http://moneyam.uk-wire.com/cgi-bin/articles/20050126070000PE650.html

http://www.moneyam.com/action/news/showArticle?id=606485

http://www.moneyam.com/action/news/showArticle?id=606629

Do you see these shares going places in the coming months?

I hope so!!

Pan African Resources PLC
31 January 2005




PAN AFRICAN RESOURCES PLC ('the Company')


Holdings in Company


The Company was informed on 21 January 2005 that, as a result of a purchase of
1,550,000 million ordinary shares of 1p each in the capital of the Company
('Ordinary Shares'), Mr John Drinkwater is now beneficially interested in
15,300,000 Ordinary Shares representing 4.35 per cent of the issued share
capital of the Company.



Enquiries:


Nathan Steinberg
Finance Director
Pan African Resources plc

Tel: 020 7845 7500


31 January 2005

These shares appear to be extremely cheap if they reach the target of 1,000,000 ounces of gold from the Ghana and Mozambique projects. Gold is currently $422 per ounce which would mean they are sat on approx $422 million less the extraction costs. Anyone know the approximate costs to extract the Gold?



Pan African Resources Plc

(the 'Company')

Exploration Update

* Significant exploration results from Ghana including 8 metres @ 5.26 g/t Au
and 7 metres @ 5.90 g/t Au.

* Reverse circulation drill programme suggests a duplication of the
mineralized zone at West Fair Bride prospect in Mozambique.

* Acquisition of new projects being investigated.

Further to its announcement on 25 November 2004, Pan African Resources Plc is
pleased to update shareholders on the two drilling programmes it is currently
engaged in at the Company's exploration projects in Ghana (the Wa Gold Project)
and Mozambique (the Manica Gold Project):

The Company's targets in Ghana and Mozambique could each produce a resource in
excess of 1,000,000 ounces of gold.

The Wa Gold Project, Ghana.

The Company is currently undertaking a 6,000 metre reverse circulation drilling
programme at the project which is designed to further test and extend the known
gold mineralization of the Julie Prospect (current inferred resource of over
300,000 ounces of gold to only a shallow depth) both along strike and at depth
and to increase the quality of the resource estimate.

To date 1709 metres of reverse circulation drilling have been completed on the
western end of the Julie Prospect. Initial results from drill holes completed
by the end of 2004 are now available and the following table details some of
the more significant intersections.

Drill Hole Intersection To Width Grade
From
(m) (Au g/t)

JRC 58 2 3 1 1.65

14 15 1 1.04

40 41 1 1.31

JRC 59 2 3 1 1.69

6 7 1 3.24

13 21 8 5.26

Including 4 8.10

JRC 61 28 29 1 1.94

50 53 3 1.01

JRC 62 57 60 3 1.08

JRC 64 4 6 2 6.16

JRC 87 43 45 2 1.70

JRC 88 20 27 7 5.90

Including 3 10.30

All holes were drilled at an inclination of -50 degrees.

The current drill programme will also further test the potential of the highly
prospective Collette Prospect.

In addition to this drill programme the Company continues to reassess all of
the extensive work completed by Kenor SA and conduct follow up exploration
programmes both in the licence areas and regionally. A further drill programme
designed to test these other targets is planned for later in 2005.

The Wa Gold Project is located in the Upper West Region of Ghana, approximately
50 km east of the regional capital, Wa and comprises three exploration
licences, Julie, Collette and Josephine, totalling 304 square kilometres.

The project is situated in an area of Birimian greenstones and granites in an
acurate belt, which represents the junction between the north-south trending
Lawra Belt and the north-east trending Bole-Navrongo Belt.

The geological setting of the project and the range of mineralization styles
identified to date are comparable to the major Birimian hosted gold deposits in
the south of Ghana and elsewhere in West Africa.

The Manica Gold Project, Mozambique.

A 2004 drill programme on the Andrada (Dot's Luck - Fair Bride) zone at West
Fair Bride demonstrated that mineralization is hosted by a package of chlorite
schists up to 50 metres wide. Significant intersections (previously reported)
were encountered over a 660 metre strike length to depths of 120 metres below
surface.

