Publications
Partners
Johannesburg - Pan African Resources [JSE:PAN] has reported a 69.17% rise in headline earnings per share to 2.03 pence for the year ended June 2012.
Gross revenue for gold sales increased by 27.65% to £101.1m (R1.2bn)‚ while its earnings before interest‚ taxation‚ depreciation and amortisation (Ebitda) increased by 57.89% to £45m (R598.05m). Attributable profit increased by 69.77% to £29.2m (R388m)
CEO Jan Nelson said the group had produced an excellent set of financial results and achieved two significant corporate milestones.
“Barberton mines produced a consistent 94 449oz gold at a consistently high head grade of 10g/t and we started construction on our tailings retreatment plant at Barberton. At Phoenix Platinum‚ we have seen significant improvement‚” he said.
“We agreed terms to acquire Evander Gold Mines from Harmony‚ which is a game changing acquisition for us and sets us on a path to mid-tier production status. In addition‚ post year end we found the right opportunity for Manica in Terranova Minerals NL on the ASX‚” Nelson added.
On May 30, 2012 the group entered into an agreement with Harmony Gold Mining Company to acquire Evander Gold Mines for £116.2m (R1.5bn)‚ subject to certain terms and conditions.
“The impact on the year is a significantly improved profit margin up by 57.19% to $918/oz and a 27.65% increase in revenue at just over £101.1m (R1.2bn). This was due to an excellent gold price but also as a result of stringent cost management at the mine. The first quarter sees the business in excellent health and we are very excited at the prospects 2013 will bring‚" said Nelson.
Looking ahead the company’s offer to acquire Evander Gold Mines from Harmony marks a significant milestone in the future growth of the company.
On successful completion the transaction will allow the group to double gold production output and mineral reserves will increase from just over 1Moz to close to 9Moz ensuring a sustainable future.
A pipeline of brownfield projects will become available around current mining areas that can be developed to unlock future value. Such development will be funded from internal cash flows without impeding on future dividend payments‚ it added.
No major project development will be undertaken without shareholder approval and the group will continue through strategic partnerships to exploit further growth opportunities within the precious metals sector in SA. It believes that significant opportunities will become available in the gold and platinum sectors in SA as the major mining houses start divesting of their SA assets to gain a more international footprint‚ it said.
*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.
Gross revenue for gold sales increased by 27.65% to £101.1m (R1.2bn)‚ while its earnings before interest‚ taxation‚ depreciation and amortisation (Ebitda) increased by 57.89% to £45m (R598.05m). Attributable profit increased by 69.77% to £29.2m (R388m)
CEO Jan Nelson said the group had produced an excellent set of financial results and achieved two significant corporate milestones.
“Barberton mines produced a consistent 94 449oz gold at a consistently high head grade of 10g/t and we started construction on our tailings retreatment plant at Barberton. At Phoenix Platinum‚ we have seen significant improvement‚” he said.
“We agreed terms to acquire Evander Gold Mines from Harmony‚ which is a game changing acquisition for us and sets us on a path to mid-tier production status. In addition‚ post year end we found the right opportunity for Manica in Terranova Minerals NL on the ASX‚” Nelson added.
On May 30, 2012 the group entered into an agreement with Harmony Gold Mining Company to acquire Evander Gold Mines for £116.2m (R1.5bn)‚ subject to certain terms and conditions.
“The impact on the year is a significantly improved profit margin up by 57.19% to $918/oz and a 27.65% increase in revenue at just over £101.1m (R1.2bn). This was due to an excellent gold price but also as a result of stringent cost management at the mine. The first quarter sees the business in excellent health and we are very excited at the prospects 2013 will bring‚" said Nelson.
Looking ahead the company’s offer to acquire Evander Gold Mines from Harmony marks a significant milestone in the future growth of the company.
On successful completion the transaction will allow the group to double gold production output and mineral reserves will increase from just over 1Moz to close to 9Moz ensuring a sustainable future.
A pipeline of brownfield projects will become available around current mining areas that can be developed to unlock future value. Such development will be funded from internal cash flows without impeding on future dividend payments‚ it added.
No major project development will be undertaken without shareholder approval and the group will continue through strategic partnerships to exploit further growth opportunities within the precious metals sector in SA. It believes that significant opportunities will become available in the gold and platinum sectors in SA as the major mining houses start divesting of their SA assets to gain a more international footprint‚ it said.
*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.
