Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) (PAF) is positioned to deliver "excellent results" for the full financial year, chief executive Cobus Loots told investors.
The gold miner, in an interim production report released today, said half-year gold output was between 94,000 and 98,000 ounces – representing a 2% to 6% improvement on the same period a year ago.
Operationally, PAF said it is performing in line or better than anticipated across it portfolio.
The Barberton mine yielded 37,000 to 38,000 ounces, with a switch to continuous mining operations providing higher tonnage and grades, whilst the Evander mines contributed 20,000 to 21,000 ounces which was also an improvement helped by grade and improved "conveyor availability".
At the Elikhulu tailings, the company produced 27,000 to 28,000 ounces. Meanwhile, Evander surface operations yielded 2,000 ounces and tailings retreatment at Barberton contributed a further 8,000 to 9,000 ounces.
For the full year, PAF is now expecting production in the range of 180,000 to 190,000 ounces, up slightly from prior guidance of 178,000 to 190,000.
“The expected production performance for the half year to December 2023 positions the group to deliver excellent results for the full financial year,” said Loots.
“The continued momentum with the construction of the MTR plant at the group’s Mintails project is again testament to our track record of bringing world class tailings retreatment projects to account.
“MTR is expected to commence production at the end of 2024, and will add some 50,000 oz/yr to group production, increasing our annual output by some 25%.”