Pan African Resources PLC said on Monday its annual gold production came in line with its revised guidance after battling with power outages in South Africa and operational setbacks at its mines.
The Rosebank-based gold producer reported annual output for 175,209 ounces for the financial year that ended June 30, down from 205,459 ounces a year earlier.
‘Despite the previously flagged challenges experienced at our underground operations, the group delivered a robust financial performance for the reporting period,’ Pan African Chief Executive Cobus Loots said.
The continuous operations at Barberton underground mines and other improvements were now boosting production, Loots said.
Back in May, Pan African revised down its 2023 annual production guidance of between 195,000 ounces and 205,000 ounces, citing electricity loadshedding in South Africa and slower than anticipated ramp-up of continuous operations at Barberton Mines.
The group estimated in May that a production loss of about 10,000 ounces was attributed to loadshedding, which hit all its operations.
The gold producer also said back then Evander Mines’ underground operations had underperformed as a result of geological challenges due to faulting of the Kimberley Reef at the tail end of the 8 Shaft Pillar mining area, and a slower than anticipated transition to full production from 24 Level.
On Monday, Pan African estimated production guidance of between 178,000 ounces and 190,000 ounces for the financial year ending June 30, 2025.
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