Last checked at 10 Apr 2017 08:18
PAN AFRICAN RESOURCES PLC - Update on Evander MinesPAN AFRICAN RESOURCES PLC - Update on Evander Mines
PR Newswire
London, April 10
| Pan African Resources PLC(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)AIM Code: PAFJSE Code: PANISIN: GB0004300496(“Pan African” or the “Company”) |
UPDATE ON EVANDER GOLD MINING PROPRIETARY LIMITED (“EVANDER MINES”) REFURBISHMENT AND COST OPTIMISATION PROGRAMME
Evander Mines refurbishment programme
Shareholders are referred to the announcement of 20 February 2017, in which the Company communicated the suspension of the Evander Mines underground mining operations to allow for critical refurbishment and maintenance of Evander Mines’ 7 and 8 shaft infrastructure.
Pan African is pleased to advise that the refurbishment of the 7 and 8 shaft complex is progressing according to schedule and is expected to be completed on 15 April 2017 within the original R40m cost estimate. The refurbishment programme entailed, inter alia, the following:
replacement of the 7 shaft pump columns support infrastructure; replacement of a damaged section of the main pump column at the 7 shaft; replacement of the water reticulation system between the 7 and 8 shafts (3 stage pump column); removal of redundant shaft steelwork at the 7A and 8 shafts; repairs to the 7 and 7A shaft bottoms; and an assessment of all other underground infrastructure critical to maintaining and sustaining production.Evander Mines’ 7A shaft (which is utilised for rock hoisting) has also normalised hoisting speed to 13 metres per second (hoisting speed was reduced to 8 metres per second for the period in which repairs were being effected).
During the refurbishment period, on-mine management also focused on the preparation of the Evander Mines underground mining areas for re-commencement of mining, with an emphasis on:
securing and opening up of stope entrances and traveling ways; opening and securing critical material and development drives; construction of additional underground dams to ensure adequate water storage capacity; improving ventilation system and infrastructure; and retraining of all underground miners to ensure the implementation of a clean, safe and sustainable mining plan.Underground mining operations at Evander Mines will recommence following the completion of the refurbishment programme, which is expected on or about 15 April 2017, with the hoisting of approximately 6,000 tonnes of mined ore currently stored within the Evander Mines underground infrastructure. The processing of these tonnes will assist with the expeditious ramp-up of Evander Mines’ underground production profile.
Evander Mines cost optimisation programme
Shareholders are referred to the announcement of 10 March 2017, in which the Company communicated that Evander Mines had concluded a retrenchment agreement with the National Union of Mineworkers on 10 March 2017, with the facilitation of the South African Commission for Conciliation, Mediation and Arbitration. The retrenchment programme is currently being implemented and is expected to be completed within the next month.
Johannesburg
10 April 2017
| Contact information | |
| Corporate OfficeThe Firs Office Building1st Floor, Office 101Cnr. Cradock and Biermann AvenuesRosebank, JohannesburgSouth AfricaOffice: + 27 (0) 11 243 2900Facsimile: + 27 (0) 11 880 1240 | Registered OfficeSuite 31, Second Floor107 CheapsideLondonEC2V 6DNUnited KingdomOffice: + 44 (0) 207 796 8644Facsimile: + 44 (0) 207 796 8645 |
| Cobus Loots Pan African Resources PLC Chief Executive OfficerOffice: + 27 (0) 11 243 2900 | Deon LouwPan African Resources PLCFinancial DirectorOffice: + 27 (0) 11 243 2900 |
| Phil DexterSt James's Corporate Services LimitedCompany SecretaryOffice: + 44 (0) 207 796 8644 | John Prior / Paul GillamNumis Securities LimitedNominated Adviser and Joint BrokerOffice: +44 (0) 20 7260 1000 |
| Sholto SimpsonOne CapitalJSE SponsorOffice: + 27 (0) 11 550 5009 | Matthew Armitt / Ross AllisterPeel Hunt LLPJoint BrokerOffice: +44 (0) 207 418 8900 |
| Julian GwillimAprio Strategic CommunicationsPublic & Investor Relations SAOffice: +27 (0)11Â 880 0037 | Jeffrey Couch/Neil Haycock/Thomas RiderBMO Capital Markets LimitedJoint BrokerOffice: +44 (0) 207 236 1010 |
| Bobby Morse/Chris JuddBuchanan CommunicationsPublic & Investor Relations UKOffice: +44 (0) 207 466 5000 | |
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