Pan African Resources (PAF)

Sector:

Mining

Index:

FTSE AIM 100

9.84p
   
  • Change Today:
      0.34p
  • 52 Week High: 14.50p
  • 52 Week Low: 8.82p
  • Currency: UK Pounds
  • Shares Issued: 2,234.69m
  • Volume: 362,686
  • Market Cap: £219.89m
  • RiskGrade: 530

Pan African Resources maintains guidance as it makes solid development progress

By Josh White

Date: Friday 17 May 2019

LONDON (ShareCast) - (Sharecast News) - Pan African Resources updated the market on its trading for the nine months ended 31 March on Friday, reporting that its performance over the period reflected its efforts to maintain itself as a "safe, low-cost and long-life" gold producer.
The AIM-traded firm, which was holding its annual general meeting, said that safe, highly profitable and sustainable ounces at Elikhulu had replaces those of Evander's loss-making underground operations.

It added that it was continuing to optimise Elikhulu, which delivered a throughput of 1.3 million tonnes in March - 100,000 tonnes above nameplate capacity.

The focus was now on maximising sustainable margins from what the company described as a "world-class" operation.

"We have commenced the development and equipping of Evander Mines' 8 Shaft Pillar, with first gold expected in August," said Pan African chief executive officer Cobus Loots.

"The Evander 8 Shaft Pillar is expected to contribute an additional 20,000 to 30,000 ounces per annum for three years, at an all-in sustaining costs of approximately $900 per ounce, therefore making a meaningful contribution to the group's near-term production and profitability.

"The operation will be mined by a specialised and experienced independent contractor given the nature of pillar mining."

Loots told shareholders that the firm had completed "extensive" feasibility work on Barberton Mines' Royal Sheba project, adding that due to the group's disciplined capital allocation criteria and the capital cost estimates to develop the mine, Pan African would not pursue the project on a stand-alone basis.

He said the existing Barberton Mines' processing plant infrastructure could be upgraded to process ore from the orebody.

"The benefits of this approach is the ability to expedite the environmental licencing process, shorten the timeline to production, enhance returns from mining this orebody and negate the requirement for external capital funding.

"We look forward to updating the market on this project in the months ahead."

Pan African said it was confident that it remained on track to meet its gold production guidance of 170,000 ounces for the full financial year ending 30 June.

"With Elikhulu producing at a steady state for a full year and the incremental contribution from Evander's Pillar operation, we expect to produce approximately 185,000 ounces of gold for the 2020 financial year, which is a sizeable increase in our gold production profile," Loots said.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PAF Market Data

Currency UK Pounds
Share Price 9.84p
Change Today 0.34p
% Change 3.58 %
52 Week High 14.50p
52 Week Low 8.82p
Volume 362,686
Shares Issued 2,234.69m
Market Cap £219.89m
RiskGrade 530

PAF Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
82.76% above the market average82.76% above the market average82.76% above the market average82.76% above the market average82.76% above the market average
46.43% above the sector average46.43% above the sector average46.43% above the sector average46.43% above the sector average46.43% above the sector average
Price Trend
68.94% above the market average68.94% above the market average68.94% above the market average68.94% above the market average68.94% above the market average
59.68% above the sector average59.68% above the sector average59.68% above the sector average59.68% above the sector average59.68% above the sector average
Income
70.05% above the market average70.05% above the market average70.05% above the market average70.05% above the market average70.05% above the market average
42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average
Growth
85.23% above the market average85.23% above the market average85.23% above the market average85.23% above the market average85.23% above the market average
44.83% above the sector average44.83% above the sector average44.83% above the sector average44.83% above the sector average44.83% above the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PAF Dividends

  Latest Previous
  Final Final
Ex-Div 12-Dec-19 07-Dec-17
Paid 30-Dec-19 21-Dec-17
Amount 0.12p 0.45p

Trades for 03-Apr-2020

Time Volume / Share Price
16:35 10,278 @ 9.84p
16:29 106 @ 9.40p
16:26 93 @ 9.25p
16:26 207 @ 9.25p
16:25 6,697 @ 9.98p

PAF Key Personnel

CEO Cobus Loots
CFO NA Reynolds
Finance Director Deon Louw

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