Pan African Resources PLC Provides an Operational Update for the Nine Months Ended 31 March 2019; Provides Production Guidance for Fiscal 2019 and 2020
May 17 19
Pan African Resources PLC has provided an operational update for the nine months ended 31 March 2019. Gold production from the Group’s continuing mining operations increased by 51.4% to 123,771oz, with robust performances from Barberton Mines’ underground operations and the Group’s tailings retreatment plants. Gold production from the Barberton complex increased by 11.7% to 72,944oz. Underground and surface mining increased by 3.4% to 54,857oz; and Barberton tailings retreatment plant (“BTRP”) increased by 47.5% to 18,087oz due to an improved tonnage throughput and recoveries following the successful commissioning of the BTRP regrind mill in May 2018. The Elikhulu tailings retreatment plant (“Elikhulu”) processed 6,915,113 tonnes from September 2018 to March 2019 at a recovered grade of 0.135g/t with 29,881oz (929.4kg) of gold sold. This excludes the pre-production gold of 736oz (22.9kg) capitalised as pre-production income and gold inventory locked-up in the Elikhulu circuit; As previously communicated, the incorporation of the historical Evander tailings retreatment plant’s (“ETRP”) throughput of 200,000 tonnes per month into Elikhulu was completed in December 2018, which increased Elikhulu’s processing capacity to 1.2-million tonnes per month; Elikhulu’s all-in sustaining cost of production continues to be lower than previously anticipated, at less than $600/oz; and Evander Mines’ remnant mining and surface sources contributed a further 20,946oz (2018: 16,432oz). The Group’s focus on safety and related ongoing improvements continues to bear fruit, with material improvements in all categories of safety statistics during the current reporting period: The Group had no fatalities in this quarter; The Group’s lost-time injury frequency rate improved substantially to 1.75 (2018: 3.79); and The reportable injury frequency rate improved substantially to 0.58. The feasibility study into the merits of mining the Evander 8 Shaft Pillar and high-grade areas in proximity to the pillar has been completed and the Pan African board of directors has approved the development of the project. Development and equipping of this area has already commenced, with first gold expected during August 2019. The Evander 8 Shaft Pillar will replace the current remnant underground mining and vamping production and is expected to contribute, on average, 30,000oz per annum over the next three financial years, with approximately 20,000oz of production forecast for fiscal 2020. Royal Sheba Project: The Group has completed the Royal Sheba project feasibility study and concluded that the merits of mining the near-surface resource, using an opencast mining method, did not meet the Group’s disciplined capital allocation criteria. This was as a result of higher than anticipated capital expenditure, largely due to the challenging topography of the Sheba valley. The emphasis is now to assess the merits of using an underground sub-level open stoping mining method by developing haulages from surface into the orebody. The existing Barberton Mines’ processing plant infrastructure can be upgraded to process ore from this orebody, which will substantially reduce the originally contemplated capital expenditure, and shorten the environmental licensing approval process.
The company is confident the Group remains on track to meet its gold production guidance of 170,000oz for the full financial year to end 30 June 2019. With Elikhulu producing at a steady state for a full year and the incremental contribution from Evander’s Pillar operation, expects to produce approximately 185,000oz of gold for the 2020 financial year, which is a sizeable increase in the gold production profile.
Pan African Resources PLC Announces Resignation of Rowan Smith as an Independent Non-Executive Director
Apr 3 19
Pan African Resources PLC announced that in compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are informed of the resignation of Mr. Rowan Smith as an independent non-executive director with effect from 3 April 2019. Mr. Smith has been an independent non-executive director for more than four years, and is resigning to pursue other interests. The board of directors, which now consists of three independent non-executive and two executive directors, has commenced a process to appoint a suitable replacement non-executive director.
Pan African Resources PLC Presents at BMO 28th Global Metals & Mining Conference, Feb-24-2019
Feb 27 19
Pan African Resources PLC Presents at BMO 28th Global Metals & Mining Conference, Feb-24-2019 . Venue: The Diplomat Beach Resort Hollywood, 3555 South Ocean Drive, Hollywood, Florida, United States.