(Alliance News) - Pan African Resources PLC on Friday said it is on track to meet its yearly guidance following a good performance in the first half of its financial year.
The African-focused gold producer said for the six months ended December 31, gold production increased by 5.9% to 98,856 ounces from 92,941 ounces a year prior.
Pan African Resources is on track to deliver its full year production guidance of around 190,000 ounces.
Environmental & social governance projects, including the 10 megawatt renewable energy solar photovoltaic plant at Evander mines, near Secunda, and large-scale agriculture projects in Barberton Mines on the border of Eswatini, are on track for commissioning in the third quarter, the company said.
Net debt was reduced by 47% to USD65.2 million from USD123.7 million a year prior, this was partly due to the strengthening of the rand relative to the US dollar at a closing rate of USD/ZAR14.70 compared to USD/ZAR17.33 as at 30 June last year.
Pan African Resources shares were up 0.4% at ZAR5.00 each in Johannesburg on Friday, and were 1.8% lower at 24.06 in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Pan African (PAF)