Last checked at 22 Nov 2023 07:00
Pan African Resources Plc - Interim Production Update for half year ending 31 December 2023Pan African Resources Plc - Interim Production Update for half year ending 31 December 2023
PR Newswire
LONDON, United Kingdom, November 22
Pan African Resources PLC | Pan African Resources Funding Company |
(Incorporated and registered in England and Wales | Limited |
under Companies Act 1985 with registered | Incorporated in the Republic of South Africa |
number 3937466 on 25 February 2000) | with limited liability |
Share code on AIM: PAF | Registration number: 2012/021237/06 |
Share code on JSE: PAN | Alpha code: PARI |
ISIN: GB0004300496 |
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ADR code: PAFRY |
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(“Pan African” or “the Company” or “the Group”)
ROBUST GOLD PRODUCTION EXPECTED FOR THE HALF YEAR ENDING DECEMBER 2023 AND EXCELLENT PROGRESS MADE WITH THE CONSTRUCTION OF THE MOGALE TAILINGS RETREATMENT (MTR) PLANT
Pan African is pleased to provide its shareholders and noteholders with an interim production update and details on construction progress at the MTR Plant. A full operational update covering the first half of the 2024 financial year, progress with the Group’s organic growth projects and ESG initiatives will be released in January 2024.
GROUP GOLD PRODUCTION FOR SIX MONTHS ENDING DECEMBER 2023 (H1 2024)
Gold production for the half year is expected to be between 94,000oz to 98,000oz (H1 FY2023: 92,307oz), an increase of between 2% and 6%, respectivelyOperations performing in line or better than anticipated, with half year production forecast as follows:Barberton Mines underground: 37,000oz – 38,000oz (H1 FY2023: 32,022oz). The implementation of continuous operations at Barberton Mines enabled an increase in mined tonnages and grades, when compared to the prior periodEvander Mines underground: 20,000 – 21,000oz (H1 FY2023: 19,173oz). Higher grade ore from 24 Level at Evander’s underground operations and improved conveyor belt availability contributed to improved gold production. Equipping of the ventilation shaft for hoisting of waste and production ore from 24 to 26 Levels remains on track for commissioning during the first quarter of calendar year 2024Elikhulu tailings retreatment: 27,000oz – 28,000oz (H1 FY2023: 25,830oz)Evander surface sources: 2,000oz (H1 FY2023: 5,270oz)Barberton tailings retreatment: 8,000oz – 9,000oz (H1 FY2023: 10,012oz)Full year 2024 production guidance increased to a range of 180,000oz to 190,000oz, from the previously communicated range of 178,000oz to 190,000oz (FY2023: 175,209oz).
MTR PLANT CONSTRUCTION
As previously communicated, significant progress has been made with the MTR plant at Mogale, with commissioning on track for the latter half of the 2024 calendar yearProject construction is progressing on time and capital expenditure is in line with budgetsFoundations for seven of the nine CIL tanks are now in place and the tower crane’s construction has commencedEnvironmental rehabilitation commenced with a clean up of historical spillages and pipelines, wetlands remediation and removal of alien vegetation.
Pan African CEO Cobus Loots commented:
“The expected production performance for the half year to December 2023 positions the Group to deliver excellent results for the full financial year.
The continued momentum with the construction of the MTR plant at the Group’s Mintails Project is again testament to our track record of bringing world class tailings retreatment projects to account. MTR is expected to commence production at the end of 2024, and will add some 50,000 oz/yr to Group production, increasing our annual output by some 25%.”
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Rosebank
22 November 2023
For further information on Pan African Resources, please visit the Company's website at
www.panafricanresources.com
Corporate information | |
Corporate Office The Firs Office Building 2nd Floor, Office 204 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za | Registered Office 107 Cheapside Second Floor London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644 |
Chief Executive Officer Cobus Loots Office: + 27 (0)11 243 2900 | Financial Director Deon Louw Office: + 27 (0)11 243 2900 |
Head: Investor Relations Hethen HiraTel: + 27 (0)11 243 2900E-mail: hhira@paf.co.za | Website: www.panafricanresources.com |
Company Secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 7796 8644 | Nominated Adviser and Joint Broker Ross Allister/Bhavesh Patel Peel Hunt LLP Office: +44 (0)20 7418 8900 |
JSE Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0)11 011 9200 | Joint Broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0)20 7236 1010 |
| Joint Broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG (Berenberg) Office: +44 (0)20 3207 7800 |