The Company is currently funding a follow up 2000 metre reverse circulation
drill programme designed to further test the West Fair Bride area and other
drill targets (Dot's Luck, Boa Esperanca, Vinganca and Palhada) within the
exploration licence.

To date some 824 metres of reverse circulation drilling have been completed and
samples submitted for assay. At this time no assay results have been received,
however, interpretation of the drill hole logs suggests a duplication of the
current mineralization in the form of a series of stacked mineralized lenses to
the north east of the previously drilled mineralization. Results will be
reported as received.

The Manica Project is situated at Manica, Mozambique on the east end of the
Odzi-Mutare-Manica Greenstone Belt. The belt is part of the Archean Zimbabwe
Shield and has produced more than 80 tonnes of gold to date. Manica is situated
on the Beira-Harare Corridor between Mozambique and Zimbabwe, with excellent
infrastructure, rail, power and communications.

The project area comprises a large exploration licence covering the 10
kilometre Mutambarico shear zone and the 7 kilometre Andrada zone of banded
iron formations. Both zones contain several old mines and workings.

The Manica Project is managed by Pangea Exploration with whom the Company has a
'right of first refusal' for all Pangea generated African gold projects. Pangea
Exploration has an enviable reputation for discovering and developing mineral
resource projects

New Projects

The Company is currently assessing a number of opportunities to add one or more
significant gold projects to its existing portfolio following its policy to
become a major African based gold exploration and development company.
Shareholders will be updated at the appropriate time.

Roger Craddock, Managing Director, commented,

'These results confirm the attractiveness of our prospects in Ghana where we
have seen some significant intersections of high grade mineralization. Our next
step will be to process results from Mozambique and further results from Ghana
before we are able to better determine the increase in our assets but I am most
encouraged by what we have seen so far. Furthermore we are currently
investigating a number of interesting gold projects with a view to adding them
to our existing portfolio.'

-Ends-

For further information please contact,

Roger Craddock

Managing Director, Pan African Resources Plc

Tel. 07785 364 291

Ben Simons

Hansard Communications

Tel. 020 7245 1100

From the press report below it would appear PAF are looking to extract 1,000,000 ounces of gold from each of the Ghana and Mozambique projects so my previous figure of $422 million should have been $844 million less the extraction costs. Would be grateful if anyone in the know could provide an indicative figure for extraction costs at these depths.

Article from GhanaWeb.com - 26th Jan 05(http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=74148)

Pan African upbeat on drilling results from Wa Gold Project
LONDON (AFX) - Pan African Resources PLC provided an upbeat assessment on drilling results at the Wa Gold Project in Ghana.

The company is undertaking a 6,000 metre drilling programme at the project, which is designed to further test the known gold mineralization of the Julie Prospect, and has so far drilled 1,709 metres.

"These results confirm the attractiveness of our prospects in Ghana where we have seen some significant intersections of high grade mineralization" said managing director Roger Craddock.

The current drill programme will also further test the potential of the highly prospective Collette Prospect, it said.

"Our next step will be to process results from Mozambique and further results from Ghana before we are able to better determine the increase in our assets but I am most encouraged by what we have seen so far," said Craddock.

The company's targets in Ghana and Mozambique could each produce a resource in excess of 1 mln ounces of gold, the company said.

Pan African said it is also looking at the acquisition of a number of new gold projects.

From what I can find on the internet it would appear that the total costs for extraction vary from $190 to $300 per ounce. With possible reserves of 2,000,000 ounces of gold it would appear there is potential to earn $844 million, (based on $422/ounce) less $600 million in extraction costs leaving a resource of $244 million.

If we take a Dollar exchange rate of $1.90/pound that works out to 128 million GBP.

If you split that between the 352 million shares in issue, your looking at 36 pence per share. This is a pretty crude look at the potential figures but at 3p these look cheep as a speculative punt.

Would appreciate some other views on this.

Edit

Nice flow of buys gone through over the last couple of days, lets hope we see another move upwards soon.

Average volume today but almost all on the buy side once again.

Looking forward to another good week for PAF!!

Does anyone know who John Drinkwater is ? He has upped his stake steadily over the last few weeks. Thanks.

Appears to be a private investor with a big holding. Done a couple of searches over the past week to find who he is but come up with nothing to date.

