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Pan African Resources PLC (AIM:PAF,OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) CEO Cobus Loots speaks to ThomasWarner from Proactive after the mid-tier African-focused gold producerreleased its annual report for the year to 30 June 2023.
Loots gives an overview of how thebusiness performed over the course of the year - a period he describesas "not the easiest" for the company which had issues withunderground infrastructure and capacity that meant production was downon 2022's all-time record.
Hehighlights positive news from the Barberton Tailings Retreatment PlantSurface and the measures being taken to improve undergroundoperations. "Operationally we are doing better now and we arelooking forward to the year ahead, especially with the very highRand/Gold price that we are currently enjoying."
Pan African Resources has also embarked onthe largest capital project in its history, Mintails, which is set toincrease annual production by 25% to the company's annualproduction for over two decades, with a world-class all-in sustainingcost of around $1,000.
Lootsacknowledged challenges operating in South Africa but emphasises theirlong-standing successful track record and investments in renewableenergy, with plans to commission additional capacity to help avoid theimpact of power outages.
While not aiming for record production,he says the company is forecasting uptick in production for the comingyear, with significant growth anticipated when Mintails becomesoperational.
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