Business
Interim Unaudited Results to 31 December 2019
Interim Unaudited Results to 31 December 2019.
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\n\nunder Companies Act 1985 with registered number\n\n3937466 on 25 February 2000)\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\nShort Form Announcement – Condensed Consolidated Interim Unaudited Results for the six months ended 31 December 2019\n\nChief executive officer's statement\n\nPan African Resources CEO Cobus Loots commented:\n\n“Our business strategy of delivering safe, sustainable and high-margin gold production has yielded improved operational, financial and safety results for the six months ended 31 December 2019 (“the current reporting periodâ€).\n\nIn the current reporting period, our team delivered a robust operational performance, with gold sales volumes increasing by 13.6% to 90,602oz.\n\nDespite the increase in the Group’s overall AISC for the current reporting period, all-in sustaining costs (“AISCâ€), at our tailings businesses operated at exceptional margins, with Elikhulu producing at an AISC of USD708/oz and our Barberton Tailings Retreatment Plant reporting an AISC of USD643/oz. We are pleased to maintain our previous guidance of gold production of 185,000oz, at an AISC below USD1,000/oz, for the full 2020 financial year. \n\nPreviously, we committed to increasing margins at our higher-cost underground operations and are encouraged by progress made in achieving this objective. Evander Mine’s 8 Shaft pillar (8 Shaft pillar) project, where all development milestones were achieved on-schedule and on-budget, will reach commercial production in the next few weeks, adding further high-margin production from our operations in the second half of this year. At Barberton’s New Consort Mine, we will also commence mining the PC Shaft pillar in March, adding incremental gold production and considerably reducing the unit cost of production from this operation. Critically, we are conducting pillar mining activities in a way that does not sterilise the longer-term future of the operations.\n\nWe have successfully completed the mining feasibility study on Evander Mines’ Egoli project, which demonstrates its technical viability and compelling economic returns. This study is currently subject to an independent...