Business
Operational Update
Operational Update.
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 registered number 3937466 on 25 February 2000)\n\nAIM Code: PAF\n\nJSE Code: PAN\n\nISIN: GB0004300496\n\n(“Pan African†or the “Company†or the “Groupâ€)\n\n OPERATIONAL UPDATE\n\nFollowing the operational updates released in March and May 2018, Pan African is pleased to provide preliminary production results for the financial year ended 30 June 2018, production guidance for the 2019 financial year and further information on the Group’s operations and organic growth projects.\n\nKey highlights are summarised as follows:\n\n\n\nImproved safety performance year-on-year with no fatalities (2017: three fatalities).Barberton Mines commendably achieved one million fatality free shifts during June 2018.\n\n\n\nGroup gold production of 160,421oz in the 2018 financial year, ahead of its most recent production guidance of 157,000oz - 160,000oz.\n\n\n\nBarberton Mines produced 90,628oz for the 2018 financial year, within its production guidance of 90,000oz - 91,000oz. During the second half of the financial year, Barberton Mines produced 50,017oz of gold, a 23% increase on its first half production.\n\n\n\nEvander Mines produced 69,793oz for the 2018 financial year, exceeding its production guidance of 67,000oz - 69,000oz.\n\n\n\n\n\nConstruction of the Elikhulu Tailings Retreatment Plant (“Elikhuluâ€) remains on track and within budget for first gold in August 2018, with construction now entering the commissioning phases of the project.\n\n\n\nThe Royal Sheba Project feasibility study at Barberton Mines is expected to conclude during September 2018.\n\n\n\nProduction guidance for the 2019 financial year is approximately 170,000oz, excluding any production from Evander’s underground operations.With the previous high cost ounces from the Evander underground now replaced by production from low cost surface remining operations, production costs are also expected to demonstrate a significant improvement.\n\n\n\nPan African Resources CEO Cobus Loots commented:\n\n“The 2018 financial year was extremely challenging for the Group, both financially and operationally. However, during the past six months, we have successfully addressed key deliverables that were critical to the future sustainability of Pan...