Pan African Resources PLC - Barberton Mines


						Barberton Mines, South Africa Barberton first produced gold in 1886, after the discovery of the first gold nugget by Edwin Bray. The mining complex consists of three mines: Fairview, Consort and Sheba. At present Barberton produces approximately 100,000oz of gold per annum, at an average cash cost of approximately US$45/oz. Barberton Mines is the birthplace of BIOX® (‘Biological Oxidation’), an environmentally friendly process of releasing the gold from the sulphide that surrounds, using organisms that perform this process naturally. Barberton is still used as the training facility for all BIOX® plants globally.

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Barberton Mines (South Africa)

Name

The Barberton mining operation

Location

Mpumalanga province (South Africa)

Status

Gold producer

Holding Company

Pan African Resources PLC (100% stake)

Controlling Company

Pan African Resources PLC

Geological Setting

Sediments and metavolcanics within the Barberton greenstone belt

Products Mined

Gold

Actual Production	Tons Per Annum:	313,952 t
	Grade (recovered):	9.4 g/t
	Content Per Annum:	94,909 oz

Ongoing Capex

£5 million per annum

Extraction Method

BIOX® / CIL

LOM

10 years

					Key Management	Executive Mining:	Mario Gericke
						General Manager:	Casper Strydom

Barberton Mines Production Summary

2009

* 2008

** 2007

** 2006

** 2005

** 2004

Tons Milled

(t)

313,952

315,305

330,367

313,779

316,094

349,219

Headgrade

(g/t)

10.32

8.9

9.2

10.7

11.1

10.4

Overall Recovery

(%)

Production: Underground

(oz)

94,909

82,436

90,022

99,281

103,847

106,258

Production: Calcine Dump

(oz)

3,955

13,513

Gold Sold

(oz)

97,353

99,078

89,572

99,924

102,914

106,773

Average Price: Spot

(USD/oz)

867

823

640

528

433

397

Average Price: Hedge

(USD/oz)

n/a

451

415

438

511

455

Total Cash Cost USD/oz sold

(USD/oz)

469

476

465

429

427

340

Capital Expenditure

(£)

4,052,440

2,901,792

1,637,359

1,091,965

1,021,041

1,054,288

Exchange rate - average

(ZAR/£)

14.39

14,68

13,95

n/a

Exchange rate - closing

(ZAR/£)

12.66

15,56

14,18

n/a

* 74% of the 2008 results are attributable to the equity shareholders of Pan African.
** Results shown from 2004 to 2007 were attributable to Metorex Limited (previous owners of Barberton Mines).

UK (AIM): PAF | SA (JSE): PAN