www.panafricanresources.com
Pan African is a gold mining company, focussed on projects in South Africa and Mozambique, that produces approximately 100,000oz per year.
Its focus is on developing low cost, high margin production or near production projects. The Company has no debt, is unhedged and is able to fund all of its current on-mine capital from current cashflows.
The recent acquisition of Phoenix Platinum Mining (Pty) Ltd (Phoenix Platinum) does not change the gold focus of the Company. Preliminary sampling and recovery results have exceeded expectations and management’s proactive actions could see plant construction as early as the first half of 2010, with production likely in first half of 2011. However, this production outlook is sensitive to management’s ability to secure plant location.
Pan African Resources CEO Nelson buys 75,134 more shares in company
Pan African Resources PLC (AIM: PAF; JSE: PAN) said chief executive Jan Nelson increased his holding in the company to 122,442 shares, or 0.01 percent of the capital, through purchasing 75,134 shares at a price of 95 South African cents each.
Pan African is a gold mining company that produces approximately 100,000 ounces per year from the Barberton mine in South Africa. With effect from May 2009, it acquired 100 percent of the Phoenix platinum project in the country and also has a gold project in Mozambique, called Manica, with a resource of 33.8 million tonnes grading 2.36 grams per tonne gold for 2.57 million ounces.
Its focus is on developing low cost, high margin production or near production projects. The company has no debt, is unhedged and is able to fund all of its current on-mine capital from current cashflows.
It announced in September it had ratified the recent changes to its board, with Cyril Ramaphosa taking the post as non-executive chairman, Cobus Loots becoming finance director and Rowan Smith taking up the role as non-executive director. Keith Spencer has assumed the role of independent, non-executive deputy chairman.
Ramaphosa joined the board of SAB Ltd in 1997 and was appointed to the board of South African Breweries PLC upon its listing on the LSE in 1999. He is executive chairman of Shanduka Group - the biggest shareholder in the company with 26 percent as at the end of August -, joint non-executive chairman of Mondi PLC and Mondi Ltd and holds directorships in Macsteel Global BV, MTN Group Ltd, The Bidvest Group, Standard Bank and Alexander Forbes.
Smith is the managing director of Shanduka Resources and has almost two decades of collective experience in the minerals and merchant banking industries.
