In The Media

The coming year is going to be a testing time for Pan African Resources. Management has to keep two major new capital projects under way, one at Mintails and the other at Evander Underground, on schedule and within budget.

South African gold miner Pan African Resources (AIM: PAF) (JSE: PAN) announced Wednesday that its profit for the financial year ended 30 June 2023 (FY23) was $60.7 million, down 19% compared to FY22 (profit of $75.0 million).

JOHANNESBURG (miningweekly.com) – The first 10 MW solar plant at the Evander gold mining operation of Pan African Resources is reducing group all-in sustaining costs (AISC) by more than $10/oz with this number set to increase in coming years as Eskom tariffs continue to escalate, Pan African Resources CEO Cobus Loots said during the presentation of the London- and Johannesburg-listed company’s dividend-yielding 2023 financial results.

Pan African Resources lost an estimated 10,000oz in gold output in the year to end-June due to unreliable electricity supply, contributing to a fall in overall production levels for the reporting period when rand gold prices were at elevated levels.