Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF), the South Africa-based gold miner, said it met its revised production target for the year to June just ended with debt also substantially reduced.
Annual gold production was 175,209 ounces, in line with a revised target released in May due to the well-documented power problems in South Africa and underground issues at its Barberton Complex.
For the current year, production guidance is between 178,000 and 190,000oz.
The miner added that headline earnings in the year just ended are expected to be between US 2.95c per share and US 3.35c per share, compared to US 3.93c per share for the previous financial year, a decrease of between 15% and 25%.
All-in sustaining costs (AISC) for the reporting period are expected to be between US$1,325/oz and US$1,350/oz, at an average exchange rate of US$/ZAR: 17.77.
Group net senior debt declined to US$18.9 million from US$49.9 million in December, Pan African added.
Cobus Loots, chief executive, commented: “Despite the previously flagged challenges experienced at our underground operations, the group delivered a robust financial performance for the reporting period.
“The continuous operations at our Barberton underground mines and other improvements are now positively impacting production, with increased production expected in the year ahead.”