(Alliance News) -Â Pan African Resources PLC on Friday said it anticipates a significant improvement in interim earnings, mainly due to higher gold production from the Elikhulu tailings retreatment plant.
Pan African expects earnings per share between 1.12 US cents and 1.17 cents for the six months to December 31, versus just 0.50 cents a year ago. Headline EPS is seen between 1.11 cents to 1.16 cents, versus 0.50 cents a year before.
This is primarily due to increased low-cost gold production from the South African Elikhulu tailings retreatment plant, the company said, with the operation producing 29,301 ounces, up 92% on a year ago.
There was also a "sizeable increase" in the average gold price received, up 20% to USD1,464 an ounce.
In London, the stock was up 7.9% at 12.75 pence. In Johannesburg, shares were up 6.9% at ZAR2.48.
By Lucy Heming;Â lucyheming@alliancenews.com
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Pan African (PAF)