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Pan African and its subsidiaries are a South African based precious metals mining group which produces c95,000oz of gold and c12,000oz 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 low cash cost base through skilled and experienced management...Read more
Pan African Resources says negotiations ongoing for planned Evander gold mine buyMarch 12 2012, 9:15am
Pan African Resources (LON:PAF) told investors that the financial effects of the planned acquisition of the operating Evander gold mine from Harmony Gold (LON:HRM) are still being determined.
The outcome may have a material effect on its share price, and Pan African advises shareholders therefore to continue to exercise caution when dealing in its stock until a further announcement is made.
The group had issued similar statements advising caution in November and December last year while mentioning unspecified ‘negotioations’ regarding a transaction.
Then, at the end of January, it announced it was planning to buy the Evander mine for £139 million in a 50/50 consortium with Wits Gold.
The deal is expected to increase Pan African’s gold production profile from 95,000 to around 140,000 ounces a year.
The Evander operations are in Mpumalanga, South Africa, and comprise the operating Evander 8 shaft, and several significant development projects namely Rolspruit, Poplar, Evander South, Libra, a surface tailings resource and the Kinross metallurgical processing plant.
The total underground resource represents 32.5 million ounces and a reserve of 7.6 million ounces.
The Evander 8 shaft currently has an expected life of mine of more than ten years.