Pan African
Resources PLC
(Incorporated and registered in
England and Wales under Companies Act 1985 with registered
number 3937466 on 25 February
2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(“Pan African” or the
“Company” or the “Group”)
ELIKHULU TAILINGS
RETREATMENT PLANT’S INAUGURAL GOLD POUR
Pan African is pleased to announce the inaugural gold pour at
its Elikhulu tailings retreatment plant (“Elikhulu” or the
“Project”) on 16 August
2018.
Pan African
Resources CEO Cobus Loots
commented:
“The completion of Elikhulu’s
construction and the inaugural gold pour, ahead of schedule and in
line with the Project budget, is a further significant milestone as
we deliver into our strategy of repositioning the Group as a
low-cost, long-life gold producer.
Elikhulu is delivering much needed
new employment opportunities and is an economic boost for our local
communities and for South Africa’s Mpumalanga province.
The professional way in which the
Project was executed, delivering into all milestones in a safe and
sustainable manner, again demonstrates our team’s ability to
conceptualise, plan and complete very substantial growth
projects.
We expect Elikhulu to be a flagship
operation within our low-cost, long-life asset base, and we will
continue to focus on improving and expanding our portfolio in a
sustainable manner to the benefit of all stakeholders.”
The construction of Elikhulu was completed ahead of schedule and
within its R1.74-billion budget. The Project’s commissioning phase
is scheduled to be completed in September
2018, with steady-state production of approximately 55,000oz
of gold per annum, at an all-in sustaining production cost of
between US$650/oz and US$700/oz.
As previously announced, the incorporation into Elikhulu of the
Evander Tailings Retreatment Plant (“ETRP”), which has a
throughput of 200,000 tonnes per month, is on track and scheduled
for completion in December 2018,
after which the enlarged Elikhulu plant is forecast to process
throughput of 1.2-million tonnes per month and is expected to
produce approximately 70,000oz of gold per annum.
Elikhulu’s construction phase employed as many as 1,769 people
and will directly employ more than 350 permanent employees and
contractors during its operational life of 14 years.
During its construction phase, more than R162 million was paid
as preferential procurement to community contractors for services
rendered during this phase of the Project to date.
Over the life of the Project, Elikhulu is expected to produce
674,000oz of gold with a value of approximately R11.5 billion at a
gold price of R550,000/kg, inject R5.3 billion into the South
African economy for sourced goods and services, and contribute an
estimated R1.3 billion to the South African revenue authorities in
taxes and royalties.
The information contained in this announcement has not been
reviewed or reported on by Pan African’s auditors and is the
responsibility of the directors of Pan African.
For further information on Pan African, please visit the
Company’s website at http://www.panafricanresources.com/
16 August 2018
Contact
information |
Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240 |
Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645 |
Cobus
Loots
Pan African Resources PLC
Chief Executive Officer
Office: + 27 (0) 11 243 2900 |
Deon Louw
Pan African Resources PLC
Financial Director
Office: + 27 (0) 11 243 2900 |
Phil Dexter
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0) 207 796 8644 |
John Prior / Paul
Gillam
Numis Securities Limited
Nominated Adviser and Joint Broker
Office: +44 (0) 20 7260 1000 |
Sholto Simpson
One Capital
JSE Sponsor
Office: + 27 (0) 11 550 5009 |
Ross Allister/James
Bavister/David McKeown
Peel Hunt LLP
Joint Broker
Office: +44 (0) 207 418 8900 |
Julian Gwillim
Aprio Strategic Communications
Public & Investor Relations SA
Office: +27 (0)11 880 0037 |
Jeffrey Couch/Neil
Haycock/Thomas Rider
BMO Capital Markets Limited
Joint Broker
Office: +44 (0) 207 236 1010 |
Bobby
Morse/Chris Judd
Buchanan
Public & Investor Relations UK
Office: +44 (0)20 7466 5000
Email: PAF@buchanan.uk.com |
Website:
www.panafricanresources.com |