Pan African Resources posts further strong results following record Rand dividend

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Pan African Resources PLC (LON:PAF)(JSE:PAN) boosted gold production 5.9% to 98,386 ounces in the six months to December 2020.

It leaves the company on track to deliver on its full year production guidance of approximately 190,000 ounces of gold.

Net cash generated by operating activities increased by 178.2% to US$28.1mln, and the company was able to reduce net debt by 47.3%.

Profit after taxation amounted to US$40.8mln, and earnings per share increased to US$0.0211 cents.

The company continues to focus on ESG projects, including the 9,975MW solar photovoltaic plant at Evander Mines and the large-scale agriculture projects at Barberton Mines. These are on track for commissioning in the third quarter of calendar 2021.

“Barberton Mines deserves recognition for a robust operational performance, with gold production of 52,354oz for the six months ended 31 December 2020, demonstrating the excellent progress at this flagship operation in reserve development and infrastructure optimisation,” said chief executive Coobus Loots.

“We are on track with our forecast de-gearing, and the group’s net debt decreased by 47.3% to US$65.2 mln, relative to the six months ended 31 December 2019. A record rand dividend for the June 2020 financial year was paid in December 2020.”

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