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Pan African reports record profit, proposes highest ever dividend polity.org.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from polity.org.za Daily Mail and Mail on Sunday newspapers.
Pan African puts debt repayments before dividends
By Dineo Faku
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JOHANNESBURG - PAN AFRICAN Resources said yesterday it had chosen to prioritise repaying its debt over declaring an interim dividend during the six months to the end of December last year.
Debt was reduced by 47.3 percent to $65.2 million (about R951m) in December as the group pushed to strengthen its capital structure.
Chief executive Cobus Loots said given the record rand dividend payment last year, the group wanted to strike a balance between debt reduction and a dividend. “At the R900 000-a-kilogram gold price, the group should be debt-free by the end of the financial year,” said Loots
Hawks nab 12 zama zamas at illicit gold refinery News24 Wire
Picture: iStock The complex is on the property of Barberton Mine and is well hidden in the mountainous area near Baviaanskop, which is part of the Makhonjwa mountain range.
Twelve illegal miners were arrested by the Hawks on Wednesday in a sting operation at a defunct farming complex, where an illicit gold refinery was in operation.
The complex is on the property of Barberton Mine and is well hidden in the mountainous area near Baviaanskop, which is part of the Makhonjwa mountain range.
According to Captain Dineo Sekgotodi of the Hawks, the raid was part of an operation to try and stem the serious problem of zama zamas stealing gold bearing rock and then running an illegal refinery to recover the precious