Pan African Resources (PAF)

Sector:

Mining

Index:

FTSE AIM 100

22.50p
   
  • Change Today:
      0.60p
  • 52 Week High: 22.60p
  • 52 Week Low: 12.02p
  • Currency: UK Pounds
  • Shares Issued: 2,222.86m
  • Volume: 4,140,484
  • Market Cap: £500.14m
  • RiskGrade: 255

Pan African ups guidance ahead of production at Elikhulu plant

By Iain Gilbert

Date: Friday 02 Mar 2018

LONDON (ShareCast) - (ShareCast News) - Precious metals producer Pan African Resources issued updated guidance after kicking off production at its Elikhulu tailings retreatment plant in South Africa, with the firm expecting the ramp up to full production of around 55,000 ounces per year to take no longer than two months.
Construction at the South African plant Evander, Mpumalanga was said to be progressing ahead of schedule, with first gold expected in August 2018 at an "all-in sustaining cost of production" of below $650 per ounce.

Separately, at its Barberton Mines asset, Pan African successfully increased its average head grade for the complex, which includes the Fairview, Sheba and Consort mines, rise from an average of 8.7 grams per tonne in the six months ended 31 December to 11.5 grams per tonne during the February 2018 production month.

The AIM-listed outfit said the 32% increase in head grade was predominantly a result of "mining high-grade ore at the 272 platform since January 2018."

Elsewhere, construction of a regrind mill at its BTRP project was proceeding according to schedule, when commissioning begins at the end of April, the regrind mill was expected to increase production to approximately 21,000 ounces per year.

In conjunction with the Evander plant, Barberton and BTRP were expected to produce more than 70,000 ounces per year for Pan African.

Pan African's chief executive, Cobus Loots, said, "After a challenging period at Barberton Mines we have successfully dealt with the key underground challenges at Fairview's 11-block and we are on track to re-establish BTRP's production profile at approximately 21,000 ounces per annum."

"Mining over the past two months at the 272 platform and the development into the 358 platform confirms the geological continuity of Fairview's 11-block high-grade orebody. These developments, along with progress at the BTRP and Elikhulu, provide Pan African with far greater certainty of high-quality gold ounce production," he added.

As of 0840 GMT, shares had picked up 2.97% to 7.34p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PAF Market Data

Currency UK Pounds
Share Price 22.50p
Change Today 0.60p
% Change 2.74 %
52 Week High 22.60p
52 Week Low 12.02p
Volume 4,140,484
Shares Issued 2,222.86m
Market Cap £500.14m
RiskGrade 255

PAF Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
76.46% above the market average76.46% above the market average76.46% above the market average76.46% above the market average76.46% above the market average
38.93% above the sector average38.93% above the sector average38.93% above the sector average38.93% above the sector average38.93% above the sector average
Price Trend
88.80% above the market average88.80% above the market average88.80% above the market average88.80% above the market average88.80% above the market average
88.81% above the sector average88.81% above the sector average88.81% above the sector average88.81% above the sector average88.81% above the sector average
Income
61.92% above the market average61.92% above the market average61.92% above the market average61.92% above the market average61.92% above the market average
4.35% above the sector average4.35% above the sector average4.35% above the sector average4.35% above the sector average4.35% above the sector average
Growth
81.29% below the market average81.29% below the market average81.29% below the market average81.29% below the market average81.29% below the market average
56.25% below the sector average56.25% below the sector average56.25% below the sector average56.25% below the sector average56.25% below the sector average

What The Brokers Say

Strong Buy 2
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PAF Dividends

  Latest Previous
  Final Final
Ex-Div 30-Nov-23 01-Dec-22
Paid 12-Dec-23 13-Dec-22
Amount 0.75p 0.91p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 655,022 @ 22.50p
16:35 2,296 @ 22.50p
16:35 6,422 @ 22.50p
16:35 3,640 @ 22.50p
16:35 20,447 @ 22.50p

PAF Key Personnel

CEO Cobus Loots
Finance Director Deon Louw

Top of Page