Pan African Resources Plc - Interim Production Update for half year ending 31 December 2023
November 22 2023 - 2:00AM
PR Newswire (US)
Pan
African Resources PLC
|
Pan
African Resources Funding Company
|
(Incorporated
and registered in England and Wales
|
Limited
|
under
Companies Act 1985 with registered
|
Incorporated
in the Republic of South Africa
|
number
3937466 on 25 February 2000)
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with
limited liability
|
Share code
on AIM: PAF
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Registration
number: 2012/021237/06
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Share code
on JSE: PAN
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Alpha
code: PARI
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ISIN:
GB0004300496
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|
ADR code:
PAFRY
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|
(“Pan
African” or “the Company” or “the Group”)
ROBUST
GOLD PRODUCTION EXPECTED FOR THE HALF YEAR ENDING DECEMBER 2023 AND EXCELLENT PROGRESS MADE WITH
THE CONSTRUCTION OF THE MOGALE TAILINGS RETREATMENT (MTR)
PLANT
Pan
African is pleased to provide its shareholders and noteholders with
an interim production update and details on construction progress
at the MTR Plant. A full operational update covering the first half
of the 2024 financial year, progress with the Group’s organic
growth projects and ESG initiatives will be released in
January 2024.
GROUP
GOLD PRODUCTION FOR SIX MONTHS ENDING DECEMBER 2023 (H1 2024)
-
Gold
production for the half year is expected to be between 94,000oz to
98,000oz (H1 FY2023: 92,307oz), an increase of between 2% and 6%,
respectively
-
Operations
performing in line or better than anticipated, with half year
production forecast as follows:
- Barberton
Mines underground: 37,000oz – 38,000oz (H1 FY2023: 32,022oz). The
implementation of continuous operations at Barberton Mines enabled
an increase in mined tonnages and grades, when compared to the
prior period
-
Evander Mines underground: 20,000 – 21,000oz (H1 FY2023:
19,173oz). Higher grade ore from 24 Level at Evander’s underground
operations and improved conveyor belt availability contributed to
improved gold production. Equipping of the ventilation shaft for
hoisting of waste and production ore from 24 to 26 Levels remains
on track for commissioning during the first quarter of calendar
year 2024
- Elikhulu
tailings retreatment: 27,000oz – 28,000oz (H1 FY2023:
25,830oz)
- Evander
surface sources: 2,000oz (H1 FY2023: 5,270oz)
- Barberton
tailings retreatment: 8,000oz – 9,000oz (H1 FY2023:
10,012oz)
-
Full year
2024 production guidance increased to a range of 180,000oz to
190,000oz, from the previously communicated range of 178,000oz to
190,000oz (FY2023: 175,209oz).
MTR
PLANT CONSTRUCTION
-
As
previously communicated, significant progress has been made with
the MTR plant at Mogale, with commissioning on track for the latter
half of the 2024 calendar year
- Project
construction is progressing on time and capital expenditure is in
line with budgets
- Foundations
for seven of the nine CIL tanks are now in place and the tower
crane’s construction has commenced
- Environmental
rehabilitation commenced with a clean up of historical spillages
and pipelines, wetlands remediation and removal of alien
vegetation.
Pan
African CEO Cobus Loots
commented:
“The
expected production performance for the half year to December 2023 positions the Group to deliver
excellent results for the full financial year.
The
continued momentum with the construction of the MTR plant at the
Group’s Mintails Project is again testament to our track record of
bringing world class tailings retreatment projects to account. MTR
is expected to commence production at the end of 2024, and will add
some 50,000 oz/yr to Group production, increasing our annual output
by some 25%.”
The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK
Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
Rosebank
22 November 2023
For
further information on Pan African Resources, please visit the
Company's website at
www.panafricanresources.com
Corporate
information
|
Corporate
Office
The Firs
Office Building
2nd Floor,
Office 204
Cnr.
Cradock and Biermann Avenues
Rosebank,
Johannesburg
South
Africa
Office: +
27 (0)11 243 2900
info@paf.co.za
|
Registered
Office
107
Cheapside
Second
Floor
London
EC2V
6DN
United
Kingdom
Office: +
44 (0)20 7796 8644
|
Chief
Executive Officer
Cobus
Loots
Office: +
27 (0)11 243 2900
|
Financial
Director
Deon
Louw
Office: +
27 (0)11 243 2900
|
Head:
Investor Relations
Hethen
Hira
Tel: + 27
(0)11 243 2900
E-mail:
hhira@paf.co.za
|
Website:
www.panafricanresources.com
|
Company
Secretary
Jane
Kirton
St
James's Corporate Services Limited
Office: +
44 (0)20 7796 8644
|
Nominated
Adviser and Joint Broker
Ross
Allister/Bhavesh Patel
Peel
Hunt LLP
Office:
+44 (0)20 7418 8900
|
JSE
Sponsor
Ciska
Kloppers
Questco
Corporate Advisory Proprietary Limited
Office: +
27 (0)11 011 9200
|
Joint
Broker
Thomas
Rider/Nick Macann
BMO
Capital Markets Limited
Office:
+44 (0)20 7236 1010
|
|
Joint
Broker
Matthew
Armitt/Jennifer Lee
Joh.
Berenberg, Gossler & Co KG (Berenberg)
Office:
+44 (0)20 3207 7800
|
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