http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Sun, 22 Apr 2018 08:09:12 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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/ <![CDATA[News - Pan African Resources is reviewing its cost base and "strategic merits" of its portfolio ]]> http://www.proactiveinvestors.co.uk/companies/news/190990/pan-african-resources-is-reviewing-its-cost-base-and-strategic-merits-of-its-portfolio-190990.html Dual-listed Pan African Resources PLC (LON:PAF) hailed the improved operational and financial performance of its Evander Mines division in the second half of 2017.

Evander returned to profitability as a result of the remedial action taken to address the critical shaft infrastructure and the cost base of the operation.

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

Evander’s underground gold operations delivered an improved performance, with gold sold increasing to 32,734 ounces (oz) from 26,477 oz in the second half of 2016.

Pan African said the improvement was due to tonnages milled from underground mining increasing by 7.6% to 174,233 tonnes (t) from 161,872t, with the head grade increasing by 13.0% to 6.1 grams per tonne (g/t) from 5.4g/t the year before.

Gold production at the Evander Tailings Retreatment Plant (ETRP) reduced to 11,937 oz (2016: 15,924 oz). Compared to the previous six-month reporting period, the ETRP treated more surface feedstock tonnages with additional milling capacity allocated for surface material due to the 7 Shaft infrastructure repairs during October 2016 and the resultant reduced production from underground.

Barberton Mines sees decline in gold production

At the Barberton Mines division, gold production declined to 40,611 oz from 49,212 oz in the corresponding period of 2016.

Gold production at the Barberton Tailings Retreatment Plant (BTRP) fell to 8,452 oz from 14,741 oz the year before, due to the re-mining operation moving to the lower-grade Harper dump and the head grade reducing from 2.2 g/t to 1.4 g/t.

The Harper dump material has a larger coarse fraction, which resulted in processing problems and a reduction in plant recoveries to 41% (2016: 55%). A regrind mill is being installed to assist with improving recoveries from treating the Harper dump material.

Barberton Mines’ underground mining production reduced to 32,159 oz (2016: 34,471oz) due to a lack of grade flexibility in the Fairview MRC orebody, which curtailed the mineable tonnes at the targeted head grade.

The underground tonnes milled increased to 124,969 tonnes (2016: 123,168 t), while the head grade reduced to 8.7 g/t (2016: 9.4 g/t).

Gold production was adversely affected by disruptions from pressure groups, community unrest and protected and unprotected strike action at Barberton Mines, which resulted in 11 lost production days, equivalent to roughly 3,000 oz of gold.

Elikhulu tailings retreatment project remains ahead of schedule

“The source of the frustration from these stakeholders is driven by issues unrelated to the mine and is symptomatic of the general dissatisfaction with service delivery, inter-union conflict, and unemployment – issues that currently characterise the South African mining and other sectors,” the company said in its trading statement on Thursday.

The Elikhulu tailings retreatment plant project remains on track for commissioning early in the 2019 financial year, ahead of schedule and below budget.

The group said its production guidance for the 2018 financial year will now be 177,000 oz to 181,000 oz, down from 190,000 oz previously.

READ: Pan African Resources restructures black economic empowerment arrangements

“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. 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,” said Cobus Loots, the chief executive officer of Pan African.

“In light of the prevailing low ZAR [South African rand] 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,” Loots added.

“In terms of medium- to long-term gold production growth, we believe feasibility studies for the Royal Sheba Project at Barberton Mines, and Evander Mines’ Egoli Project (previously called the 2010 Pay Channel), will demonstrate robust economic returns in a relatively low risk mining environment,” Loots concluded.

Shares in Pan African were down 1.57p at 11.19p in mid-morning trading.

