10th Jul 2020 08:30
(Alliance News) - Pan African Resources PLC on Friday reported a rise in annual production, shaking off the grip of Covid-19.
Gold production for the year ended June 30 was 4.1% higher at 179,575 ounces from 172,442 ounces a year ago. Not only that, the figure crept 2% from Pan African's output guidance of 176,000 ounces.
Net debt meanwhile, fell to USD62.5 million from USD123.7 million at December 31.
Chief Executive Officer Cobus Loots said: "Pan African has demonstrated the resilience of its operations with an improved performance for the year, especially when taking into account the challenges posed by the Covid-19 pandemic. The flexibility inherent in our operations confirms the quality of these mines and their ability to withstand short term disruptions and still deliver on our targets.
"We expect that we still have a long battle ahead against Covid-19 and will do our part to mitigate the impact as far as possible."
Pan African shares climbed 2.3% to 20.10 pence each in London early on Friday. They were up 4.1% at ZAR4.32 apiece in Johannesburg.
By Eric Cunha; [email protected]
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