(Alliance News) - Pan African Resources PLC on Tuesday reported a rise in annual gold production and maintained its outlook for the year to come.
Gold production for the year ended June 30 rose 12% to 201,608 ounces from 179,457 oz a year ago. This beat the company's revised production guidance, set in May, of 195,000 oz.
Chief Executive Cobus Loots said: "We are very pleased with the group's operational performance over the last year, and the fact that our team managed to exceed the revised production guidance for this period.
"Addressing the challenges posed by the Covid-19 pandemic remains a top priority, with ongoing enhancements to our operating protocols to mitigate the constantly evolving characteristics of the virus that has resulted in an increasing number of infections over multiple 'waves'. We will continue to rigorously implement preventative and precautionary measures at our operations to maintain the relatively low infection rate to date, and ensure the health and well-being of our employees."
The Africa-focused gold miner maintained its financial 2022 production guidance at 195,000 oz.
"Our operational focus for the new year emphasises the further improvement of our safety performance and the continued optimisation of our operations," Loots said.
Pan African Resources shares were 0.9% higher at ZAR3.37 each in Johannesburg on Tuesday morning, and were down 0.8% to 16.77 pence each in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Pan African (PAF)