Last week’s departure of its chief executive was a surprise, but Pan African Resources’ management insists plans for the recently acquired Evander gold mine will be unaffected
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Pan African is a South African based precious metals mining company producing approximately 95,000 ozs of gold and, when in full production in May 2012, 12,000 ozs pgm per annum. In January, the company announced a joint venture with Wits Gold to acquire the Evander Gold Mines from Harmony for a consideration of up to R1.7 billion, providing an attributable 50,000 ozs of gold production and a project pipeline for future growth. Additionally, the company has approved phase 1 of a gold tailings retreatment project which could further increase gold production by 25,000 ozs per annum from August 2013. The company is unhedged, debt free and dividend paying.