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EPIC: PAF
Market: AIM:PAF
52-week High/Low: 17.25p / 6.51p
Sector: General Mining - Gold
Market Cap: 128.22M
Pan African Resources plc

Pan African Resources plc

Pan African and its subsidiaries are a South African based precious metals mining group which produces in excess of 200,000oz of gold and 8,000oz of PGM’s per annum. The Company’s strategic focus is on the exploitation of high grade ore-bodies that yield high margins with a relatively low cost base. Pan African has successfully grown profitable precious metal production in recent years via...

Pan African Resources plc

www.panafricanresources.com

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Big picture - Why invest in Pan African Resources plc


Pan African Resources plc Snapshot

Our Operation Map

 

Barberton Gold Mines
Life-of-mine Years: 22
Description and location Located in a greenstone belt, this is a low cost, high grade operation comprising three mines: Fairview, Sheba and New Consort and a recently commissioned tailings retreatment plant (BTRP).  
Mining Charter rating: 3
Headcount Number of employees: 1 835
Number of contractors: 422
Operational statistics Production (tonnes milled): 268 383
Production (AU oz per annum): 84 690
Capacity (AU oz per annum): 95 000
Tonnage (capacity per annum): 300 000
Head grade (Grams per tonne): 11,0
Sustainable capital per annum (ZAR million): 120
Resources and Reserves Resources: 9.0Mt @ 10.15g/t (2.9Moz)
Reserves: 4.9Mt @ 9.17g/t (1.4Moz)
Exploration: Ongoing
Cash cost: USD694/oz
Barberton Tailings Retreatment Plant
Life-of-mine Years: 14
Description and location Located at Barberton Mines, the R325.7 million gold tailings retreatment plant commenced construction in April 2012, was completed on schedule and within budget, and achieved its inaugural gold pour in June 2013.  
Mining Charter rating: 3
Headcount Number of employees: 56
Number of contractors: 38
Operational statistics Production (tonnes milled): 959 215
Production (AU oz per annum): 28 591
Capacity (AU oz per annum): 30 000
Tonnage (capacity per annum): 1 200 000
Head grade (Grams per tonne): 1,7
Sustainable capital per annum (ZAR million): 5
Resources and Reserves Resources: 20.8Mt @ 1.27g/t (0.9Moz)
Reserves: 13.3Mt @ 1.46g/t (0.6Moz)
Exploration: Ongoing
Cash cost: USD315/oz
Evander Gold Mines
Life-of-mine Years: 16
Description and location Located in the Witwatersrand basin, current operations comprise 8 Shaft, several potential development projects – Poplar, Evander South, Rolspruit and Elikhulu (a surface tailings retreatment project), the Kinross metallurgical processing plant and tailings storage facility.  
Mining Charter rating: 3
Headcount Number of employees: 2 418
Number of contractors: 779
Operational statistics Production (tonnes milled): 408 281
Production (AU oz per annum): 73 496
Capacity (AU oz per annum): 95 000
Tonnage (capacity per annum): 480 000
Head grade (Grams per tonne): 5,7
Sustainable capital per annum (ZAR million): 150
Resources and Reserves Resources: 92.4Mt @ 9.78g/t (29.0Moz)
Reserves: 28.4Mt @ 8.32g/t (7.6Moz)
Exploration: Ongoing
Cash cost: USD954/oz
Evander Tailings Retreatmet Plant
Life-of-mine Years: 16
Description and location A tailings retreatment project which will exploit historically generated gold tailings deposited in the Kinross tailings storage facility and surface sources.  
Mining Charter rating: 3
Headcount Number of employees: 12
Number of contractors: 7
Operational statistics Production (tonnes milled): 1 445 044
Production (AU oz per annum): 18 151
Capacity (AU oz per annum): 20 000
Tonnage (capacity per annum): 2 400 000
Head grade (Grams per tonne): 0,3
Sustainable capital per annum (ZAR million): 2
Resources and Reserves Resources: 214.5Mt @ 0.30g/t (2.0Moz)
Reserves: 35.8Mt @ 0.31g/t (0.4Moz)
Exploration: Ongoing
Cash cost: USD587/oz
Phoenix Platinum
Life-of-mine Years: 9
Description and location Phoenix Platinum is a tailings plant which extracts platinum group metals from chrome tailings.  
Mining Charter rating: 3
Headcount Number of employees: 3
Number of contractors: 58
Operational statistics Production (tonnes milled): 248 981
Production (PGE oz per annum): 8 339
Capacity (PGE oz per annum): 12 000
Tonnage (capacity per annum): 360 000
Head grade (Grams per tonne): 3,1
Sustainable capital per annum (ZAR million): 1
Resources and Reserves Resources: 6.2Mt @ 3.16g/t (0.6Moz)
Reserves: 2.7Mt @ 2.54g/t (0.2Moz)
Exploration: Ongoing
Cash cost: USD613/oz
Uitkomst Colliery
Life-of-mine Years: 22
Description and location An underground coal mining operation located in the KwaZulu-Natal province.  
Mining Charter rating: New entry
Headcount Number of employees: 115
Number of contractors: 326
Operational statistics Production (tonnes mined): 128 022
Coal washed and sold (tonnes/annum): 136 102
Tonnage (capacity per annum): 420 000
Kcal: >6,000
Sustainable capital per annum (ZAR million): 10
Resources and Reserves Resources: 23.3Mt
Reserves: Ongoing
Exploration: Ongoing
Cash cost: USD45/tonne


 

Keith Spencer - Independant Non-Executive Director - Chairman

BSc Eng (Mining)

Keith is a qualified mining engineer with 35 years’ practical mining experience. He has managed some of the largest gold mines in the world. In 1984 Keith was appointed as General Manager of Greenside Colliery and in 1986 moved to Kloof Gold Mine as General Manager. In 1989 he was appointed as consulting engineer for Gold Fields, South Africa to Doornfontein Gold Mine, Driefontein Consolidated Gold Mine, Greenside Colliery and Tsumeb Base Metals Mine. He also served as Managing Director of Driefontein Consolidated, Chairman and Managing Director of Deelkraal Gold Mine, and as a board member of all gold mines belonging to Gold Fields, South Africa. In 1999 Keith joined Metorex Limited, first as a private consultant and later as a permanent member of the executive, managing the Wakefield Coal operations, O’okiep Copper company, Barberton Gold Mines and Metmin Manganese Mine. In 2001 Keith became Operations Director for Metorex Limited.

