http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Tue, 17 Jul 2018 23:50:34 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180713120228_13717532/ Fri, 13 Jul 2018 12:02:28 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180713120228_13717532/ <![CDATA[News - Pan African headed in right direction after challenging year ]]> http://www.proactiveinvestors.co.uk/companies/news/200673/pan-african-headed-in-right-direction-after-challenging-year-200673.html Gold production by Pan African Resources plc (LON:PAF) was ahead of recent guidance in the year to the end of June.

Gold production in the financial year just ended clocked in at 160,421 ounces (oz), which was ahead of the group's most recent production guidance range of 157,000 – 160,000 oz.

READ: Pan African Resources completes Barberton plant as Elikhulu construction continues

Barberton Mines produced 90,628 oz, within its production guidance range of 90,000oz - 91,000oz. During the second half of the financial year, Barberton Mines produced 50,017 oz of gold, a 23% increase on its first-half production.

Evander Mines, where underground mining operations ceased at the end of May, produced 69,793 oz, exceeding its production guidance of 67,000oz – 69,000oz.

Production guidance for the current financial year is about 170,000 oz, excluding any production from Evander’s underground operations. Some 70,000 oz is expected from Elikhulu, which remains on track for first gold in August, with the rest coming from 100,000, which, as one broker noted, implies a continuation of the 50,000 Barberton produced in the second half.

With the previous high-cost ounces from the Evander underground now replaced by production from low-cost surface re-mining operations, production costs are also expected to demonstrate a significant improvement, Pan African said.

Happily, the group's mining operations experienced no fatalities during the year to the end of June 2018.

“The 2018 financial year was extremely challenging for the group, both financially and operationally; however, during the past six months, we have successfully addressed key deliverables that were critical to the future sustainability of Pan African Resources,” declared Cobus Loots, the chief executive officer of Pan African.

“We are now re-positioned as a lower-cost, long-life gold miner, consistent with stakeholder expectations,” he added,

The shares were up 3.4% at 7.58p in mid-morning trading.

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Thu, 12 Jul 2018 09:43:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/200673/pan-african-headed-in-right-direction-after-challenging-year-200673.html
<![CDATA[RNS press release - Pan African Resources Plc - Operational Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201807120330PR_NEWS_UKDISCLO_0025/ Thu, 12 Jul 2018 08:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201807120330PR_NEWS_UKDISCLO_0025/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180711120801_13714101/ Wed, 11 Jul 2018 12:08:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180711120801_13714101/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180711120241_13714096/ Wed, 11 Jul 2018 12:02:41 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180711120241_13714096/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180705120728_13707266/ Thu, 05 Jul 2018 12:07:28 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180705120728_13707266/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180705120226_13707261/ Thu, 05 Jul 2018 12:02:26 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180705120226_13707261/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180628120740_13697679/ Thu, 28 Jun 2018 12:07:40 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180628120740_13697679/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180628120214_13697675/ Thu, 28 Jun 2018 12:02:14 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180628120214_13697675/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180620164044_13687623/ Wed, 20 Jun 2018 16:40:44 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180620164044_13687623/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180620163544_13687609/ Wed, 20 Jun 2018 16:35:44 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180620163544_13687609/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201806190530PR_NEWS_UKDISCLO_0039/ Tue, 19 Jun 2018 10:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201806190530PR_NEWS_UKDISCLO_0039/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180613164050_13678724/ Wed, 13 Jun 2018 16:40:50 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180613164050_13678724/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180613163535_13678712/ Wed, 13 Jun 2018 16:35:35 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180613163535_13678712/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201806040604PR_NEWS_UKDISCLO_0038/ Mon, 04 Jun 2018 11:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201806040604PR_NEWS_UKDISCLO_0038/ <![CDATA[News - Pan African Resources slips as PAR Gold sells 130mln shares, representing a 5.8% stake ]]> http://www.proactiveinvestors.co.uk/companies/news/197995/pan-african-resources-slips-as-par-gold-sells-130mln-shares-representing-a-58-stake-197995.html Pan African Resources plc (LON:PAF) shares retreated on Thursday morning as the firm revealed that PAR Gold Propriety Limited has disposed of 130mln of its shares, representing 5.8% of the miner's issued share capital.

