Last checked at 7 Aug 2023 07:00
Pan African Resources Plc - Operational Update for the year ended 30 June 2023Pan African Resources Plc - Operational Update for the year ended 30 June 2023
PR Newswire
LONDON, United Kingdom, August 07
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
ADR code: PAFRY
(“Pan African” or “the Company” or “the Group”)
OPERATIONAL UPDATE FOR THE YEAR ENDED 30 JUNE 2023 – GOLD PRODUCTION GUIDANCE AND DEBT REDUCTION ACHIEVED
Pan African is pleased to provide its stakeholders with a preliminary operational update for the financial year ended 30 June 2023 (“Reporting Period”).
KEY FEATURES
Safety – targeted safety campaigns to further improve the Group’s lost time injury frequency rate and reportable injury frequency rate. The Group maintains its industry leading safety performance Total recordable injury frequency rate improved to 8.13 per million man hours (2022: 8.95)Annual gold production of 175,209oz, achieving the revised guidance announced in May 2023, with operational breakdown as follows: Barberton Mines: 64,586oz Barberton Tailings Retreatment Plant (BTRP): 19,875oz Elikhulu: 50,573oz Evander Mines: 40,175ozFY2024 production guidance of between 178,000 and 190,000ozSignificant reduction in the Group’s net senior debt: Group net senior debt declined to US$18.9million (December 2022: US$49.9million)The Group’s all-in sustaining costs (AISC) for the Reporting Period is expected to be between US$1,325/oz and US$1,350/oz, at an average exchange rate of US$/ZAR: 17.77 for the Reporting Period
Pan African CEO Cobus Loots commented:
“Despite the previously flagged challenges experienced at our underground operations, the Group delivered a robust financial performance for the Reporting Period.
The continuous operations at our Barberton underground mines and other improvements are now positively impacting production, with increased production expected in the year ahead.
We look forward to presenting our 2023 year-end financial results in September, and to provide further details on developments at our operations and growth projects, that will improve value creation for our stakeholders.”
FINANCIAL RESULTS PRESENTATION, OPERATIONAL AND GROWTH PROJECTS UPDATE
A detailed update on the Group’s operations and production growth projects will be included in the Company’s annual final results presentation and FY2023 annual reporting suite, scheduled to be released on 13 September 2023.
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
7 August 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 Second Floor 107 Cheapside 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 Hira Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za | Nominated Adviser and Joint Broker Ross Allister/David McKeown Peel Hunt LLP Office: +44 (0)20 7418 8900 |
| Company Secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 7796 8644 | Joint Broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0)20 7236 1010 |
| JSE Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0)11 011 9200 | Joint Broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG (Berenberg) Office: +44 (0)20 3207 7800 |
| Website: www.panafricanresources.com |
|