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Pan African’s gold mines close, although limited activity continues at surface

Pan African is well established as a mid-tier gold miner in South Africa

Pan African Resources plc -

Pan African Resources plc (LON:PAF) has shut its gold mines in South Africa, in accordance with the requirement of a government decree that sets out to tackle the coronavirus crisis.

As part of essential services, the company said it is conducting limited surface re-mining and processing activities at its Elikhulu tailings retreatment plant and at its Barberton tailings retreatment plant. These operations are currently operating at approximately 70% of normal capacity. 

Barberton Mines will, in the next few days, endeavour to resume limited operations at certain high-grade sections of its Fairview operation to ensure the required minimum feed for its BIOX processing plant.

Pan African Resources said it supports and is committed to all government efforts to contain the spread of coronavirus. 

Of the company’s total staff and contractor complement, only 20% (excluding security staff) are involved in the essential services which are continuing. 

Employees and contractors not required for essential services will remain at home for the duration of the National Lockdown, as required by the Regulations, it said.

"In this time of crisis, we are heartened by the manner in which all stakeholders in the mining industry are collaborating,” chief executive Coobus Loots commented in a statement.

“Pan African Resources recognises that the adverse effects of the COVID-19 pandemic will be severe and far reaching.  The impact will be even more pronounced in areas with limited resources and poverty. Recognising the economic and social hardship that communities and employees will experience during the National Lockdown, the company will embark on support programmes, in addition to our existing initiatives, to alleviate this hardship,” he added.

Quick facts: Pan African Resources plc

Price: 18.425 GBX

AIM:PAF
Market: AIM
Market Cap: £355.29 m
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