Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPan African Resources Regulatory News (PAF)

Share Price Information for Pan African Resources (PAF)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 24.80
Bid: 24.70
Ask: 24.80
Change: 0.15 (0.61%)
Spread: 0.10 (0.405%)
Open: 25.40
High: 25.40
Low: 24.30
Prev. Close: 24.65
PAF Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Statement re Operational Update

8 Apr 2010 11:00

Regulatory Announcement Company Pan African Resources plc TIDM PAF Headline Operational Update Released 8 April 2010 Pan African Resources PLC (`Pan African' or the `Company')

(Incorporated and registered in England and Wales under Companies Act 1985 with

registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 Operational Update 1. INTRODUCTION

Pan African is pleased to release an operational update providing production guidance for the second half of the Company's financial year 2010 (`2H2010') and an update on the significant progress that has been achieved with the Phoenix Platinum Mining (Pty) Limited (`Phoenix Platinum') project.

2. BARBERTON MINES

Although the results for the six months ended 31 December 2009 (`1H2010') had shown a decrease in gold production, largely due to a security operation at Barberton Mines (Pty) Limited (`Barberton Mines') to combat criminal mining activity, increased gold production is expected in 2H2010. The Company is pleased to report that the impact of new security measures, together with a renewed focus on mineral resources management and productivity initiatives, has resulted in an increase in expected gold production for 2H2010, and as a result Barberton Mines is now on track to produce 97,000 ounces of gold (318,000 tons at a head grade of 10.40 g/t) for the full financial year 2010 at a cash cost of less than ZAR165,000 per kilogram. The Company continues to focus on reducing the cost of additional security measures, consumables and electricity usage.

It is with regret that the Company reports a fatality at the Fairview section of Barberton Mines during 2H2010. As announced in the results for the six months ended 31 December 2009, Barberton Mines as a whole achieved 1.2 million fatality free shifts at the end of December 2009, and the Fairview section achieved 2 million fatality free shifts over a six year period ended 5 February 2010. Pan African is reviewing its Safety, Health, Environment and Community programme. The results of this review will be communicated to shareholders at the Company's financial year-end results presentation, expected to be scheduled for early September 2010.

3. PHOENIX PLATINUM

Shareholders are referred to the announcement released on 19 February 2010 advising that Pan African had entered into an exclusivity agreement with International Ferro Metals SA (Pty) Limited (`IFM') (`Exclusivity Agreement') relating to:

* the siting and construction of the Phoenix Platinum Chromite Tailings Retreatment Plant (`CTRP') on the IFM Mine Property; and * the potential acquisition of the 25% Net Profit Interest (`NPI`) held by IFM in respect of the Platinum Group Metals contained in the IFM Lesedi operations tailings fraction treated through the CTRP.

The Exclusivity Agreement provides for Pan African and IFM to conclude a formal, detailed agreement relating to the CTRP and NPI elements during the period of the exclusivity (`Formal Agreement'), and fixes the total consideration for the CTRP site location and acquisition of the NPI at ZAR80 million (approximately £7.1 million), payable in cash (`Consideration').

The Consideration is payable in tranches as follows:

* On conclusion of the Formal Agreement: ZAR25 million (approximately £2.2 million); * On commencement of the CTRP construction: ZAR25 million (approximately £2.2 million); * On commissioning of the CTRP: ZAR30 million (approximately £2.7 million).

Pan African is pleased to report that the site for the CTRP was agreed with IFM on 31 March 2010. The Company is now finalising specific detail relating to the infrastructure and services requirements prior to the commencement of the construction of the CTRP. This process is expected to be completed by the end of April 2010, after which detailed engineering design will be undertaken. The parties will thereafter conclude the Formal Agreement, at which time the first tranche of ZAR25 million (approximately £2.2 million) will become payable.

CTRP construction is anticipated to commence during June 2010 and first production is expected in the second half calendar year 2011.

The successful completion of the stages detailed above will result in Pan African producing approximately 15,000 ounces per annum of four Platinum Group Elements (Platinum (56.5%), Palladium (27%), Rhodium (16%) and Gold (0.5%). The expected life of the project is 17 years.