The AIM-listed company said the disposal was at a price of R1.15 (around 6.9p) per share, representing a 5% discount to the company’s last closing price of R1.21 (7.3p) on 29 May. In early morning trading, Pan African shares were trading at 7.15p, down 3%. 

READ: Pan African Resources completes Barberton plant as Elikhulu construction continues

Following the disposal, PAR Gold continues to hold 306.36mln Pan African shares, representing 13.7% of the issued share capital of the company.

Pan African Resources is an indirect 49.9% shareholder in PAR Gold and will receive the majority of the proceeds from the disposal.

The company said the proceeds of approximately R126mln (around £75.9mln) will be used for general corporate and liquidity purposes and to fund the expansion of the Elikhulu project’s throughput to 1.2mln tonnes per month.

Pan African said: “Following receipt of the proceeds from the Disposal, the Company has, in conjunction with its existing debt facilities, the necessary resources to meet its operational and immediate growth objectives and fund its ongoing capital requirements.”

 

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Thu, 31 May 2018 08:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/197995/pan-african-resources-slips-as-par-gold-sells-130mln-shares-representing-a-58-stake-197995.html
<![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805310200PR_NEWS_UKDISCLO_0010/ Thu, 31 May 2018 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805310200PR_NEWS_UKDISCLO_0010/ <![CDATA[News - Pan African Resources completes Barberton plant as Elikhulu construction continues ]]> http://www.proactiveinvestors.co.uk/companies/news/197629/pan-african-resources-completes-barberton-plant-as-elikhulu-construction-continues-197629.html Pan African Resources plc (LON:PAF) said it will complete construction of the Barberton Mines Tailings Retreatment Plant (BTRP) in the current week as it continued construction of its Elikhulu project.

In an operations update, the AIM-listed precious metals miner said the construction of the regrind mill at the BTRP was complete and the commissioning process had commenced and would be completed in the next week.

READ: Pan African Resources to cease underground operations at the Evander gold mine in South Africa

The group added that the mill had been completed on budget and would enable the BTRP to sustain annual production of around 21,000 ounces of gold per annum.

Meanwhile, the company said the construction of its Elikhulu project was proceeding ahead of schedule, with first gold production expected in August 2018, and full commissioning at the end of September 2018.

The firm added that Elikhulu’s capacity would be increased by 200,000 tonnes to 1.2mln tonnes per month from December 2018 by incorporating the existing Evander Tailing Retreatment Plant (ETRP) throughput with the associated economies of scale and enhanced recovery benefits.

Elsewhere, Pan African said it had signed a retrenchment agreement with the recognised unions of Evander Mines at a cost of R160mln South African rand which would be funded through existing debt facilities and internal resources.

The firm added that it was also at an advanced stage of reviewing the technical and commercial merits of mining the remainder of Evander’s 8 shaft pillar, and that this may extend the final closure date of the shaft. However, the process would also generate positive cash flows and assist with further employment opportunities for those affected by dismissal for operational requirements.

In early-morning trading Thursday, Pan African shares were up 0.5% at 7.4p.

