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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,...
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.
Pan African Resources undergoes "game changing" acquisition
December 10 2012, 11:31am
Jan Nelson, CEO of Pan African Resources (LON:PAF JSE:PAN), tells Proactiveinvestors that the Evander acquisition represents a "game changing" opportunity. Jan explains the benefits in the acquisition and also why Harmony is selling the asset. He also explains why the shares, even at record highs, are undervalued and investors can look forward to more and higher dividend payments.
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