Pan African total underground gold production remains consistent at 45209 oz
Metal Recycling News | 2012-02-23 05:48:04
Pan African Resources (LSE:PAF ), an African based gold mining company, reported a 90.5% increase in attributable profit to a record 14.44 million euro for the six months ended December, compared with 7.58 million euro in 2010, and a 33.7% increase in revenue to 51.23 million euro from £38.33-million in 2010.
By Paul Ploumis
JOHANNESBURG (Scrap Monster): Pan African Resources (LSE:PAF ), an African based gold mining company, reported a 90.5% increase in attributable profit to a record 14.44 million euro for the six months ended December, compared with 7.58 million euro in 2010, and a 33.7% increase in revenue to 51.23 million euro from £38.33-million in 2010.
Jan Nelson, CEO of Pan African said that the strong performance to a high gold price, a significant effort to increase production at its Barberton gold mining operations (BGMOs) and effective cash cost management.
Earnings and headline earnings a share grew to 1p, marking a 88.7% growth, while earnings before interest, taxes, depreciation and amortisation increased by 86.6% to £24.17-million.
Cash on hand decreased to £4.9-million from £10.6-million in the precious reporting period, mainly owing to capital expenditure of £4.57-million associated with the Phoenix platinum-group metals (PGMs) retreatment plant and the dividend payment of £7.42-million made during the period under review.
Pan African slightly increased its gold from BGMO, which comprises the Fairview, Sheba and New Consort sections, to 46927 oz of gold. Total underground production remained consistent at 45209 oz.
Pan African Resources produces about 100,000oz of gold per year.