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Thu, 24 May 2018 09:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/197629/pan-african-resources-completes-barberton-plant-as-elikhulu-construction-continues-197629.html
<![CDATA[RNS press release - Pan African Resources Plc - Update on Operations and BTRP Mill Commissioning ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805240402PR_NEWS_UKDISCLO_0024/ Thu, 24 May 2018 09:02:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805240402PR_NEWS_UKDISCLO_0024/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805230516PR_NEWS_UKDISCLO_0043/ Wed, 23 May 2018 10:16:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805230516PR_NEWS_UKDISCLO_0043/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805170823PR_NEWS_UKDISCLO_0072/ Thu, 17 May 2018 13:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805170823PR_NEWS_UKDISCLO_0072/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180511120739_13638183/ Fri, 11 May 2018 12:07:39 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180511120739_13638183/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180511120214_13638175/ Fri, 11 May 2018 12:02:14 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180511120214_13638175/ <![CDATA[News - Pan African Resources to cease underground operations at the Evander gold mine in South Africa ]]> http://www.proactiveinvestors.co.uk/companies/news/196268/pan-african-resources-to-cease-underground-operations-at-the-evander-gold-mine-in-south-africa-196268.html Pan African Resources plc (LON:PAF) has confirmed that it is to cease the existing underground operations at the Evander gold mine in South Africa.

The firm said the move will result in approximately 1,700 employees being retrenched by the end of May 2018, at a cost of approximately R160mln (around £9.26mln) that will be funded from the group’s existing debt facilities.

READ: Pan African Resources confirms considering cutting jobs at Evander Gold Mine in South Africa

The group said the move is being made after it concluded a consultation process with the relevant Evander Mines’ stakeholders. The consultation was initiated following continued operational losses, which the group said have been exacerbated by the prevailing weak rand gold price.

It added: “An internal and external review of the existing Evander 8 Shaft underground operation concluded that there is no realistic prospect of mining on a sustainable and profitable basis from this operation in the current weak rand gold price environment.

“The outcome of this process is regrettably that the current underground mining at Evander 8 Shaft will cease and the affected employees will be retrenched.”

Finalising additional standby facility

Pan African Resources said that to ensure that it has adequate working capital and the continuation of funding for operations and growth projects, the group is also in the process of finalising an additional standby facility of approximately R100mln (around £5.8mln).

The firm said the Evander rehabilitation provision is fully funded by means of a R311mln (around £180mln) rehabilitation trust and these funds will be used to fund Evander’s underground closure costs and associated rehabilitation.

The group added that retrenched employees will be provided with opportunities for reskilling and it is in the process of identifying employment opportunities for them in new, lower-cost operations at Evander, such as the new Elikhulu Tailings Retreatment Plant, and also in post-closure environmental rehabilitation works.

To ensure sustainability and profitability

Pan African Resources’ CEO Cobus Loots commented: “Post the cessation of Evander’s current underground mining operations, the balance of the Group’s production ounces will be low cost and cash flow positive, which will ensure the sustainability and profitability of the Group in the prevailing low rand gold price environment”.

The firm said the cessation of underground mining at Evander Mines’ will adversely impact its gold production for the year, however Barberton Mines and the surface operations at Evander, which are the group’s primary cash generative units, are performing consistent with prior guidance.

It added that the revised production guidance for the 2018 financial year is expected to be between 156,000 ounces and 158,000 ounces of gold.

In late afternoon trading, Pan African shares were 0.4% higher at 7.19p.

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Wed, 02 May 2018 15:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196268/pan-african-resources-to-cease-underground-operations-at-the-evander-gold-mine-in-south-africa-196268.html
<![CDATA[RNS press release - Pan African Resources Plc - Finalisation of Evander Mines Restructure & OP Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805021000PR_NEWS_UKDISCLO_0087/ Wed, 02 May 2018 15:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201805021000PR_NEWS_UKDISCLO_0087/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180430120228_13623885/ Mon, 30 Apr 2018 12:02:28 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180430120228_13623885/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201804260700PR_NEWS_UKDISCLO_0077/ Thu, 26 Apr 2018 12:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201804260700PR_NEWS_UKDISCLO_0077/ <![CDATA[News - Pan African on track to produce between 177,000 and 181,000 ounces of gold this year ]]> http://www.proactiveinvestors.co.uk/companies/news/195060/pan-african-on-track-to-produce-between-177000-and-181000-ounces-of-gold-this-year-195060.html Pan African Resources PLC (LON:PAF) listed on AIM more than 15 years ago with a small gold project in Mozambique.

