Pan African Resources Plc Elikhulu's Inaugural Gold Pour
August 16 2018 - 2:00AM
UK Regulatory
TIDMPAF
Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
("Pan African" or the "Company" or the "Group")
ELIKHULU TAILINGS RETREATMENT PLANT'S INAUGURAL GOLD POUR
Pan African is pleased to announce the inaugural gold pour at its Elikhulu
tailings retreatment plant ("Elikhulu" or the "Project") on 16 August 2018.
Pan African Resources CEO Cobus Loots commented:
"The completion of Elikhulu's construction and the inaugural gold pour, ahead
of schedule and in line with the Project budget, is a further significant
milestone as we deliver into our strategy of repositioning the Group as a
low-cost, long-life gold producer.
Elikhulu is delivering much needed new employment opportunities and is an
economic boost for our local communities and for South Africa's Mpumalanga
province.
The professional way in which the Project was executed, delivering into all
milestones in a safe and sustainable manner, again demonstrates our team's
ability to conceptualise, plan and complete very substantial growth projects.
We expect Elikhulu to be a flagship operation within our low-cost, long-life
asset base, and we will continue to focus on improving and expanding our
portfolio in a sustainable manner to the benefit of all stakeholders."
The construction of Elikhulu was completed ahead of schedule and within its
R1.74-billion budget. The Project's commissioning phase is scheduled to be
completed in September 2018, with steady-state production of approximately
55,000oz of gold per annum, at an all-in sustaining production cost of between
US$650/oz and US$700/oz.
As previously announced, the incorporation into Elikhulu of the Evander
Tailings Retreatment Plant ("ETRP"), which has a throughput of 200,000 tonnes
per month, is on track and scheduled for completion in December 2018, after
which the enlarged Elikhulu plant is forecast to process throughput of
1.2-million tonnes per month and is expected to produce approximately 70,000oz
of gold per annum.
Elikhulu's construction phase employed as many as 1,769 people and will
directly employ more than 350 permanent employees and contractors during its
operational life of 14 years.
During its construction phase, more than R162 million was paid as preferential
procurement to community contractors for services rendered during this phase of
the Project to date.
Over the life of the Project, Elikhulu is expected to produce 674,000oz of gold
with a value of approximately R11.5 billion at a gold price of R550,000/kg,
inject R5.3 billion into the South African economy for sourced goods and
services, and contribute an estimated R1.3 billion to the South African revenue
authorities in taxes and royalties.
The information contained in this announcement has not been reviewed or
reported on by Pan African's auditors and is the responsibility of the
directors of Pan African.
For further information on Pan African, please visit the Company's website at
http://www.panafricanresources.com/
16 August 2018
Contact information
Corporate Office Registered Office
The Firs Office Building Suite 31
1st Floor, Office 101 Second Floor
Cnr. Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0) 11 243 2900 United Kingdom
Facsimile: + 27 (0) 11 880 1240 Office: + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900
Phil Dexter John Prior / Paul Gillam
St James's Corporate Services Limited Numis Securities Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0) 207 796 8644 Office: +44 (0) 20 7260 1000
Sholto Simpson Ross Allister/James Bavister/David
One Capital McKeown
JSE Sponsor Peel Hunt LLP
Office: + 27 (0) 11 550 5009 Joint Broker
Office: +44 (0) 207 418 8900
Julian Gwillim Jeffrey Couch/Neil Haycock/Thomas
Aprio Strategic Communications Rider
Public & Investor Relations SA BMO Capital Markets Limited
Office: +27 (0)11 880 0037 Joint Broker
Office: +44 (0) 207 236 1010
Bobby Morse/Chris Judd
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: PAF@buchanan.uk.com
Website: www.panafricanresources.com
END
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