Pan African Resources shares fall 16% after reporting a 7% drop in production
The share price of gold miner Pan African Resources fell 16% to R1.83 on Thursday after it reported a 7% drop in production. Pan African Resources said technical glitches with its tailings treatment plant at its Barberton mines had contributed to gold production for the six months to end-December declining to 85,282 ounces from 91,613 in the matching period. The group, which in September said it expected to produce 190,000 ounces in its 2018 financial year, said it now expected to produce between 177,000 and 181,000 ounces of gold for the year to end-June. As well as its problems at Barberton, production had suffered due to 11 days lost to strikes and delays in developing projects at Fairview. Good news in the production update was that its Elikhulu tailings retreatment plant project "remains on track for commissioning early in the 2019 financial year or third quarter of the 2018 calendar year ahead of schedule and below budget". "The past 12 months have been a watershed period, dur...
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