Business
Operational Update for the year ended 30 June...
Operational Update for the year ended 30 June....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n \t\t\t\t\t\tPan African Resources PLC\t\t\t(Incorporated and registered in England and Wales\t\t\tunder Companies Act 1985 with registered\t\t\tnumber 3937466 on 25 February 2000)\t\t\tShare code on AIM: PAF\t\t\tShare code on JSE: PAN\t\t\tISIN: GB0004300496\t\t\tADR code: PAFRY\t\t\t(“Pan African” or “the Company” or “the Group”)\t\t\t\t\t\tPan African Resources Funding Company Limited\t\t\tIncorporated in the Republic of South Africa\t\t\twith limited liability\t\t\tRegistration number: 2012/021237/06\t\t\tAlpha code: PARI\t\t\t \t\t\t \t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t OPERATIONAL UPDATE FOR THE YEAR ENDED 30 JUNE 2024 AND BOARD CHANGEPan African is pleased to provide its shareholders and noteholders with a preliminary operational update for the financial year ended 30 June 2024 (“Reporting Period”), an update on the Mogale Tailings Retreatment project (MTR Project) commissioning and information on progress with its renewable energy projects. Group full year production of 186,039oz was within guidance and increased by 6.2% year-on-year. The average achieved gold price for the Reporting Period was US$2,021/oz (R1,215,827/kg at an exchange rate of US$/ZAR18:71), and will be the highest on record for the Group. KEY FEATURES\tSignificant improvement in the Group’s already industry leading safety statistics across all operations, as follows:\t\t\tthe total reportable injury frequency rate reduced to 5.47 per million man hours (FY2023: 8.13)\t\tthe lost time injury frequency rate improved to 1.62 per million man hours (FY2023: 2.54) \t\tthe reportable injury frequency rate improved to 0.70 per million man hours (FY2023: 1.29)\t\t\tGold production increased by 6.2% to 186,039oz (FY2023: 175,209oz), in line with the revised guidance previously announced, with operations performing consistent with expectations: (FY2023 figures in brackets)\t\t\t\t\t\t\t\t\t\t\t\t\tBarberton Mines:\t\t\t\t\t\t\t\t\t\t\t\t71,470oz (64,586oz)\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tEvander Mines underground:\t\t\t\t\t\t\t\t\t\t\t\t40,869oz (40,175oz)\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tElikhulu:\t\t\t\t\t\t\t\t\t\t\t\t54,812oz (50,573oz)\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tBarberton Tailings Retreatment Plant (BTRP):\t\t\t\t\t\t\t\t\t\t\t\t18,888oz (19,875oz)\t\t\t\t\t\t\tThe Group’s all-...