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