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Pan African Resources resumes dividends as profits bounce back

Numbers were helped by a surge in the price of gold and a 27% reduction in the all-in sustaining cost

Pan African Resources plc - Pan African Resources resumes dividends as profits bounce back

Pan African Resources plc (LON:PAF) swung strongly back into profit and re-started dividend payments as gold production jumped 54% to 172,400oz in the year to June.

The South Africa-based gold miner also reaffirmed its forecast that production would rise to 185,000oz this year.

Cobus Loots, chief executive, described last year as pivotal for the group,

“We successfully repositioned our operations as one of South Africa’s lowest-cost gold producers, focused on delivering safe and profitable ounces from our Evander and Barberton operations.

Revenues over the year rose by 49% to US$217mln, while profits after tax came in at US$38mln compared to a loss US$123mln last time.

Pan African’s numbers were helped by a surge in the price of gold and a 27% reduction in the all-in sustaining cost per ounce to US$988/oz (2018:US$1,358/oz).

The final dividend was 0.1266p per share.

“We enter the new financial year with confidence, a firm grasp on our cost base, and in a good position to benefit from the current gold price environment,” Loots added.

Quick facts: Pan African Resources plc

Price: 10.47 GBX

AIM:PAF
Market: AIM
Market Cap: £201.9 m
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