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Thu, 01 Feb 2018 10:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190990/pan-african-resources-is-reviewing-its-cost-base-and-strategic-merits-of-its-portfolio-190990.html
<![CDATA[RNS press release - Pan African Resources Plc - Operational Update & Trading Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802010321PR_NEWS_UKDISCLO_0025/ Thu, 01 Feb 2018 08:21:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201802010321PR_NEWS_UKDISCLO_0025/ <![CDATA[News - Pan African in exclusive talks to buy assets of ASA Resource ]]> http://www.proactiveinvestors.co.uk/companies/news/190760/pan-african-in-exclusive-talks-to-buy-assets-of-asa-resource-190760.html Pan African Resources PLC (LON:PAF) has advised shareholders to hold fire on dealing in the company’s shares while it contemplates an acquisition.

The company has entered into exclusive negotiations with the joint administrators of ASA Resource Group PLC with a view to acquiring some of the assets and liabilities of ASA.

READ: Pan African Resources on recovery track

Pan African said if the discussions prove fruitful, it could have a material effect on the price of the company’s securities, though it issued the usual caveat about there being no guarantee the acquisition will take place.

Shares in Pan African were down 0.1p at 12.96p in lunch time trading.

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Mon, 29 Jan 2018 13:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190760/pan-african-in-exclusive-talks-to-buy-assets-of-asa-resource-190760.html
<![CDATA[RNS press release - Pan African Resources Plc - Cautionary Announcement ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201801290730PR_NEWS_UKDISCLO_0075/ Mon, 29 Jan 2018 12:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201801290730PR_NEWS_UKDISCLO_0075/ <![CDATA[News - Pan African Resources restructures black economic empowerment arrangements ]]> http://www.proactiveinvestors.co.uk/companies/news/188879/pan-african-resources-restructures-black-economic-empowerment-arrangements-188879.html Pan African Resources plc (LON:PAF) has updated investors as it is restructuring its black economic empowerment arrangements.

It is replacing current BEE equity shareholdings in PAR Gold Proprietary Limited with holdings in Emerald Panther Investments 91 Proprietary Limited. Pan African mining interests are to be held via the SA Holdco vehicle.

READ: Pan African Resources on recovery track

The prior ownership structure terminates in December 2018 while the new arrangements would run to December 2021, marking a three-year extension.

Pan African highlighted that the transaction provides flexibility to further restructure the BEE ownership of the South African operations, depending on the outcome of the proposed third South African Mining charter and other regulations.

READ: Pan African higher after concluding Barberton Mines wage agreement

It also noted that the new arrangements will avoid BEE ownership dilution should PAF raise additional capital. It will also avoid dilution of group earnings.

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Fri, 15 Dec 2017 10:06:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188879/pan-african-resources-restructures-black-economic-empowerment-arrangements-188879.html
<![CDATA[RNS press release - Pan African Resources Plc - BEE Ownership Restructuring ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201712150400PR_NEWS_UKDISCLO_0033/ Fri, 15 Dec 2017 09:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201712150400PR_NEWS_UKDISCLO_0033/ <![CDATA[RNS press release - Pan African Resources Plc - Result of AGM & Salient Dividend Dates ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201711220200PR_NEWS_UKDISCLO_0010/ Wed, 22 Nov 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201711220200PR_NEWS_UKDISCLO_0010/ <![CDATA[RNS press release - Pan African Resources Plc - Fulfilment of all Conditions Precent - Phoenix Platinum ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201711070200PR_NEWS_UKDISCLO_0003/ Tue, 07 Nov 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201711070200PR_NEWS_UKDISCLO_0003/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201711061035PR_NEWS_UKDISCLO_0084/ Mon, 06 Nov 2017 15:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201711061035PR_NEWS_UKDISCLO_0084/ <![CDATA[RNS press release - Pan African Resources Plc - Notice of AGM & No Change Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710300200PR_NEWS_UKDISCLO_0002/ Mon, 30 Oct 2017 06:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710300200PR_NEWS_UKDISCLO_0002/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710260932PR_NEWS_UKDISCLO_0088/ Thu, 26 Oct 2017 14:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710260932PR_NEWS_UKDISCLO_0088/ <![CDATA[News - Pan African higher after concluding Barberton Mines wage agreement ]]> http://www.proactiveinvestors.co.uk/companies/news/185791/pan-african-higher-after-concluding-barberton-mines-wage-agreement-185791.html Pan African Resources PLC (LON:PAF) has successfully concluded a wage agreement at its Barberton gold project in South Africa with the National Union of Mineworkers.

