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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Pan African Resources    PAF   GB0004300496

PAN AFRICAN RESOURCES (PAF)
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Delayed Quote. Delayed  - 05/25 05:35:18 pm
6.92 GBp   -5.85%
05/24PAN AFRICAN RES : Update on Operations and BTRP Mill Commissioning
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05/23PAN AFRICAN RES : s) in Company
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05/17PAN AFRICAN RES : s) in Company
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Pan African Resources : advances tailings retreatment projects

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05/26/2018 | 10:23am CEST

Pan African Resources (AIM:PAF) has almost completed commissioning of the Barberton mines tailings retreatment plant regrind mill, which is expected to reach an annual gold production rate of 21,000 ounces in June.

The miner said Thursday the mill`s commissioning would be completed in the next week, within the five-month schedule and on budget and the June output would be in line with previous guidance.

It installed the mill to improve material handling and recoveries in the future by reducing the coarseness of the material treated from the Harper dump.

At its Elikhulu project, construction remained ahead of schedule and below budget, with first gold expected in August and full commissioning by the end of September.

From December, the project should increase Elikhulu`s capacity to 1.2 million tonnes per month from the previous 1Mt/month by incorporating the existing Evander tailing retreatment plant (ETRP) throughput, which would come with associated economies of scale and enhanced recovery benefits.

"The increase in processing capacity will not affect the original construction schedule or first gold production expectations. In conjunction with the ETRP throughput, these two surface operations, once in full production, are expected to produce more than 70,000oz per annum," it said.

Pan African said the Barberton and surface tailings operations positioned it as "a relatively low-cost producer with long-life, quality assets and attractive organic growth prospects".

After confirming in early May that it would be retrenching about 1,700 employees at its Evander mines by the end of the month, Pan African said it had completed the section 189 labour process and formalised the retrenchment agreement with mineworkers` unions.

The company placed the cost of the retrenchment at about R160 million (US$12.9 million) to be funded from its existing debt facilities and internal resources.

It said it would be providing affected employees with reskilling opportunities and would also be looking for other employment opportunities internally and externally for the retrenched employees.

"Separately, the group is at an advanced stage of reviewing the technical and commercial merits of mining the remainder of Evander`s 8 shaft pillar. This may extend the final closure date of the shaft, generate positive cash flows and assist with further employment opportunities for those affected by the section 189 process," it said.

(c) 2018 The New Times Publications S.A.R.L All rights reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( GBP)
Sales 2018 177 M
EBIT 2018 16,6 M
Net income 2018 -4,34 M
Debt 2018 74,3 M
Yield 2018 8,46%
P/E ratio 2018 24,00
P/E ratio 2019 7,41
EV / Sales 2018 1,29x
EV / Sales 2019 1,35x
Capitalization 155 M
Chart PAN AFRICAN RESOURCES
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Pan African Resources Technical Analysis Chart | PAF | GB0004300496 | 4-Traders
Technical analysis trends PAN AFRICAN RESOURCES
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Average target price 0,17  GBP
Spread / Average Target 138%
EPS Revisions
Managers
NameTitle
Cobus Loots Chief Executive Officer & Executive Director
Keith Cousens Spencer Independent Non-Executive Chairman
Andre van den Bergh Executive-Operations & Human Resources
Gideon Petrus Louw Finance Director & Executive Director
Niel Symington Group Manager-Management Accounting & IT
Sector and Competitors
1st jan.Capitalization (M$)
PAN AFRICAN RESOURCES-47.77%206
NEWMONT MINING CORPORATION6.53%21 041
BARRICK GOLD CORP-4.40%15 610
NEWCREST MINING LIMITED-8.63%12 126
AGNICO EAGLE MINES LTD-1.69%10 242
SHANDONG GOLD MINING-12.28%8 010