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\nPan African Resources PLC Pan African Resources Funding Company\n(Incorporated and registered in England and Wales Limited\nunder Companies Act 1985 with registered Incorporated in the Republic of South Africa\nnumber 3937466 on 25 February 2000) with limited liability\nShare code on AIM: PAF Registration number: 2012/021237/06\nShare code on JSE: PAN Alpha code: PARI\nISIN: GB0004300496\nADR code: PAFRY\n(“Pan African” or “the Company” or “the Group”) \n \nOPERATIONAL UPDATE FOR THE YEAR ENDED 30 JUNE 2023 – GOLD PRODUCTION GUIDANCE AND DEBT REDUCTION ACHIEVED \nPan African is pleased to provide its stakeholders with a preliminary operational update for the financial year ended 30 June 2023 (“Reporting Period”). \nKEY FEATURES\n\nSafety – targeted safety campaigns to further improve the Group’s lost time injury frequency rate and reportable injury frequency rate. The Group maintains its industry leading safety performance\n\n\nTotal recordable injury frequency rate improved to 8.13 per million man hours (2022: 8.95)\n\n\nAnnual gold production of 175,209oz, achieving the revised guidance announced in May 2023, with operational breakdown as follows:\n\n\nBarberton Mines: 64,586oz\n\nBarberton Tailings Retreatment Plant (BTRP): 19,875oz\n\nElikhulu: 50,573oz\n\nEvander Mines: 40,175oz\n\n\nFY2024 production guidance of between 178,000 and 190,000oz\nSignificant reduction in the Group’s net senior debt: \n\n\nGroup net senior debt declined to US$18.9million (December 2022: US$49.9million)\n\n\nThe Group’s all-in sustaining costs (AISC) for the Reporting Period is expected to be between US$1,325/oz and US$1,350/oz, at an average exchange rate of US$/ZAR: 17.77 for the Reporting Period \nPan African CEO Cobus Loots commented:\n“Despite the previously flagged challenges experienced at our underground operations, the Group delivered a robust financial performance for the Reporting Period.\nThe continuous operations at our Barberton underground mines and other improvements are now positively impacting production, with increased production expected in the year ahead.\nWe look forward to presenting our 20...