It is a one-year agreement and follows on from the previous two year wage agreement that concluded on 30 June 2017, the company said in a statement.

WATCH: Pan African's Cobus Loots confident after overcoming setbacks at key mines

The deal is in addition to the three-year wage agreement with the United Association of South Africa, the other union that represents workers at Barberton Mines.

Pan African said the average wage increase for all Barberton Mines employees will amount to around 8% a year, effective from 1 July 2017.

Barberton Mines experienced a 2.5 day stoppage during the negotiation period, but the stoppage is not expected to affect the group’s production guidance of 190,000 ounces for the financial year ending 30 June 2018.

READ: Pan African Resources predicts recovery in current year after challenges at key mines

Shares in Pan African were up 0.3% at 13.54p in mid-morning trade.

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Wed, 18 Oct 2017 09:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185791/pan-african-higher-after-concluding-barberton-mines-wage-agreement-185791.html
<![CDATA[RNS press release - Pan African Resources Plc - Barberton Mines Wage Agreement ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710180200PR_NEWS_UKDISCLO_0016/ Wed, 18 Oct 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710180200PR_NEWS_UKDISCLO_0016/ <![CDATA[RNS press release - Pan African Resources Plc - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710120200PR_NEWS_UKDISCLO_0013/ Thu, 12 Oct 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710120200PR_NEWS_UKDISCLO_0013/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710111046PR_NEWS_UKDISCLO_0088/ Wed, 11 Oct 2017 15:46:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710111046PR_NEWS_UKDISCLO_0088/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710050816PR_NEWS_UKDISCLO_0072/ Thu, 05 Oct 2017 13:16:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710050816PR_NEWS_UKDISCLO_0072/ <![CDATA[RNS press release - Pan African Resources Plc - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710021100PR_NEWS_UKDISCLO_0140/ Mon, 02 Oct 2017 16:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710021100PR_NEWS_UKDISCLO_0140/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710020200PR_NEWS_UKDISCLO_0007/ Mon, 02 Oct 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201710020200PR_NEWS_UKDISCLO_0007/ <![CDATA[RNS press release - Pan African Resources Plc - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709291115PR_NEWS_UKDISCLO_0116/ Fri, 29 Sep 2017 16:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709291115PR_NEWS_UKDISCLO_0116/ <![CDATA[RNS press release - Pan African Resources Plc - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709280750PR_NEWS_UKDISCLO_0073/ Thu, 28 Sep 2017 12:50:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709280750PR_NEWS_UKDISCLO_0073/ <![CDATA[RNS press release - Pan African Resources Plc - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709271112PR_NEWS_UKDISCLO_0093/ Wed, 27 Sep 2017 16:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709271112PR_NEWS_UKDISCLO_0093/ <![CDATA[Media files - Pan African's Cobus Loots confident after overcoming setbacks at key mines ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8111/pan-african-s-cobus-loots-confident-after-overcoming-setbacks-at-key-mines-8111.html Wed, 20 Sep 2017 18:36:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8111/pan-african-s-cobus-loots-confident-after-overcoming-setbacks-at-key-mines-8111.html <![CDATA[News - Pan African Resources predicts recovery in current year after challenges at key mines ]]> http://www.proactiveinvestors.co.uk/companies/news/184280/pan-african-resources-predicts-recovery-in-current-year-after-challenges-at-key-mines-184280.html South African gold miner Pan African Resources plc (LON:PAF) saw its shares rise today after it said it expects a better twelve months ahead after a number of operational challenges cut profits in the year just ended.

