Pan African unveiled record annual gold production in its latest operational update, with production increasing 2% year on year to 205,459oz.
Production outstripped initial guidance by 5%, primarily driven by an 18.7% production increase at its Evander site in the Northeast.
Dual listed in London and Johanessberg, Pan African managed to reduce its net senior debt by over 70% from US$33.7mln to US$9.6mln.
“We are very pleased with the group’s operational performance over the last year, and the record gold production achieved by our teams during this period,” said chief executive officer Cobus Loots.
“We have further strengthened our balance sheet over the last year, despite the payment of a record dividend and incurring significant growth and sustaining capital expenditure,” added Loots.
The group expects to maintain its production levels for the 2023 financial year, which will see organic growth at its Barberton, Evander and Elikhulu mining sites.
ESG highlights for the financial year included commissioning a 10MW solar energy plant and commencing construction of a water treatment and recycling plant at Evander.
Safety statistics also saw an improvement, with the recordable injury frequency rate (RIFR) down to 0.35 per million man hours from 0.65 in 2021.
Looking forward, Loots said: “A key focus area in the year ahead will be the smaller underground operations at Barberton, to ensure that these assets perform to their full potential.