25 February 2000)\n\nShare code on AIM: PAF\n\nShare code on JSE: PAN\n\nISIN: GB0004300496\n\n(\"Pan African\" or the \"Company\" or the \"Group\")\n\nInterim Results For the six months ended 31 December 2010\n\nPan African is pleased to report its interim results for the six months ended\n31 December 2010.\n\nHighlights\n\nA Corporate\n\n- Earnings per share increased by 56% to 0.53 pence (2009: 0.34 pence)\n\n- Earnings before interest, taxes, depreciation and amortisation (`EBITDA')\nincreased by 51% to £12.95 million (2009: £8.60 million)\n\n- Revenue increased by 32% to £38.33 million (2009: £29.04 million\n\n- Unhedged and debt-free\n\n- Attributable profit increased by 70% to £7.58 million (2009: £4.47 million)\n\nB Mining Operations\n\n- Gold sold increased 1.5% to 46,655oz (2009: 45,971oz)\n\n- Head grade remains sustainable at 10.55g/t (2009: 10.11g/t)\n\n- Total cash cost of ZAR176,199/kg (2009: ZAR164,697/kg)\n\nC Near-Term Project\n\n- Resource base at Phoenix Platinum Mining (Pty) Ltd (`Phoenix Platinum')\nincreased by 16% to 469,000oz (2009: 405,000oz)\n\nOn the results, Chief Executive Officer of Pan African, Jan Nelson commented:\n\"We are pleased to announce a strong set of financial and operational results.\nDespite the inflationary cost pressure and abnormal security expenditure, Pan\nAfrican has increased attributable earnings 70% to £7.58 million. We have\nbenefitted from a sustained high gold price but we continue to stress test with\na long term forecast of.\"\n\n\"Barberton remains our core asset, producing increased gold sales whilst our\nplatinum project at Phoenix is well underway, on schedule and within budget for\nproduction later this year.\"\n\n\"We continue to remain focused on further productivity and cost improvements.\nOrganic growth will continue to improve margins whilst we leverage our balance\nsheet and strategic partnership with Shanduka to realise further growth\nopportunities.\"\n\nInterim Statement\n\nA Nature of Business\n\nPan African is an African focused precious metals mining group which produces\napproximately 100,000oz of gold per year, with production of platinum group\nmetals forecast to commence by the end of the 2011 calendar...