The company then went on an aggressive acquisition spree in South Africa, transforming itself into an established mid-tier miner with production from two major projects, Evander and the Barbeton Mines, regularly amounting to upwards of 160,000 ounces per year.

Total production for the six months to 31 December 2017 amounted to 85,282 ounces, and the company is guiding for full year production of between 177,000 and 181,000 ounces.

Barberton Mines on track to produce 50,000 ounces of gold in the second half of 2018

Production from Barberton is expected to increase by 23% during the second half of 2018, as the company moves on from issues relating to the underground grade which hampered development in the first half.

First half production was also hit by industrial action and disruption from pressure groups, as well as a technical issue with the ore at the Barberton Tailings Retreatment project.

All those issues have now been addressed.

Evander returns to profitability

After remedial action was taken to address critical shaft infrastructure, Evander has returned to profitability, and production has risen by 5.4%. Gold sold rose to 32,734 ounces during the first half of the current year. However, at this stage, Pan African is being cautious about setting precise production guidance for this mine.

Gold production from Evander Mines will be dependent on the outcome of the labour consultation process and the review of the 8-shaft operations. As it stands, Pan African is prioritising lower cost, high margin ounces in the current weak rand gold price environment. A reduction in non-paying gold production will therefore benefit group margins and sustainable cash flows.  

Expansion projects underway

Construction of the Elikhulu tailings retreatment plant remains ahead of schedule, with first gold production expected in August 2018. A feasibility study has confirmed the viability of processing tailings from the Evander Retreatment plant.

Meanwhile, the company has booked a 100% increase in resources at Barberton’s Royal Sheba Project to 720,000 ounces, and a re-assessment of the feasibility of Evander Mine’s Egoli project is in progress.

Objective is to deliver low-cost high margin, sustainable gold, says chief executive

“The past 12 months have been a watershed period, during which we reassessed the sustainability of all our operations and dealt with the issues causing operational disruptions,” said chief executive Coobus Loots. 

“While we still have some work to do, we are confident our operations are being positioned to deliver into our objective of mining relatively low-cost, high-margin and sustainable gold ounces. In light of the prevailing low ZAR gold price, the group is reviewing its cost base and the strategic merits of our portfolio. We expect to deliver improved production results and cost savings in the next reporting period.”

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Mon, 16 Apr 2018 09:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195060/pan-african-on-track-to-produce-between-177000-and-181000-ounces-of-gold-this-year-195060.html
<![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201804120832PR_NEWS_UKDISCLO_0077/ Thu, 12 Apr 2018 13:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201804120832PR_NEWS_UKDISCLO_0077/ <![CDATA[RNS press release - Pan African Resources Plc - Operational Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201803280200PR_NEWS_UKDISCLO_0002/ Wed, 28 Mar 2018 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201803280200PR_NEWS_UKDISCLO_0002/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201803230932PR_NEWS_UKDISCLO_0091/ Fri, 23 Mar 2018 13:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201803230932PR_NEWS_UKDISCLO_0091/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201803200639PR_NEWS_UKDISCLO_0040/ Tue, 20 Mar 2018 10:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201803200639PR_NEWS_UKDISCLO_0040/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180316164028_13570787/ Fri, 16 Mar 2018 16:40:28 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180316164028_13570787/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180316163526_13570779/ Fri, 16 Mar 2018 16:35:26 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/LSE20180316163526_13570779/ <![CDATA[Media files - Pan African increasing production after reaching new high-grade gold zone ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8834/pan-african-increasing-production-after-reaching-new-high-grade-gold-zone-8834.html Fri, 02 Mar 2018 14:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8834/pan-african-increasing-production-after-reaching-new-high-grade-gold-zone-8834.html <![CDATA[News - Pan African Resources into high grades again at Barberton ]]> http://www.proactiveinvestors.co.uk/companies/news/192500/pan-african-resources-into-high-grades-again-at-barberton-192500.html Pan African Resources plc (LON:PAF) has started to increase production again at its Barberton mine complex in South Africa after reaching a new high-grade gold zone.

