Pan African’s shares spike on soaring profit forecast
Pan African Resources has forecast that its profit will more than double as its tailings retreatment strategy pays off
Pan African Resources shares shot up 14% on Wednesday after advising the market to expect its interim profit to more than double. Pan African, which operates underground mines in Barberton as well as tailings retreatment operations there and at Evander, said it expected its earnings per share for the six months to end-December to be up to 126% higher than the 3.23c per share it posted a year earlier. Pan African, which is traded in London and Johannesburg, said its earnings per share would range between 6.98c and 7.3c when it reported results on February 20. Pan African share price rose as much as 14.4% to R2.15 after the update.
Pan African has classified its underground Evander mine as a discontinued operation. The earnings forecast is based on combined operations, including Evander’s mine where limited work is continuing to clear out high-grade areas. Pan African under the leadership of CEO Cobus Loots has built and commissioned on time and budget the Elikhulu tailings proj...
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