Pan African Resources increases production guidance as Evander volumes improve
The miner noted a significant improvement in the Evander mine’s 8 Shaft pillar as it lifted guidance to 195,000 ounces of gold for the financial year.
Pan African Resources PLC (LON:PAF) has increased its production guidance to 195,000 ounces of gold for the twelve months ending June 30.
It marks an upgrade from prior guidance of 190,000 and it comes amidst what the company described as a “robust operational performance, driven by a significant improvement in production from the Evander mine’s 8 Shaft pillar.
That part of the Evander mine has yielded some 3,400 ounces of gold per month for the past three months, the company highlighted, and it is expected to unearth a further 80,000 ounces of gold in its remaining two years of expected lifespan.
16 February 2021 | 07:55am
StockMarketWire.com - Gold miner Pan African Resources booked a substantial rise in first-half profit as it boosted production and benefited from stronger prices of the precious metal.
Net profit for the six months through December has jumped to $$40.8 million, up from $21.9 million year-on-year.
Adjusted earnings before interest, tax, deprecation and amortisation increased 73% to $76.4 million.
Output rose 5.9% to 98,386 ounces and the company said it was on track to deliver full-year production guidance of about 190,000 ounces of gold. Pan African s improved operational and financial performance . continues to demonstrate the resilience and operational flexibility of our multiple producing assets, despite the challenges of the ongoing Covid-19 pandemic, chief executive Cobus Loots said.
8 February 2021 | 09:13am
StockMarketWire.com - Mining group Pan African Resources said it expected to post a large rise in first-half earnings, thanks to a rise in the gold price and higher sales volumes.
Earnings per share for the six months through December was expected at between 2.05c and 2.17c, up from 1.14c year-on-year, marking an increase of between 80% and 90%.
Gold revenue had jumped 38% to 183.8 million amid a 27% rise in the company s average gold sale price to $1,865 an ounce and an 8.6% rise sales volumes to 98,386 ounces.
At 9:13am: [LON:PAF] Pan African Resources PLC share price was 0p at 21.3p
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Pan African Resources reports rise in gold production; on track to deliver full-year guidance of 190,000oz
22 January 2021 | 08:57am
StockMarketWire.com - Mining company Pan African Resources has reported an increase in group gold production for the first six months of the year, up by 5.9% to 98,386oz.
In an operational update, chief executive Cobus Loots said the company is on track to deliver its full-year production guidance of approximately 190,000oz.
Gold production from Barberton Mines for the six months ended 31 December 2020 was 52,354oz, while Elikhulu and Evander Mines produced 26,863oz and 19,169oz respectively.
Group net debt decreased by 47.3% to $65.2 million, down from $123.7million in 2019.