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Pan African Resources set to benefit from stronger gold price

Snapshot

  • South African- based gold miner 
  • Operations at Barberton, Evander and Elikhulu
  • Previous production for this year was 185,000oz
Pan African Resources plc - Pan African Resources back on track as production climbs

Quick facts: Pan African Resources plc

Price: 18.425 GBX

AIM:PAF
Market: AIM
Market Cap: £355.29 m
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How it's doing

Prioro to the coronavirus crisis, Pan African had been performing well.,

Earnings per share for the six months ended 31 December more than doubled to 1.14 US cents per share, the miner said in results released on 18 February. Total gold sold increased by nearly 14% to just over 90,600 ounces. 

A higher gold price has helped. 

Pan African had previously said it expected to produce 185,000 ounces of the yellow metal for the full-year while the Evander 8 Shaft Pillar reaching commercial production would add “further high-margin” output in the second half.

Following the coronavirus lockdowns however, guidance has been suspended, as operations have been partially restricted under the South African measures to mitigate the spread of the virus. Pan African has expressed full support for the government's measures.

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Inflexion points 

  • Production hits its target of 185,000oz this year
  • Gold price remains high
  • Dividend rises as debt is paid down

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Watch

Pan African expects to make 'big dent in its debt' after remaining cashflow...

  Pan African Resources plc's (LON:PAF) Cobus Loots tells Proactive London's Andrew Scott they remained cashflow positive despite the coronavirus (COVID-19) pandemic and lockdown measures in South Africa. He says despite operations being severely affected, the production forecast for...

on 13/5/20

2 min read