(Alliance News) - Pan African Resources PLC achieved record gold production in the first half, prompting the company to raise full-year guidance.
In an operational update for six months that ended December 31, the South Africa-focused gold producer said it gold output rose by 9.9% to a record half-year production of 108,085 ounces from 98,386 ounces in the prior year.
Pan African Chief Executive Cobus Loots said that the company had again delivered an excellent operational performance.
"This exceeded the expected 105,000 ounces announced in the group's December 2021 production update and was achieved while continuing to manage the impact of the Covid-19 pandemic and maintaining an excellent safety record," Loots said.
Group net senior debt was reduced by 60% to USD23.9 million from USD59.9 million previously, notwithstanding the payment of a record final rand dividend for the June 2021 financial year, the company highlighted.
Pan African also said its 10-megawatt solar plant at Evander Mines was on track to be commissioned late in February, following delays due to port disruptions and inclement weather.
A feasibility study to expand the plant to 26 megawatts is underway, with the additional capacity designated for Evander's underground growth projects, with the renewable energy expected to further improve the profitability and sustainability of the Evander operation.
Pan African will announce its interim results to December 31 on February 16.
In Johannesburg, Pan African shares rose 0.5% to ZAR3.76 on Wednesday morning.
By Artwell Dlamini; artwelldlamini@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Pan African Resources (PAF)