(NewsDirect)
Pan African Resources PLC CEO Cobus Lootstakes Proactive's Stephen Gunnion through the company'sinterim results to 31 December 2023.
The mining firm experienced a significant uptick in performance,driven by increased production and a favourable gold priceenvironment, particularly in South African rand. The impact ofoperational enhancements at its Barberton operations and its tailingsretreatment portfolio including Elikhulu saw substantial productionboosts, positioning the company to meet its full-year guidance of180,000 to 190,000 ounces of gold.
Loots highlighted the successful management of costs despiteinflationary pressures, attributing part of the efficiency to thedepreciation of the rand against the dollar, higher gold outputreducing unit costs, and prudent cost controls. Notably, thecompany's investment in renewable energy and water recyclinginitiatives has started to pay off, with the first solar plant savingapproximately $13 per ounce in all-in-sustaining costs (AISC).
Cash generation surged by 130%, enablingfurther investments in projects like the Mogale Tailings Retreatmentproject, which is on schedule and budget to enhance Pan African'sproduction for the next two decades.
The Evander mine alsoreported increased output, thanks to infrastructure upgrades. Safetyimprovements were emphasised as a crucial part of the company'soperations, especially significant given the proportion of productionfrom tailings and surface operations. ?
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