PAF Cuts Staff at Evander upgrade10 Mar 2017 18:12
LONDON (Alliance News) - Pan African Resources PLC on Friday said repairs at its Evander site are progressing on schedule, and said around 30% of the staff at the site will be made redundant to meet production targets.
Pan African's underground mining operations were suspended for up to 55 days at its Evander operation in South Africa in late February after there was a fatality at the site. The company said, whilst operations were suspended, it would conduct repairs and refurbishment on infrastructure.
Pan African said the repairs were progressing on schedule and are still expected to be completed within the 55 day period, with processing and tailings re-treatment plant having utilised available plant capacity to continue processing tailings and additional surface sources.
The group said the Evander Mines management team has implemented a number of initiatives to reduce the fixed cost base, and, following a productivity and human capital assessment, it has decided around 30% of the employees will be retrenched at a cost of around USD4.1 million.
These personnel were designated as redundant for Evander Mines to meet production target, and Pan African said a number of those retrenched employees will be re-engaged when site activities at the Elikhulu project commences.
Proceeds from its fundraise in February "may or may not" be used to build Elikhulu, and Pan African said it has been seeking out investor support to raise equity to fund the remaining portion of capital required for the construction.
Pan African has built a book of demand in excess of the 291.5 million shares it was authorised to issue at its shareholder meeting, though said given current market conditions it has decided not to complete an equity issuance at this time.
"The company will however continue to progress the Elikhulu development from cash and banking facilities, until the final Elikhulu funding package is secured," the group said.
Shares in Pan African closed down 1.6% at 15.50 pence on Friday.
Pan African Cuts A Third Of Evander Staff As Repairs On Schedule
LONDON (Alliance News) - Pan African Resources PLC on Friday said repairs at its Evander site are progressing on schedule, and said around 30% of the staff at the site will be made redundant .......
[10 Mar '17 16:30]
Guess there are many reasons for the fall in sp in this pasted info.
The bit I don't like is a desperate anc who may be brave enough to flout the constitution in order to transform i.e. Nationalise the mines? Obviously just my opinion.
I would like to hear your views as this is still a well run junior miner.
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