Pan African is hopeful it has put a bad year of low production behind it
Pan African Resources, an SA-focused gold miner, reported a steep drop in full-year profit because of lower gold production at a time when the rand price for the metal was flat. Nonetheless, it declared a dividend and outlined improved expectations for the year ahead. Pan African, which is traded on the JSE and London’s Alternative Investment Market (AIM), reported a 43% drop in post-tax profit to R310m for the year to end-June. It declared a R185m dividend for the year, translating to 8.279c per share. Pan African’s gold output fell to 173,285oz, a 15% decline, because of difficulties at its Evander gold mine in Mpumalanga. The gold price was flat year on year at R542,773/kg, while the all-in sustaining cost rose to R514,435/kg from R405,847/kg. Evander was suspended for 55 days during the year to refurbish a shaft, while the Barberton mines near the Swaziland border were disrupted by community unrest. Both mines were issued temporary safety stoppage notices by the Department of Mi...
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