Pan African Resources PLC - Rosebank-headquartered gold producer - Completes a ZAR400 million transaction with Rand Merchant Bank, a division of FirstRand Bank Ltd, as the final component to the funding package for the Mintails project's construction. The funding brings the full upfront capital to ZAR2.5 billion.
This transaction following the issue of the group's inaugural domestic medium term note programme of ZAR800 million in December and receipt of a ZAR1.3 billion credit approved and underwritten term sheet from RMB for the senior debt tranche of Mintails project's funding, it says. Pan African says it is in the process of finalising detailed engineering optimisation studies for the Mintails project. Commencement of construction is expected by June 2023, with steady state production forecast by December 2024.
Current stock price in Johannesburg: ZAR3.07, up 4.8% on Monday
12-month change: down 25%
By Artwell Dlamini, Alliance News reporter
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Pan African (PAF)