Thanks for that. I looked could not find anything about Mr Drinkwater. I hope he keeps buying.

He has a big holding and it makes you wonder what he knows to make him so confident about the company. It would be nice to get some news flow going soon so we can start to see the SP really take off.

There is not much mentioned about PAF on other boards. There website is not very informative. However going off there recent announcements i think they are very good prospect ( no pun intended ).

Have also looked for Mr Drinkwater again - nothing.

Any contributions welcome on this company

The lack of news and awareness of PAF is one of the items that attracted me to this share. It has great prospects for the near and long term future and yet the SP is comparatively low to other mining companies. I'm pretty confident that once the news starts to flow with regard to the drilling results and they get a few mentions in the mags and papers the SP will move up at a fair pace.

Meanwhile, it's a case of being patient and just waiting for it to happen, because when it does, the rewards should well worth it!!

IMHO DYOR

Another large buy went through again today, I wonder if Mr Drinkwater is still adding to his holding?

Maybe. PAF year end is March. So perhaps they make an announcement re new mines etc and that Drinkwater is building his stake to make a killing then.

The results should be interesting, good potential to see the SP move upwards as we get closer to them and an update on drilling and new mines would be great.

Very quiet day for trading today!

All very quiet buts its not a high profile share. Hopefully it will be !!

Agreed frenchpark8, seen a few more shares changing hands over the last few days which has been good to see. Interesting to see what happens over the next few weeks as we move closer to the results.

Huge order went through this morning, surprised the SP has not moved up since that one!

About time this moved up again with the volume of large buys going through. Lets hope it continues to move up as we move towards the results.

From .........SHARES STRONGLY UP/DOWN this week 09/01/06 (Master RSI) (UPS)This is my selection for the "UPS" this week PAF

Share	Volume	Chart	News	Various
PAF price 3.875p	Rising volume buying last Thurday and mainly Friday	Indicators turning up again , and MACD ready for the crossing of divergence, could try for a BREAKOUT on this new Uptrend	A GOLD Convention less than two weeks away were the company is participating, Gold prices at record levels at the moment, and projects coming to fruition not far away	The directors called "heavy hitters", have a very good reputation on the mining industry the cash will last for a while and adquisitions are on the pipeline

Chart for the last 6 month, worth to mention the share price has been holding above the 50 days moving average, and that is very positive.



A new web is being done and works very fast and efficient
Link to web .........http://www.panafricanresources.com/

a nice steady riser - 5p before long

seagull,

I hope you're right, but I may add before that happens!

The new management seem to be moving PAf in the right direction, these things take time.

Another sudden lift today on good news--this was tipped by Tom on TiPs--looks like he's picked a good one. I hope to keep adding at these prices.

This company could do with a better thread!

still rising nicely-I'm still holding. pity there's not more interest in this one the buys are quite chunky today!

MRP MRP

??--does that mean mildly rising price??

this one is still rising nicely towards results--I'm surprised there's so little interest.

looking good for next week-anyone else in?

M+,

I hold, and have done for a while, and will be holding for the longer term here.

Same for me-very pleased so far, this was a tip from Tom W I might subscribe soon he seems to produce some good ones.

M+,

Well I saw their recent presentation at Minesite, and their prospects certainly look interesting.

The reason I invested was the quality and experience of the mangement.

I like the look of CDE Andy--only just noticed that one.

Looks like we have hit Gold gents.

http://www.moneyam.com/action/news/showArticle?id=1269305

Gavin,

And lots of it!

sp still rising nicely-anyone able to work out a fair value sp if the other 88% comes good as well? I'm an excited holder but don't want to be greedy!

moneyplus,

Without knowing what is actually in the ground, there is no way we can put a value on it.

This is more of a long term play, and it will take some time before thay have any idea whether the remaining 88% is commercially viable or not.

PAF have management quality, and will probably reward the patient IMO.

thanks Andy-watch and wait for a while I think.

moneyplus,

From Mining Weekly.

-------------------------------------


Increase in resources reported at Moz gold project
--------------------------------------------------------------------------------

Aim-listed Pan African Resources, a gold exploration company, on Tuesday reported a 24% increase in resources at its Manica gold project, in Mozambique.

