Business
Provisional summarised audited results for th...
Provisional summarised audited results for th....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n\n\n\n\n\n\n\n\n\nPan African Resources PLC\n\n\n\n(Incorporated and registered in England and Wales under the Companies Act 1985 with registration number 3937466 on 25 February 2000)\n\n\n\nShare code on AIM: PAF\n\n\n\nShare code on JSE: PAN\n\n\n\nISIN: GB0004300496\n\n\n\nADR ticker code: PAFRY\n\n\n\n(Pan African or the Company or the Group) \n\n\n\n \n\n\n\n\n\n\n\n\n\n\nPan African Resources Funding Company Limited\n\n\n\nIncorporated in the Republic of South Africa with limited liability\n\n\n\nRegistration number: 2012/021237/06\n\n\n\nAlpha code: PARI\n\n\n\n(Funding Company) \n\n\n\n \n\n\n\n\n\n\n\n\n(Key features are reported in United States dollar (US$) or South African rand (ZAR), to the extent relevant.)\n \nProvisional summarised audited results for the year ended 30 June 2023 – SHORT FORM ANNOUNCEMENT\nKEY FEATURES\n \nProduction\n\nGold production of 175,209oz (2022: 205,688oz), in line with revised guidance \nIncreased production outlook for the 2024 financial year – guidance of 178,000oz to 190,000oz Safety\n\nAs previously announced, a fatal accident occurred at Evander Mines in March 2023, following 1 million fatality-free shifts at the operation prior to the accident\nImprovement in overall safety rates compared to the previous financial year, with a total recordable injury frequency rate of 7.96 per million man hours for the year (2022: 8.95 per million man hours)\nFocused initiatives implemented to further enhance safety performance Costs and cost outlook\n\nAll-in sustaining costs (AISCAPM) for the current financial year of US$1,327/oz, a sub-US$ inflation increase of 3.3% (US$1,284/oz for the financial year ended 30 June\nAISC in line with revised guidance for 2023 of between US$1,325/oz to US$1,350/oz\nAISC of US$1,152/oz (2022: US$1,145/oz) for our lower-cost operations, comprising all operations, excluding Sheba Mine and Consort Mine, which account for more than 81% \n\n(2022: 87%) of annual production \n\n\nRemedial measures implemented to reduce real AISC at high-cost operations (Sheba and Consort Mines)\n\n\nRenewable energy generation and water recycling, together with other initiatives to increase the Group’s future gold production, are expected to contribute to a decline in future real AISC \n\n2024 AISC guidance of US$1,350/oz (assuming an exchange...