3rd Sep 2014 09:29
LONDON (Alliance News) - Pan African Resources PLC Wednesday posted a drop in its gold and platinum resources and increases in reserves of both metals, saying the ongoing upgrade of resources to reserves will continue to increase mine production profiles.
Pan African said group gold reserves were up 9.8% to 10.1 million ounces in the year to June 30. The group said a 0.6Moz increase can be attributed to Barberton Mines, with 0.3Moz of the increase down to Evander Mines.
Its gold resource fell 4.5% to 33.5Moz. The group said 1.9Moz of the decrease is attributable to Evander Mines, while Barberton Mines contributed a 0.3Moz increase.
Mineral resources are those that are potentially valuable, while reserves are both potentially valuable and legally, economically and technically feasible to extract.
Platinum reserves were up around two-thirds to 0.5Moz, against 0.3Moz last year, while its resource fell 14% to 0.6Moz from 0.7Moz last year. The reserve increase was down to the re-stating of the modifying factors in the mineral reserve for Pan African's Phoenix platinum project.
The resource fall was down to a lower mineral resource declared at the Lesedi Mine, operated by International Ferro Metals Ltd, and the treatment of the Buffelsfontein dumps.
Pan African Resources shares were trading flat at 14.00 pence Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Pan African Resources