The resource has been increased by 254 398 oz to 1 311M oz as a result of a recently completed infill drilling programme and updated geological information at the project and verified by ExploreMine Consultants and Geologix MRC.

CEO Jan Nelson said that the resource at Manica had increased by 57%, or 511 280 oz, over the last eight months and the currently delineated resource represented only 12% of the total mineralised strike length.

We are focussing our exploration efforts on three major target areas outside the currently stated resource area, to evaluate each areas potential to contain in excess of 500 000 oz, he said.

Meanwhile, the companys total resource has been upgraded from 9,63-million tons at 3,41g/t (1 056Moz) to 14-million tons at 2,89 g/t (1 311Moz).

The resource at the Fair Bride prospect has been increased by 17% to a million ounces as part of the ongoing prefeasibility study to evaluate the viability of an open-cast mine.

Work on the prefeasibility study at the Fair Bride prospect is on schedule and I look forward to reporting on the results of both these programmes in the midterm.

very good news-thanks Andy. pity the sp hasn't responded much yet.

moneyplus,

The whole market seems to be absorbing good news at the moment, which is normal for this time of year IMO.

I am happy to hold these, and accumulate on the dips, as I feel they are one to buy and forget for the next couple of years or so.

I hope to accumulate over the next few months as well -very happy to hold these.

Has this tread moved??

Oops great start to the tread!! I did, of course, mean thread. So is this thread dead - I do hope not, or point me in the right direction please. Thanks.

still holding these as they have put out good announcements and the sp is slowly creeping up.

Also, still holding, but not expecting immediate profit.
Sadly, news is a bit thin on the ground for PAF, but am researching a will post when available.

HC. Please do inform on your research. I am excited by prospects.

Has anyone got recent information on PAF they are willing to share please??

Anybody know anything about this one please?

Results have been announced this morning, pretty meaningless as the merger is going through, but the accompanying text is the pertinent piece for shareholders and potential investors.


This transaction is near conclusion and the Group's advisers are awaiting
certain regulatory approvals prior to release of an Admission Document and the
convening of an EGM for shareholders to consider and if thought appropriate,
approve the transaction.

On publication of the Admission Document the shares will recommence trading,
which hopefully will arise as soon as the regulatory approvals are received.

RNS - Results and merger update.

Results are out, and are pretty meaningless insofar as the company will be a new entity upon return to the market.

For those wondering when that will occur, the section below is the pertinent piece.

-----


This transaction is near conclusion and the Group's advisers are awaiting
certain regulatory approvals prior to release of an Admission Document and the
convening of an EGM for shareholders to consider and if thought appropriate,
approve the transaction.

On publication of the Admission Document the shares will recommence trading,
which hopefully will arise as soon as the regulatory approvals are received.

PAf are due to return to the market soon, before the 20th June if all is correct and in order with the regulators.

There is an excellent opportunity to meet the PAF management on the 26th June, in the heart of the city for an evening presentation followed by an informal discussion session rith the management, accompanied by wine and canopes.

The Chesterfield Hotel is a first class venue, and is only a short walk from either Green Park or Bond Street tube stations.

Attendance is free, and registration is simple, click HERE!


Please note that Leyshon resources and Kalahari Minerals will also be presenting, in what should be an excellent evening for those interested in the AIM junior mining sector.

Thanks for the update Andy, however, your link doesn't work for me, have you got another I can try?

canada1,

Ok there was a typo, sorry.

It will work now.

Are you intending to attend?

Thanks Andy, link works now, don't think I'll attend, just waiting for paf to relist.

I'm booked next Tuesday!

They told me only one or two places left, and they have increased the room size !

IF PAF relist before the presentation, we will be the first to hear the news from the man himself.

Looking forward to going, hope to see others there.......

share trader,

great presentation last ight!

It can be viewed

By clicking here - enjoy

PAF aquire new project, information here

PAF have aquired a new exploration project in Ghana.

This just gets better as the moths roll by!

I doubt there will be too many sellers/top slicers on readmission day after this news personally.

agree re the top slicing - i had thought about it - but why ? - next week will be the re-list

seagullss,

I certainly won't be top slicing, the projects look worth investing in for the longer term IMO.

POG up nicely tonight, let's hope it maintains the momentum until the relisting.

