Pan African Resources PLC on Monday said it delivered a single-digit rise in annual production, with the gold price surging, offset by escalating costs.
The Rosebank-headquartered gold producer reported a 6.2% increase in production to 186,039 ounces for the financial year that ended June 30 from 175,209 ounces the year earlier. This was at the bottom end of the company’s revised guidance. The forecast for 2024 had been raised to a range of between 186,000 ounces and 190,000 ounces from 180,000 ounces to 190,000 ounces predicted previously.
The average gold price was $2,021 per ounce, the highest ever achieved by Pan African Resources, up from $1,836.
All-in sustaining costs is estimated to be about $1,350 an ounce, up 17% from $1,152.
Pan African set its 2025 full-year production guidance at between 215,000 and 225,000 ounces.
It said ‘exceptional progress’ has been made with the Mogale tailings retreatment project’s construction, which is nearing its final stages.
Plant commissioning and first gold production is anticipated ahead of schedule in October, with steady state production expected during December 2024. It also expects this project to be completed below budget.
The miner said Financial Director Deon Louw will retire, with effect from September 31. He will be replaced by Marileen Kok, subject to completion of director due diligence.
Kok joined Pan African as financial manager in January 2020.
In Johannesburg, Pan African shares were flat at R 6.64 on Monday morning. They were up 0.5% at 28.65 pence each in London.
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