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  • Pan African receives highest average gold price in its history

    Mon July 29 2024

     

    Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) said gold production was186,039oz in the year to end June, within guidance and an increase of 6.2% year-on-year while its received gold price was its highest at US$2,021/oz. The gold miner added it expects Fairview Mine’s 8.75MW solar photovoltaic generating plant to generate its first power next month and provide 15% of Barberton Mines’ energy requirements, saving US$2.4 million annually.

     

    Independent feasibility studies are in progress to expand Evander Mines’ current 9.975MW solar facility and for a new solar plant at the Mogale Tailings Retreatment operation, added the statement.  Cobus Loots, Pan African’s chief executive, said: “We are pleased that the group has again delivered into its production guidance while further improving safety rates.

     

    “The surface tailings retreatment operations at Elikhulu and the BTRP performed exceptionally well, with some of the lowest all-in sustaining production costs in Southern Africa. “The group is poised to deliver another world-class tailings retreatment operation ahead of schedule and below budget in the coming months with the MTR Project.

     

    “Barberton Mines has seen a steady improvement in gold production, with planned optimisation initiatives to increase ore tonnages expected further to bolster gold production in the next financial year.  “Commissioning of the ventilation shaft hoisting system at Evander underground during the start of the 2025 financial year, will substantially improve efficiencies and reduce reliance on the cumbersome conveyor system currently in use, vastly improving this operation’s production profile and facilitate the 25-26 Level project’s development."

     

    Pan African added that finance director Deon Louw has also announced he is to retire with Marileen Kok taking his place.

     

    “We would like to thank Deon for his commitment and the significant contribution he has made to the group over the years,” said Loots.

     

    Source: https://www.proactiveinvestors.com/

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