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

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Pan African Resources : Evander Fatality & Shaft Refurbishment Programme

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02/20/2017 | 08:06am CET
                           Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
                registered number 3937466 on 25 February 2000)
                            Share code on AIM: PAF
                            Share code on JSE: PAN
                              ISIN: GB0004300496
                       ('Pan African' or the 'Company')

    EVANDER GOLD MINING PROPRIETARY LIMITED ('EVANDER') FATALITY AND SHAFT
                            REFURBISHMENT PROGRAMME

FATALITY

It is with deep regret that Pan African reports that a mining accident occurred
at the Evander 7 shaft complex on 15 February 2017.  Mr Velile Chaplin Kapa
(54), an Engineering Assistant employed by the operation, sustained a fatal
head injury when a section of the main shaft pump column failed whilst he was
working in the shaft bottom area. Pan African's management and board express
their sincere condolences to the family, friends and colleagues of Mr Kapa.

SHAFT REFURBISHMENT PROGRAMME

Shareholders are referred to the Trading Update, released on 5 December 2016,
in which Pan African, inter-alia, disclosed details of the refurbishment
programme being conducted at Evander's 7A shaft.

In conjunction with the 7A shaft refurbishment programme, Evander's management
initiated a number of independent and internal engineering studies to assess
the condition of Evander's underground mining infrastructure (both Evander 7
and 8 shafts). These studies identified critical infrastructure issues
requiring remedial action, to ensure safe and sustainable operation of these
shafts.

The nature of these refurbishments require a suspension of Evander's
underground mining operations for a period of up to 55 days, during which
critical infrastructure issues will be addressed. Evander's tailings and
surface operations will be unaffected by the underground mining suspension.

The cost of the shaft refurbishment programmes is expected to be approximately
R40 million, which will be funded from the Company's existing banking
facilities.

In light of these recent developments, Pan African has revised its gold
production guidance for the financial year ending 30 June 2017 from 195 000
ounces to approximately 181,000 ounces.

Pan African's interim results for the period ended 31 December 2016 will be
released on 22 February 2017.  Further detail on the Evander underground
refurbishment programme will be made available as part of this interim
presentation.

20 February 2017

CONTACT INFORMATION

Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240

Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645

  Cobus Loots                    Deon Louw

  Pan African Resources PLC      Pan African Resources PLC

  Chief Executive Officer        Financial Director

  Office: + 27 (0) 11 243 2900   Office: + 27 (0) 11 243 2900

  Phil Dexter                    John Prior / Paul Gillam / James Black

  St James's Corporate Services  Numis Securities Limited
Limited

  Company Secretary              Nominated Adviser  and Joint Broker

  Office: + 44 (0)207 796 8644   Office: +44 (0)207 260 1000

  Matthew Armitt / Ross Allister Sholto Simpson

  Peel Hunt LLP                  One Capital

  Joint Broker                   JSE Sponsor

  Office: +44 (0)020 7418 8900   Office: + 27 (0) 11 550 5009

  Julian Gwillim                 Bobby Morse/Chris Judd

  Aprio Strategic Communications Buchanan Communications

  Public & Investor Relations SA Public & Investor Relations UK

  Office: +27 (0)11 880 0037     Office: +44 (0) 207 466 5000

Jeffrey Couch/Neil Haycock/Thomas Rider
BMO Capital Markets Limited
Joint Broker
Office: +44 (0) 207 236 1010

www.panafricanresources.com

Pan African Resources plc published this content on 20 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 February 2017 07:06:02 UTC.

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Financials ( GBP)
Sales 2017 213 M
EBIT 2017 52,8 M
Net income 2017 45,2 M
Debt 2017 4,49 M
Yield 2017 4,76%
P/E ratio 2017 6,48
P/E ratio 2018 6,02
EV / Sales 2017 1,66x
EV / Sales 2018 1,60x
Capitalization 350 M
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 0,22  GBP
Spread / Average Target 20%
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Cobus Loots Chief Executive Officer & Executive Director
Keith Cousens Spencer Independent Non-Executive Chairman
Anaki Karigeni Chief Operating Officer
Gideon Petrus Louw Finance Director & Executive Director
Hester Helena Hickey Independent Non-Executive Director
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