Pan African Resources dives as power cuts hit gold output forecast
Miner says it will produce up to 25,000 fewer ounces than expected after operational snags
26 May 2023 - 09:19
Pan African Resources’ share price plunged 21% on Friday, the mid-tier gold producer’s biggest one-day decline, after revising down its full-year production guidance due to load-shedding and operational issues.
The update and subsequent sell-off, which wiped more than R2bn off the company’s market capitalisation, comes with the gold price at a historic high and the rand touching a record low against the dollar last week...
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