Pan African Resources plc (LON:PAF) has revealed a considerable improvement in earnings amid increased low cost production from tailings, output from remnant mining at the Evander mine, and higher gold prices.
The company said that earnings per share for the six months ended 31 December would be in the range of 1.12 to 1.17 US cents, while headline earnings per share would be between 1.11 to 1.16 cents. This represents a significant improvement from the 0.39 cents and 0.50 cents per share respectively for the same period of 2018.
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PAF said that the Elikhulu tailings retreatment plant saw increased low cost gold production, generating a 91.6% increase in gold sales to 29,301 ounces up from 15,292 ounces in the comparative months of 2018.
Production from the Evander property’s remnant mining and surface operations increased by 7.4% to 16,284 ounces.
The gold price increased by around 19.8% to US$1,464 per ounce from US$1,222 in Q4 2018.