SA gold production down again, around 9% last quarter!

I think there will be some decent buying when PAF relists, it's a vastly different company to the one that was suoended, and the Ghana project is the icing on the cake IMO.

PAF have relisted, and are currently trading at around 8p!

----------

For the news, click HERE

Pan African Resource Director/PDMR Shareholding

RNS Number:3446A
Pan African Resources PLC
17 July 2007



Pan African Resources plc

("Pan African" or the "Company")

Proposed Directors' Shareholding


The Company was informed on 13 July 2007 that Mr. Simon Malone, a proposed
Non-Executive Director of the Company, had purchased 1,600,000 ordinary shares
of 1 pence each in the Company ('Ordinary Shares'). Such purchases were
concluded on 9 July 2007.


Following these purchases, Mr. Malone's interest of 1,600,000 Ordinary Shares
represents approximately 0.4% of the current issued share capital.


ENDS



For further information on Pan African Resources plc, please visit the website
at www.panafricanresources.com


Enquiries:

Pan African Resources Ambrian Partners Limited Parkgreen Communications

Jan Nelson, CEO Richard Brown Clare Irvine
+27 (0) 11 777 7840 +44 (0) 20 7776 6417 +44 (0) 207 851 7480

Colin Bird, Chairman Richard Greenfield
+44 (0) 207 584 2155 +44 (0) 20 7776 6418








This information is provided by RNS
The company news service from the London Stock Exchange

END

Picked up a few off these at 7.66 pence this morning. Buying volume resumed again today. Director buying 1.60 million shares at 9 pence came out yesterday. Can see on the trades pages, a 1 million trade going through at 9p on 9 July 07.

GE & CR 15/7/07

Pan African


Key Data

EPIC
PAF

Share Price
7.875p

Spread
7.5p 8.25p

NMS
25,000

Total no of shares
1.08 billion

Market Cap
85.5 million pounds

12 Month Range
4.625p 8.25p

Market
AIM

Website
www.Panafricanresources.com

Sector
Mining

Contact
Jan Nelson
+27 (0) 82 494 5628


On 4th July, GE&CR added Pan African to the growing list of companies its covers. We recommended the shares at 8.5p and set a target of 11.64p.

In December 2006, Pan African Resources announced the acquisition of a 74% stake in Barberton, the owner of three South African gold mines. Its shares were suspended at this point but returned to trading on 4th July. The deal catapulted a company with an attractive development project in Mozambique into the ranks of the producers. This company boasts a strong board of directors and its partner on the ground in Africa, Pangea continues to deliver a number of other opportunities to the company Pan African has the first right of refusal on any gold project discovered by Pangea..

The acquisition of a 74% stake in Barberton Mines the rest is owned by a Black Empowerment Group brings with it three mines ( Fairview, Sheba and New Consort) which together hold a total resource of 1,845,000 ounces in the measured, indicated and inferred categories. Output in the year to June 2006 was 100,000 ounces at an average grade of 8.9g/t but output will increase by 10% this year. In the year to June 30th 2006 Barberton generated an operating profit of $9.8 million but the increased output should see that figure rise significantly from this year onwards. We have valued these mines at $75 oz for the resource. This leaves significant exploration upside potential but still values the Pan African stake at 74.4 million. The fact that it paid 35.62 million for these assets is a testimony to the attraction of Pan Africans paper and to the skill of its local partner, Pangea, in presenting attractive acquisition targets.

Potentially, as valuable to Pan African is its major asset before the Barberton transaction is the Manica project which lies on the Eastern End of the 250 kilometre long Odzi-Mutare-Manica greenstone belt which starts in Zimbabwe and has been home to a number of significant gold mines. At Manica there is a proven resource of 1,550,100 ounces of gold ounces at an average grade of 3.41g/t which can be extracted via an open pit meaning that the capital costs of the project will, we believe, be less than $50 million.

A Pre-feasibility study should be completed before the end of 2007. We have used cautious assumptions, notably a flat $500 oz gold price throughout Manicas estimated mine life of 12 years and we believe that this project alone has a Net Present Value of $86 million (45.3 million). Our model allows for no exploration upside nor for any appreciation in the gold price, which we regard as unlikely indeed we have used a cautious $500 oz gold price for the life of the mine.

