Pan African meets revised production guidance, lowers its debt
Gold miner Pan African Resources has achieved a robust financial performance for the year ended June 30, CEO Cobus Loots reported on August 7, stating that this was despite challenges experienced at the company’s underground operations during the financial year.
The company, which will release its results for the financial year on September 13, said its production had reached 175 209 oz, which was in line with the revised guidance announced in May.
Further, production has since also improved further and higher production is expected to be achieved in the 2024 financial year. Pan African has set guidance at between 178 000 oz and 190 000 oz.
Another significant development has been the reduction in Pan African’s net senior debt to $18.9-million, from $49.9-million as at December 31, 2022.
In terms of safety, the miner has implemented targeted safety campaigns to further improve the group’s lost-time injury frequency rate and reportable injury frequency rate.
The total recordable injury frequency rate improved to 8.13 per million man hours for the financial year under review, compared with 8.95 in the 2022 financial year.
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