Sign up United Kingdom
Pan African Resources plc (LON:PAF)

Pan African Resources plc (LON:PAF)


Share Price
8.25 p
Change
-0.24 (-2.83 %)
Market Cap
£148.36 m
Proactive Investors - Run By Investors For Investors

Pan African Resources plc RNS Release

Pan African Resources Plc - Elikhulu's Inaugural Gold Pour


Pan African Resources Plc - Elikhulu's Inaugural Gold Pour

PR Newswire

Pan African Resources PLC

(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)

AIM Code: PAF

JSE Code: PAN

ISIN: GB0004300496

(“Pan African” or the “Company” or the “Group”)

ELIKHULU TAILINGS RETREATMENT PLANT’S INAUGURAL GOLD POUR

Pan African is pleased to announce the inaugural gold pour at its Elikhulu tailings retreatment plant (“Elikhulu” or the “Project”) on 16 August 2018.

Pan African Resources CEO Cobus Loots commented:

“The completion of Elikhulu’s construction and the inaugural gold pour, ahead of schedule and in line with the Project budget, is a further significant milestone as we deliver into our strategy of repositioning the Group as a low-cost, long-life gold producer.

Elikhulu is delivering much needed new employment opportunities and is an economic boost for our local communities and for South Africa’s Mpumalanga province.

The professional way in which the Project was executed, delivering into all milestones in a safe and sustainable manner, again demonstrates our team’s ability to conceptualise, plan and complete very substantial growth projects.

We expect Elikhulu to be a flagship operation within our low-cost, long-life asset base, and we will continue to focus on improving and expanding our portfolio in a sustainable manner to the benefit of all stakeholders.”

The construction of Elikhulu was completed ahead of schedule and within its R1.74-billion budget. The Project’s commissioning phase is scheduled to be completed in September 2018, with steady-state production of approximately 55,000oz of gold per annum, at an all-in sustaining production cost of between US$650/oz and US$700/oz.

As previously announced, the incorporation into Elikhulu of the Evander Tailings Retreatment Plant (“ETRP”), which has a throughput of 200,000 tonnes per month, is on track and scheduled for completion in December 2018, after which the enlarged Elikhulu plant is forecast to process throughput of 1.2-million tonnes per month and is expected to produce approximately 70,000oz of gold per annum.

Elikhulu’s construction phase employed as many as 1,769 people and will directly employ more than 350 permanent employees and contractors during its operational life of 14 years.

During its construction phase, more than R162 million was paid as preferential procurement to community contractors for services rendered during this phase of the Project to date.

Over the life of the Project, Elikhulu is expected to produce 674,000oz of gold with a value of approximately R11.5 billion at a gold price of R550,000/kg, inject R5.3 billion into the South African economy for sourced goods and services, and contribute an estimated R1.3 billion to the South African revenue authorities in taxes and royalties.

The information contained in this announcement has not been reviewed or reported on by Pan African’s auditors and is the responsibility of the directors of Pan African.

For further information on Pan African, please visit the Company’s website at http://www.panafricanresources.com/

16 August 2018

Contact information
Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office:   + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240
Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office:   + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645
Cobus Loots    
Pan African Resources PLC  
Chief Executive Officer
Office: + 27 (0) 11 243 2900
Deon Louw
Pan African Resources PLC
Financial Director
Office: + 27 (0) 11 243 2900
Phil Dexter
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0) 207 796 8644
John Prior / Paul Gillam
Numis Securities Limited
Nominated Adviser and Joint Broker
Office: +44 (0) 20 7260 1000
Sholto Simpson
One Capital
JSE Sponsor
Office: + 27 (0) 11 550 5009
Ross Allister/James Bavister/David McKeown
Peel Hunt LLP
Joint Broker
Office: +44 (0) 207 418 8900
Julian Gwillim
Aprio Strategic Communications
Public & Investor Relations SA
Office: +27 (0)11 880 0037     
Jeffrey Couch/Neil Haycock/Thomas Rider
BMO Capital Markets Limited
Joint Broker
Office: +44 (0) 207 236 1010
Bobby Morse/Chris Judd
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: [email protected]
Website: www.panafricanresources.com

Pan African Resources plc Timeline

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use