At 7.875p the enlarged share capital of Pan African is valued at 85.5 million and it has 1 million of cash. We believe that the current share price fails by a significant margin to reflect our base case valuation of Manica, the Barberton assets and ignores completely the exploration potential in the Central African Republic, some recently acquired exploration assets in Ghana and the upside offered by further assets which may be introduced to Pan African by Pangea. Our target price remains at 11.64p and the stance is buy.

media comment, click HERE

I'm out for now, wouldn't surprise me if the price fell back further.

There was some mention of current production levels being lower than expected, which if true, may have a temporary negative effect.

I will be back later if circumstances permit.

News is badly needed to save this one. 6 month wait for practically nothing!!

8 month wait for nothing !!

Media article, click HERE

Drilling update Click HERE

This share would test the patience of a saint. One step forward then two steps back with this one. No interest in this Company at all, even with some good drilling updates!!

Full YEAR results are out, in what it seems a cracking one. Talking about valuation then....... the stock looks on the cheap side on EPS of 0.52p the PE drops to 7.2

SALIENT FEATURES
- EBITDA of 13,7 million
- Gold sales of 99,078 oz
- Total cash cost of US$ 476/oz sold
- Acquisition of Barberton Mines
- Now an unhedged gold company
- Considerable progress and encouraging results from exploration projects
- Geological footprint in West Africa enhanced through the acquisition of three
gold properties in Ghana


FINANCIAL PERFORMANCE
12 months..................... June 2008 -------- June 2007

Revenue (GBP) ......... .... 39,254,557 ---- 26,684,796

Cash Mining Profit (GBP) 13,710,819 ------- 5,804,036

Attributable profit (GBP) 5,460,067 --------- 2,067,985

EPS- Earnings per share (p) 0.52 ----------- 0.35

Weighted average number of 1,043,789,285 ----- 593,740,476

New article and analysis, click HERE

Excellent article, IMO, HERE

Looks to have broken the downtrend and started turning up.

Results on the 24th Feb and looking for the Manica Pre Feasibility study and a resource upgrade there.

Plenty of drill results due from several projects !!!

9th Feb 2009

Pan African Resources acquires option to purchase Phoenix platinum

Pan African Resources (`PAR') today announces that it has acquired an
exclusive, non-refundable option to purchase 100% of the shares in Phoenix
Platinum Mining (Pty) Limited (`Phoenix') from Metorex Limited (`Metorex').

This option enables PAR to conduct a four month due diligence on the existing
technical information, which will provide the company with the necessary
information to determine the viability of Phoenix.

The option, at a cost of US$1 million, is payable immediately and can be
exercised at any stage within the next four months. The cost of the option, if
exercised will be deducted from any agreed purchase price. Should PAR exercise
the option, the transaction will constitute a 'related party transaction' under
the AIM Rules and will require a fair and reasonable opinion from the Company's
Nominated Adviser, RBC Capital Markets.

Phoenix owns certain rights to the contained PGM's from both surface tailings
dump and current arising from operating mines within the Bushveld igneous
complex.

CEO, Jan Nelson noted, "In the current market we are pleased to have the
opportunity to review this project, which could result in cash generation to
finance further acquisitions. The platinum project is envisaged to have low
capital development costs with attractive margins."

ENDS

For further information on Pan African Resources plc, please visit the website
at
www.panafricanresources.com

CEO interview, click HERE

Seems to be attracting attention now, sp climbing and steady volume. Found this from Sept.1st.

Pan African shares rise as gold junior exits exploration, focuses on mining
By: Martin Creamer
1st September 2009 JOHANNESBURG (miningweekly.com) The shares of gold junior Pan African Resources rose on the JSE on Tuesday after it announced that it had exited exploration and had become a growth-orientated gold producer with near-term platinum production assets.

"We are focusing on production and projects that are very close to production, and see potential to increase profit by 50% in 18 months," Pan African CEO Jan Nelson told Mining Weekly Online.

The company, also listed on London's Aim and now chaired by Cyril Ramaphosa, is fully empowered, with Ramaphosa's Shanduka the 26% black economic-empowerment partner at holding company level.

