Pan African confident it will issue dividends soon, in spite of huge yearly loss
Pan African Resources noted an impairment of R1.78bn against its unprofitable Evander mine, which it closed during the 2018 financial year, laying off 1,635 people
Pan African Resources withheld its full-year dividend after a heady plunge into a R1.56bn loss because of an impairment, lower gold production, retrenchment costs and higher costs. Pan African, which has prided itself on being a solid source of dividends, has set as one of its priorities for the year ahead the resumption of returns to its shareholders. "Even though this decision was expected by most shareholders, it remains disappointing, given our group’s excellent track record of sector-leading dividends," CEO Cobus Loots said. "Our board is confident that at the prevailing rand-gold prices, and as a result of the remedial measures implemented, Pan African Resources will be able to resume its attractive dividends in the near future." Pan African recorded an impairment of R1.78bn for the year against its unprofitable Evander mine, which it closed during the 2018 financial year to end-June, laying off 1,635 people at a cost of R161m. The London-and Johannesburg-listed gold miner rep...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.