Pan African Resources PLC - Rosebank-headquartered gold producer - Commissions Mogale Gold Pty Ltd’s tailings storage facilities. Pan African acquired Mogale Gold and Mintails’ SA Soweto Cluster Pty Ltd from Mintails Mining SA Pty Ltd for R 50.0 million in October 2022. Says Mogale tailings retreatment operation was commissioned in early this month, with an inaugural gold pour at the plant’s smelting facility. Ramp-up is in progress, with steady-state production and plant throughput of 800,000 kilogrammes per month expected by December 2024.
Chief Executive Officer Cobus Loots says the gold producer has established an ‘enviable’ track record in executing tailings retreatment projects. Says this $135.1 million project was delivered under budget and ahead of schedule, with construction completed in only 14 months. A study in June 2022 showed that the Mogale Gold project had the potential to increase Pan African’s gold production, with re-mining of tailings storage facilities expected to add about 50,000 ounces a year over 13 years.
Current stock price in Johannesburg: R 8.30
12-month change: up more than double
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12-month change: up more than double
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