Pan African Resources forecasting production uptick for the coming year
Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) CEO Cobus Loots speaks to Thomas Warner from Proactive after the mid-tier African-focused gold producer released its annual report for the year to 30 June 2023.
Loots gives an overview of how the business performed over the course of the year – a period he describes as "not the easiest" for the company which had issues with underground infrastructure and capacity that meant production was down on 2022's all-time record.
He highlights positive news from the Barberton Tailings Retreatment Plant Surface and the measures being taken to improve underground operations. "Operationally we are doing better now and we are looking forward to the year ahead, especially with the very high Rand/Gold price that we are currently enjoying."
Pan African Resources has also embarked on the largest capital project in its history, Mintails, which is set to increase annual production by 25% to the company's annual production for over two decades, with a world-class all-in sustaining cost of around $1,000.
Loots acknowledged challenges operating in South Africa but emphasises their long-standing successful track record and investments in renewable energy, with plans to commission additional capacity to help avoid the impact of power outages.
While not aiming for record production, he says the company is forecasting uptick in production for the coming year, with significant growth anticipated when Mintails becomes operational.
Proactive UK Ltd
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Pan African Resources PLC
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