(Alliance News) - Pan African Resources PLC on Tuesday announced it is on track to meet its production guidance for the year and that construction of a new solar plant will start in early 2021.
The African-focused gold producer said it expects to produce approximately 97,000 ounces of gold for the six months ending December 31, up from last year's 92,941 ounces.
The company added that it is on track to meet its production guidance for the 2021 financial year of approximately 190,000 ounces, up from last year's 179,457 ounces.
Pan African Resources also announced the retirement of Chief Operating Officer Andre van den Bergh on January 1.
Group Mining Engineer Bert van den Berg will be succeeding him.
Bert van den Berg joined Pan African in 2016 and has over 14 years' experience in the mining industry.
In a separate announcement, Pan African said it has inked an agreement with Juwi Renewable Energies Pty Ltd South Africa to construct a 9.975 megawatt solar photovoltaic plant at Evander Mine operation to the east of Johannesburg.
The solar plant will cost ZAR140 million, with payback expected in less than five years.
The Evander Mines solar photovoltaic plant will utilise bi-facial module technology to maximise its yield and it will be constructed on previously disturbed land owned by Evander Mines, Pan African said.
Chief Executive Cobus Loots said "The Evander Mines solar photovoltaic plant is integral to the group's purpose of 'mining for a future' and pursuing environmental, social and corporate governance initiatives that go beyond compliance. This plant will be one of the first of its kind in the South African mining space. We look forward to commissioning the operation during 2021, on budget and on schedule."
Pan African Resources shares were up 1.8% at ZAR4.44 each in Johannesburg on Monday, and up 4.1% at 22.39 pence each in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Pan African (PAF)