Business
Operational Update for the Six Months Ended 31 ...
Operational Update for the Six Months Ended 31 ....
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†or the “company†or “groupâ€)\n\nOPERATIONAL UPDATE FOR THE SIX MONTHS ENDED 31 DECEMBER 2019\n\nPan African is pleased to provide an operational update for the six months ended 31 December 2019 (“current reporting periodâ€).\n\nKey highlights for the current reporting period\n\n\nPan African is on track to deliver the full-year production guidance of 185,000oz.\n\nGroup gold sales increased by 14.7% to 92,941oz (2018: 81,014oz).\n\nThe Evander 8 Shaft Pillar project development is progressing according to plan, with steady-state production planned from March 2020.\n\nPan African’s operations delivered a robust operational and commendable safety performance during the period.\n\n\nPan African CEO Cobus Loots commented:\n\n“The first six months of the year saw higher production from Pan African’s high-margin operations and investment in our growth projects, with the group demonstrating its ability to reduce debt and pay dividends to our shareholders. In addition, the operational and safety performance during the current reporting period demonstrates our continued progress in positioning Pan African as a sustainable, safe, high-margin and long-life gold producer, with an attractive project pipeline. \n\nThe Evander 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. \n\nWe have successfully completed the mining feasibility study on the Evander Egoli project, which demonstrates its technical viability and compelling economic returns. The study is currently the subject of a confirmatory third-party review, which will be completed shortly. The group is exploring several non-dilutive funding options, which will enable Pan African to continue its strategy of de-gearing its balance sheet and increasing dividends. We have ...