Business
Statement re Operational Update
Statement re Operational Update.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \nRegulatory Announcement \n \nCompany Pan African Resources plc \n \nTIDM PAF \n \nHeadline Operational Update \n \nReleased 8 April 2010 \n\n Pan African Resources PLC \n\n (`Pan African' or the `Company') \n\n(Incorporated and registered in England and Wales under Companies Act 1985 with\n registered number 3937466 on 25 February 2000) \n\n Share code on AIM: PAF \n\n Share code on JSE: PAN \n\n ISIN: GB0004300496 \n\n Operational Update \n\n 1. INTRODUCTION\n \nPan African is pleased to release an operational update providing production\nguidance for the second half of the Company's financial year 2010 (`2H2010')\nand an update on the significant progress that has been achieved with the\nPhoenix Platinum Mining (Pty) Limited (`Phoenix Platinum') project.\n\n 2. BARBERTON MINES\n \nAlthough the results for the six months ended 31 December 2009 (`1H2010') had\nshown a decrease in gold production, largely due to a security operation at\nBarberton Mines (Pty) Limited (`Barberton Mines') to combat criminal mining\nactivity, increased gold production is expected in 2H2010. The Company is\npleased to report that the impact of new security measures, together with a\nrenewed focus on mineral resources management and productivity initiatives, has\nresulted in an increase in expected gold production for 2H2010, and as a result\nBarberton Mines is now on track to produce 97,000 ounces of gold (318,000 tons\nat a head grade of 10.40 g/t) for the full financial year 2010 at a cash cost\nof less than ZAR165,000 per kilogram. The Company continues to focus on\nreducing the cost of additional security measures, consumables and electricity\nusage.\n\nIt is with regret that the Company reports a fatality at the Fairview section\nof Barberton Mines during 2H2010. As announced in the results for the six\nmonths ended 31 December 2009, Barberton Mines as a whole achieved 1.2 million\nfatality free shifts at the end of December 2009, and the Fairview section\nachieved 2 million fatality free shifts over a six year period ended 5 February\n2010. Pan African is reviewing its Safety, Health, Environment and Community\nprogramme. The results of this review will be communicated to shareholders at\nthe Company's financial year-end results presentation, expected to be scheduled\nfor early September 2010.\n\n 3. PHOENIX PLATINUM\n \nShareholders are re...