MINING REFINING

Pan African results aided by 'much-improved rand gold price'

Wed Sep 13 2023

Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) said a "much-improved rand gold price" helped to compensate for production and power issues in the year just ended.

Profits at the South Africa-based gold miner in the year to end June 2023 were US$60.7 million (US$75 million) with cash generated from operation around US$100 million against US$110 million in the previous year.

Cobus Loots, chief executive, said it had been a resilient performance with remedial work at the problem areas in the Barberton complex to result in higher production in the future.

Guidance currently for the current year is for output to rise from 175,200oz to between 175,800-190,000oz.

“If the current rand gold price tailwinds persist, we can look forward to another robust financial performance from Pan African in the year ahead,” said Loots.

Net debt at the end of the year was US$22 million (US$13 million), with a dividend of 0.95592 cents announced.

Source: https://www.proactiveinvestors.com