ENDS

For further information on Pan African Resources plc, please visit the website at www.panafricanresources.com

Enquiries: Pan African Resources Jan Nelson, Chief Executive Officer +27 (0) 11 243 2900 Nicole Spruijt, Public Relations

+27 (0) 11 243 2900 RBC Capital Markets Martin Eales / Brett Jacobs +44 (0) 20 7029 7881

Macquarie First South Advisers (Pty) Limited Melanie de Nysschen / Thembeka Mgoduso +27 (0) 11 583 2000 St James's Corporate Services Limited Phil Dexter

+44 (0) 20 7499 3916

vendor
Date   Source Headline
28th Jun 201812:02 pmRNSPrice Monitoring Extension
20th Jun 20184:40 pmRNSSecond Price Monitoring Extn
20th Jun 20184:35 pmRNSPrice Monitoring Extension
19th Jun 201810:30 amPRNHolding(s) in Company
13th Jun 20184:40 pmRNSSecond Price Monitoring Extn
13th Jun 20184:35 pmRNSPrice Monitoring Extension
4th Jun 201811:04 amPRNHolding(s) in Company
31st May 20187:00 amPRNDisposal of Pan African Resources shares by PAR Gold
31st May 20187:00 amPRNHolding(s) in Company
24th May 20189:02 amPRNUpdate on Operations and BTRP Mill Commissioning
23rd May 201810:16 amPRNHolding(s) in Company
17th May 20181:23 pmPRNHolding(s) in Company
11th May 201812:07 pmRNSSecond Price Monitoring Extn
11th May 201812:02 pmRNSPrice Monitoring Extension
2nd May 20183:00 pmPRNFinalisation of Evander Mines Restructure & OP Update
30th Apr 201812:02 pmRNSPrice Monitoring Extension
26th Apr 201812:00 pmPRNHolding(s) in Company
12th Apr 20181:32 pmPRNHolding(s) in Company
28th Mar 20187:00 amPRNOperational Update
23rd Mar 20181:32 pmPRNHolding(s) in Company
20th Mar 201810:39 amPRNHolding(s) in Company
16th Mar 20184:40 pmRNSSecond Price Monitoring Extn
16th Mar 20184:35 pmRNSPrice Monitoring Extension
2nd Mar 20187:00 amPRNOperational Update
27th Feb 201812:01 pmPRNResponse to NUM
26th Feb 20187:00 amPRNHolding(s) in Company
23rd Feb 201812:05 pmPRNDirector/PDMR Shareholding
23rd Feb 201812:03 pmPRNDirector/PDMR Shareholding
23rd Feb 201811:22 amPRNHolding(s) in Company
23rd Feb 201811:19 amPRNHolding(s) in Company
23rd Feb 201811:16 amPRNHolding(s) in Company
13th Feb 20187:00 amPRNInterim Results for the 6 months ended 31 Dec 2017
8th Feb 20182:00 pmPRNHolding(s) in Company
7th Feb 20183:00 pmPRNWithdrawal of Cautionary Announcement
1st Feb 20188:21 amPRNOperational Update & Trading Statement
29th Jan 201812:30 pmPRNCautionary Announcement
15th Dec 20179:00 amPRNBEE Ownership Restructuring
22nd Nov 20177:00 amPRNResult of AGM & Salient Dividend Dates
7th Nov 20177:00 amPRNFulfilment of all Conditions Precent - Phoenix Platinum
6th Nov 20173:35 pmPRNHolding(s) in Company
30th Oct 20176:00 amPRNNotice of AGM & No Change Statement
26th Oct 20172:32 pmPRNHolding(s) in Company
18th Oct 20177:00 amPRNBarberton Mines Wage Agreement
12th Oct 20177:00 amPRNDirector/PDMR Shareholding
11th Oct 20173:46 pmPRNHolding(s) in Company
5th Oct 20171:16 pmPRNHolding(s) in Company
2nd Oct 20174:00 pmPRNDirector/PDMR Shareholding
2nd Oct 20177:00 amPRNHolding(s) in Company
29th Sep 20174:15 pmPRNDirector/PDMR Shareholding
28th Sep 201712:50 pmPRNHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.