Pan African Resources declares record dividend
An increase in profit comes despite operational troubles in the first half, with more difficulties expected at the Evander mine in the second half
Miner Pan African Resources reported a record return to shareholders and an increase in profit despite underlying operational difficulties in the first half of its financial year. There will be further challenges in the second half of the year, particularly at the Evander mine where two shafts have been suspended for two months for a R40m refurbishment programme. The mine will produce 14,000oz less of gold in the year and drag the company's annual output down to 181,000oz. Pan African, which mines gold and coal, and extracts platinum group metal from chrome tailings, reported a profit of R250m for the six months to end-December, a 10% increase compared with the same period a year earlier.