Barberton, which comprises the Fairview, Sheba and Consort mines, has seen a rise in average grades to 11.5g/t in February from 8.7g/t during July - December.

READ: Pan African Resources confirms considering cutting jobs at Evander Gold Mine in South Africa

The 32% increase is predominantly as a result of mining high-grade ore from the 272 platform at Fairview's Block 11 since January.

On-reef development samples recently taken from 272 recorded an average grade of 99.2g/t over a mineralised width of 3.36m along a strike length of 24m.

Production from the 11-block MRC orebody will be further enhanced with the completion of the sub-vertical shaft in two years time, Pan African added.

Tailings uplift

Elsewhere, the deep miner is also expecting a major uplift in production from its tailings operations.

A new regrind mill at Barberton (BTRP) will boost its tailings production there to 21,000oz, while the new Elikhulu plant at Evander is progressing faster than expected and will hit full production of 55,000oz in less than two months.

All-in-costs at Elikhulu will be less than US$650 per oz. Added to Evander’s tailings existing operation, production there will reach 70,000 oz per year.

WATCH: Pan African increasing production after reaching new high-grade gold zone

Cobus Loots, chief executive, said: “After a challenging period at Barberton Mines we have successfully dealt with the key underground challenges at Fairview’s 11-block and we are on track to re-establish BTRP’s production profile at approximately 21,000 ounces per annum.”

“These developments, along with progress at the BTRP and Elikhulu, provide Pan African with far greater certainty of high-quality gold ounce production.”

Shares rose 7% to 7.65p.

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Fri, 02 Mar 2018 07:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192500/pan-african-resources-into-high-grades-again-at-barberton-192500.html
<![CDATA[RNS press release - Pan African Resources Plc - Operational Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201803020200PR_NEWS_UKDISCLO_0002/ Fri, 02 Mar 2018 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201803020200PR_NEWS_UKDISCLO_0002/ <![CDATA[News - Pan African Resources confirms considering cutting jobs at Evander Gold Mine in South Africa ]]> http://www.proactiveinvestors.co.uk/companies/news/192265/pan-african-resources-confirms-considering-cutting-jobs-at-evander-gold-mine-in-south-africa-192265.html Pan African Resources plc (LON:PAF) has confirmed a news release from South Africa’s National Union of Mineworkers (NUM) on Sunday which said the group is considering cutting jobs at its Evander Gold Mine in the country’s Mpumalanga province.

In a brief statement, the AIM-listed firm said: “Further to the recent NUM press release and media speculation, the Company confirms that it has commenced a consultation process in terms of section 189 of the South African Labour Relations Act, 66 of 1995 at its Evander Gold Mining Proprietary Limited operation.”

It added: ”Further announcements will be made in due course.”

READ: Pan African Resources still in profit and paying dividend, despite tough few months

The NUM statement said the company would cut 1,722 jobs, out of a total workforce of 1,812 people at the mine.

It added that the company had informed the union that the job cuts were due to deteriorating and inadequate infrastructure at the mine, high operating costs, such as rising electricity, labour costs, and low gold price.

Pan African Resources bought the Evander mine from South Africa’s Harmony Gold in 2012 for 1.5bn rand (£93.1mln ) in a bid to double its annual gold output.

