Proactive Investors - Run By Investors For Investors

Pan African Resources still in profit and paying dividend, despite tough few months

Revenue dipped, but Pan African's Barberton and Evander mines proved robust enough to weather a difficult few months and still turn a profit
gold bars
Pan African produced more than 85,000 ounces of gold in the six months to December

It’s been a tough few months for Pan African Resources plc (LON:PAF) as time lost due to industrial action and processing problems at the Barberton tailings operation ate into production.

Underground development issues were also a problem.

READ: Pan African no longer picking over the bones of ASA Resource Group

During the six months to December 2017, Pan African delivered 85,282 ounces of gold produced from its South African projects, down nearly 7% on the comparable period in 2016.

Even so, Pan African still ranks comfortably among mid-tier producers and continues to pay a dividend, marked at just under 0.88p per share for the full financial year.

READ: Pan African Resources is reviewing its cost base and "strategic merits" of its portfolio

Profits for the six months to December came in at £3.3mln.

During the period, the company also disposed of the troubled Phoenix platinum project, and also pressed on with development of the Elikhulul tailings project, which will be a low cost operation.



View full PAF profile View Profile

Pan African Resources plc Timeline

Related Articles

Gold bars
November 27 2018
Panmure Gordon’s analysts noted that Ariana’s third-quarter update continued the trend of above plan production with its full-year 2018 guidance of 20,00 ounces almost reached in nine months
Drill rig
November 20 2018
The gold exploration and development company is focused on Mali and Ghana in West Africa
Gold fragments
October 11 2018
SP Angel said the company could be “one of the top-yielding precious metals producers on the London market”

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use