Successful conclusion of 2015 wage negotiations

PAN AFRICAN RESOURCES PLC - Successful conclusion of 2015 wage negotiations

PR Newswire

London, October 13

Pan African Resources PLC"Pan African Resources" or the "Group"(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)Share code on AIM: PAFShare code on JSE: PANISIN: GB0004300496

PAN AFRICAN RESOURCES SUCCESSFULLY CONCLUDES 2015 WAGE NEGOTIATIONS

Pan African Resources shareholders are hereby informed that the Group has successfully concluded wage negotiations at its gold mining operations and entered into multi-year agreements with the unions representing its employees. Details of these agreements are as follows: 

Barberton Mines (Proprietary) Limited (“Barberton Mines”)

Barberton Mines has concluded a two-year agreement with the National Union of Mineworkers ("NUM") and the United Association of South Africa ("UASA") on wages and other conditions of employment for employees at the operation.

The average Barberton Mines salary and wage bill increase for the two financial years ending 30 June 2016 and 2017 will amount to approximately 9% per annum, effective from 1 July 2015.

Evander Gold Mining (Proprietary) Limited (“Evander Mines”)

Evander Mines, under the auspices of the Chamber of Mines, has concluded a three-year agreement with the NUM and the UASA on wages and other conditions of employment for employees at the operation.

The average Evander Mines salary and wage bill increase for the three financial years ending 30 June 2016, 2017 and 2018 will amount to approximately 7.8% per annum, effective from 1 July 2015.

CEO of Pan African Resources, Cobus Loots commented: "We are pleased that multi-year wage agreements are now in place at our gold mining operations. These agreements provide certainty to all Pan African Resources stakeholders and enable our employees to focus on delivering on our production targets."

13 October 2015Johannesburg

CONTACT INFORMATION

Corporate OfficeThe Firs Office Building1st Floor, Office 101Cnr. Cradock and Biermann AvenuesRosebank, JohannesburgSouth AfricaOffice: + 27 (0) 11 243 2900Facsimile: + 27 (0) 11 880 1240

Registered OfficeSuite 31Second Floor107 CheapsideLondonEC2V 6DNUnited Kingdom

Office: + 44 (0) 207 796 8644Facsimile: + 44 (0) 207 796 8645 

www.panafricanresources.com