 

Hester Hickey - Independent Non-Executive Director

Hester worked at AngloGold Ashanti, initially as group Internal Audit Manager and later as Executive Officer: Head of Risk. Prior to this she worked at Ernst & Young and Liberty Life and was Acting Head of Internal Audit at Transnet. In her early career she lectured at the University of Witswatersrand, was a partner of Ironside Greenwood and was the National Technical and Training Manager at BDO Spencer Stewart. Hester has also previously served as Chairman of SAICA. She currently performs board evaluations and director training for the IoDSA and serves on several boards and audit committees.

Thabo Mosoli - Independant Non-Executive Director

Thabo brings a wealth of experience in corporate governance and audit, having started his career at KPMG and since 1999 having served on a variety of boards as a member and chairman of audit committees in the resources and other industries in South Africa. He is currently a director of MFT Investment Holdings, where he is responsible for investment decisions in respect of B-BBEE investment opportunities.

 

Rowan Smith - Independant Non-Executive Director

Rowan was the Managing Director of Shanduka and has almost two decades of collective xperience in the minerals and merchant banking industries. He was previously a director at Pan African Resources from 17 September 2009 until 20 July 2011. His experience

includes geological valuation work for Rand Mines, seven years with Societe Generale de Surveillance in both Geneva and South Africa as a manager, and four years as a director of Investec’s Resource Finance Division. Rowan’s passion for business development, coupled

with his technical and merchant banking expertise have provided him with the skills to originate, structure and implement a host of investments across the various resource-based sectors.

 

Cobus Loots - Executive Director and CEO

Cobus served articles with Deloitte & Touche and became an Audit Manager with the firm before leaving to pursue a career in finance. His experience includes mining-specific acquisitions and finance as well as the management of both exploration and production of mineral assets, most recently before 2009 as Managing Director of Shanduka. Cobus has been a director of Pan African Resources since 2009 (FD during 2009–2011, and a non-executive director during 2011–2013) and served as Joint CEO alongside Ron Holding until assuming the office of FD on 1 October 2013.

 

Dean Louw - Executive Director and FD

 

Deon has extensive corporate finance and business experience, which includes investment banking, consulting and business administration in the mining finance and mining services sectors. He has fulfilled the roles of Financial Director of Sentula Mining Limited, CFO of Shanduka Coal, Director of Resource Finance Advisors and Head of Resource Structured Finance at Investec Bank.

Major Shareholders

Pan African Resources Capital Structure as at 31 December 2016:

Shares in issue
1,943,206,554
Percentage of AIM Securities not in public hands 41.56%

Major Shareholder Information:

Shareholder
Shares
%ISC
Shanduka Gold 436,358,058 22.46
Allan Gray Investment Management 367,459,484 18.91
Truffle Asset Management 107,684,297 5.54
Fidelity International 75,658,521 3.89
Old Mutual Investment Group 71,094,980 3.66

 

South Africa Contacts

Corporate office in South Africa

Leandra Cox

Office 101, First Floor, The Firs

Cnr Cradock and Biermann Avenues

Rosebank, Johannesburg, South Africa

Tel: + 27 11 243 2900

Fax: + 27 11 880 1240

E-mail: [email protected]

 

Public & Investor Relations SA

Aprio Strategic Communications

Julian Gwillim

Tel: +27 (0)11 880 0037

 

UK Contacts

Company Secretary & Investor Relations (UK)

St James’s Corporate Services Limited

Phil Dexter

Suite 31, Second Floor

107 Cheapside

London, EC2V 6DN

United Kingdom

Tel: +44 (0)20 7796 8644

Fax: +44 (0)20 7796 8645

E-mail: [email protected]

South Africa

Corporate office
Pan African Resources PLC
The First, 1st Floor, Office 101
Cnr Biermann and Cradock Avenue, Rosebank
Tel: +27 (0)11 243 2900
Fax: +27 (0)11 880 1240

One Capital (Pty) Ltd
Cobus Human
Tel: +27 (0) 11 550 5000

UK

Company Secretary & Investor Relations
St James’s Corporate Services Limited
Phil Dexter / Jane Kirton
Tel: +44 (0)20 7796 8644

Legal Consultants
Fasken Martineau LLP
Nigel Gordon

Nominated Adviser and Joint Broker
John Prior / Paul Gillam / James Black
Numis Securities Limited
Office: +44 (0)207 260 1000

Joint Broker
Matthew Armitt / Ross Allister
Peel Hunt LLP
Office: +44 (0) 20 7418 8900

Joint Broker
Jeffrey Couch / NeilHaycock / Thomas Rider
BMO Capital MarketsLimited
Office: +44 (0)20 72361010

Registered office
Suite 31, Second Floor
107 Cheapside
London, EC2V 6DN
Tel: +44 (0)20 7796 8644
Fax: +44 (0)20 7796 8645

Pan African Resources plc Timeline

RNS
May 11 2018
RNS
April 30 2018

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