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Tue, 27 Feb 2018 12:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192265/pan-african-resources-confirms-considering-cutting-jobs-at-evander-gold-mine-in-south-africa-192265.html
<![CDATA[RNS press release - Pan African Resources Plc - Response to NUM ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802270701PR_NEWS_UKDISCLO_0075/ Tue, 27 Feb 2018 12:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802270701PR_NEWS_UKDISCLO_0075/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802260200PR_NEWS_UKDISCLO_0012/ Mon, 26 Feb 2018 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802260200PR_NEWS_UKDISCLO_0012/ <![CDATA[RNS press release - Pan African Resources Plc - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230705PR_NEWS_UKDISCLO_0072/ Fri, 23 Feb 2018 12:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230705PR_NEWS_UKDISCLO_0072/ <![CDATA[RNS press release - Pan African Resources Plc - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230703PR_NEWS_UKDISCLO_0071/ Fri, 23 Feb 2018 12:03:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230703PR_NEWS_UKDISCLO_0071/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230622PR_NEWS_UKDISCLO_0043/ Fri, 23 Feb 2018 11:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230622PR_NEWS_UKDISCLO_0043/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230619PR_NEWS_UKDISCLO_0041/ Fri, 23 Feb 2018 11:19:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230619PR_NEWS_UKDISCLO_0041/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230616PR_NEWS_UKDISCLO_0040/ Fri, 23 Feb 2018 11:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802230616PR_NEWS_UKDISCLO_0040/ <![CDATA[News - Pan African Resources still in profit and paying dividend, despite tough few months ]]> http://www.proactiveinvestors.co.uk/companies/news/191555/pan-african-resources-still-in-profit-and-paying-dividend-despite-tough-few-months-191555.html It’s been a tough few months for Pan African Resources plc (LON:PAF) as time lost due to industrial action and processing problems at the Barberton tailings operation ate into production.

Underground development issues were also a problem.

READ: Pan African no longer picking over the bones of ASA Resource Group

During the six months to December 2017, Pan African delivered 85,282 ounces of gold produced from its South African projects, down nearly 7% on the comparable period in 2016.

Even so, Pan African still ranks comfortably among mid-tier producers and continues to pay a dividend, marked at just under 0.88p per share for the full financial year.

READ: Pan African Resources is reviewing its cost base and "strategic merits" of its portfolio

Profits for the six months to December came in at £3.3mln.

During the period, the company also disposed of the troubled Phoenix platinum project, and also pressed on with development of the Elikhulul tailings project, which will be a low cost operation.

 

 

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Tue, 13 Feb 2018 07:54:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191555/pan-african-resources-still-in-profit-and-paying-dividend-despite-tough-few-months-191555.html
<![CDATA[RNS press release - Pan African Resources Plc - Interim Results for the 6 months ended 31 Dec 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802130200PR_NEWS_UKDISCLO_0011/ Tue, 13 Feb 2018 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802130200PR_NEWS_UKDISCLO_0011/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802080900PR_NEWS_UKDISCLO_0085/ Thu, 08 Feb 2018 14:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802080900PR_NEWS_UKDISCLO_0085/ <![CDATA[News - Pan African no longer picking over the bones of ASA Resource Group ]]> http://www.proactiveinvestors.co.uk/companies/news/191322/pan-african-no-longer-picking-over-the-bones-of-asa-resource-group-191322.html Pan African Resources plc (LON:PAF) is no longer in talks with the administrators of ASA Resource Group PLC about acquiring some of ASA’s assets.

The precious metals mining group announced on January 29 that it was in exclusive talks with the administrator of ASA, and advised its shareholders to exercise caution when dealing in Pan African shares while talks were in progress.

READ Pan African in exclusive talks to buy assets of ASA Resource

“Shareholders are no longer required to exercise caution when dealing in Pan African shares,” Wednesday’s statement said.

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Wed, 07 Feb 2018 15:20:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191322/pan-african-no-longer-picking-over-the-bones-of-asa-resource-group-191322.html
<![CDATA[RNS press release - Pan African Resources Plc - Withdrawal of Cautionary Announcement ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802071000PR_NEWS_UKDISCLO_0086/ Wed, 07 Feb 2018 15:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802071000PR_NEWS_UKDISCLO_0086/