In late afternoon trading, Pan African Resources shares were nearly 2%, or 0.25p higher at 13.00p.

WATCH:Pan African's Cobus Loots confident after overcoming setbacks at key mines READ: Pan African in demand as it secures final regulatory approvals for construction of Elikhulu

In a statement, chief executive Cobus Loots said: “Remedial actions successfully implemented by management are delivering the expected results.”

Shaft repairs have been completed at Evander Mines with a substantial increase in gold production expected to be the result.

The other core mine, Barberton, meanwhile is currently mining high-grade panels in its Fairview 11-block and is "poised to contribute substantially to our production guidance of 190,000oz for the 2018 financial year," Loots added.

READ: Pan African Resources lowers earnings guidance for 2017 due to strong Rand

The Elikhulu Project is also on schedule and expected to produce first gold in the final quarter of the 2018 calendar year.

Gold ounces sold in the year to June 2017 fell 15% to 173,000, which cut revenues in rand terms by a similar amount to 2.93bn though currency movements meant sterling income rose 5% to £169.6mln.

Net earnings fell 43% in rand terms to 310mln and by 30% to £17.9mln. The final dividend for the year was reduced to 0.487p from 0.88p.

 -- Adds share price --

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Wed, 20 Sep 2017 08:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184280/pan-african-resources-predicts-recovery-in-current-year-after-challenges-at-key-mines-184280.html
<![CDATA[RNS press release - Pan African Resources Plc - 2017 Abridged Mineral Resource & Mineral Reserve Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709200201PR_NEWS_UKDISCLO_0012/ Wed, 20 Sep 2017 07:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709200201PR_NEWS_UKDISCLO_0012/ <![CDATA[RNS press release - Pan African Resources Plc - Final Results & Proposed Final Dividend Announcement ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709200200PR_NEWS_UKDISCLO_0010/ Wed, 20 Sep 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201709200200PR_NEWS_UKDISCLO_0010/ <![CDATA[News - Pan African in demand as it secures final regulatory approvals for construction of Elikhulu ]]> http://www.proactiveinvestors.co.uk/companies/news/182983/pan-african-in-demand-as-it-secures-final-regulatory-approvals-for-construction-of-elikhulu-182983.html Pan African Resources PLC (LON:PAF) shares zipped higher today after the miner secured the final regulatory approvals needed for the construction of its Elikhulu tailings project in South Africa.

The AIM-quoted firm has been granted the integrated water use licence for the project by the South African department of water and sanitation for a period of 20 years.

On top of that, the integrated environmental authorisation has also been issued.

READ: Pan African Resources lowers earnings guidance for 2017 due to strong Rand

That means everything, from a regulatory standpoint, is in place for Pan African to get underway with the building of Elikhulu.

“The granting of the environmental permitting for Elikhulu is the final regulatory approval required for the construction of Elikhulu,”said chief executive Cobus Loots in a statement.

“Elikhulu is scheduled to produce first gold in the final quarter of the 2018 calendar year and expected to produce approximately 50,000 ounces per annum for the next 13 years, at an all-in sustaining cost of less than US$550/oz.”

READ: Pan African Resources to sell Phoenix Platinum to Sylvania Resources for around £5.2mln in cash

Pan African is spending around US$130mln (1.7bn Rand) to build the project, which it has called a “substantial investment” in the South African mining industry.

In late afternoon trading, Pan African shares were up 5.8%, or 0.75p to 13.75p.

 -- Updates share price --

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Fri, 25 Aug 2017 09:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182983/pan-african-in-demand-as-it-secures-final-regulatory-approvals-for-construction-of-elikhulu-182983.html
<![CDATA[RNS press release - Pan African Resources Plc - Update on Environmental Permitting for Elikhulu ]]> http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201708250315PR_NEWS_UKDISCLO_0017/ Fri, 25 Aug 2017 08:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/745/PRNRNS_201708250315PR_NEWS_UKDISCLO_0017/