October 5, 2022

Pan African reports record gold production, equal to last year’s dividend

JOHANNESBURG (miningweekly.com) – Gold miner Pan African Resources, which reported record gold production in the 12 months to June 30, describes itself as positioned for further growth as it nears commissioning organic projects and completes Mintails surface gold transaction.

The London and Johannesburg-listed company has proposed a final dividend of just over R400m for financial year 2022 (FY22) equal to 18p per share, the same as paid in FY21.

Gold production increased 1.9% to 205,688 oz at 1.8% higher all-in sustaining costs of $1,284/oz.

Net cash from operating activities increased 45.1% to $110 million, after-tax profit increased by $75 million and net debt decreased 66.7% to $13 million.

Evander Mines’ underground mine life has been extended to 14 years, with increased gold production planned and internally funded development capital.

The transaction to acquire Mintails tailings reprocessing assets is expected to close by September 30.

Evander’s 9.9MW renewable energy solar photovoltaic power plant is fully commissioned and the first commercial harvest of Barberton’s Blueberry project is underway, according to an announcement from the stock market news service accessed by Weekly mining States.