Since the exit of Metorex, Pan African now owns 100% of the Barberton mines of Fairview, Sheba and New Consort, which lifted underground production by 15% and increased their reserve base. Earnings before interest, tax, depreciation and amortisation rose by 30%, after the company sold 97 500 oz of gold for R760-million in the 12 months to June 30.

Nelson said that steady state production at Barberton would be between 95 000 oz/y and 100 000 oz/y, with the potential possibly to grow the production profile to 120 000 oz/y.

Costs rose 12% at Barberton compared with the current mining inflation of between 15% and 20%.

Nelson expected the newly acquired Phoenix Platinum project to begin producing 10 000 oz to 15 000 oz in early 2011.

"We've exited from out exploration assets and don't have that exploration expenditure any more," Nelson said at the results presentation.

The Barberton mines are considered low cost and high margin and new CFO Cobus Loots said that the debt-free, unhedged Pan African had sufficient free cash flow to fund the development of the also low-cost, high-margin and near-production Phoenix, plus the "financial firepower to follow through on opportunities".

On the strong rand, Nelson said: "There is nothing we can do about the rand and the gold price, but what we can do is focus on more production and cost control and that's what we are doing.

"We have a significant margin at the Barberton mines of close to 35% and that margin has been widening.

"The margin at the Barberton operation is significant. Even if there is a depression in the effective price and you focus on costs, you can weather the times when it does get more difficult. If we include capital cost, our cost is around R145 000/kg, but if we were to take the capital out, we could go down to about R110 000/kg," Nelson told Mining Weekly Online.

"We're looking to an increase in the resource and reserve base at Barberton, and the same or more profit in the new financial year, because 100% of Barberton is now attributable to us.

"The Phoenix platinum tailings plant comes on line in18 months and the company was looking at additional opportunities," Nelson said.

The greenstone Barberton gold mines have a ten-year life-of-mine, which Pan African is looking to extend to 15 years, and Phoenix has a five-year life from the current surface tailings on the mine, and from 12 to 15 years with underground arisings.

The Barberton greenstone belt has produced some 11-million ounces of gold over the years and the three mines that Pan African owns have produced close to eight-million ounces of that.

Nelson told Mining Weekly Online that, when Phoenix added its expected after-tax profit, the Barberton mines plus Phoenix had the potential to together yield a $25-million profit, which could materialise in the next 18 months.

"That takes profit from $15-million to $25-million in 18 months. With the growth from Barberton and the potential at Phoenix, that profit can rise to $35-million a year in time, and we are also looking at acquisitive growth.

"That's significant growth for a company of our size, to virtually increase profit by 50% in 18 months.

"In term's of profitable resource ounces, we are looking to grow that business to 120 000 oz a year, but that can only be done in the next three to four years. A lot of development and equipping still has to take place.

"Phoenix will allow us to take advantage of many other opportunities. We are looking to acquire additional projects that are close to production, or that are in production," Nelson told Mining Weekly Online.

Pan African mining operations executive Mario Gericke said that the focus was on increasing the company's resource base and, in time, the reserve base.

Once that was done, the company would deal with the capacity constraints, like hoisting capacity, to allow the organic growth to a possible 120 000 oz/y at Barberton.

Phoenix Platinum operational manager Ron Holding said that the company was striving to get the Phoenix plant in operation as fast as possible; assure optimal recoveries; and then grow through transactions with other companies that have metals tailings.

"We are empowered at the top level, we don't have to find the empowerment and Shanduka has the ability to invest money and the cash can be used to seal other opportunities, and that's the advantage that we have," said Nelson.

"Barberton is the engine and if we don't look after our assets in Barberton, everything else will fall flat. We have to look at organic growth at Barberton and, if you look at the orebody, you see that those opportunities are available, but there is a lot of work to do, and we have to keep on focusing on cost control and production increases," he added.

"Phoenix is a low capex, quick-return project and, if that business grows, great, it just adds money for our future growth aspirations," he added.

Nelson continued to hold out hope for the Manica gold prospect in Mozambique, where the company was adopting a systematic step-by-step approach.

During August 2009, Barberton Mines reached two-year wage agreements with both the National Union of Mineworkers (NUM) and the United Association of South Africa (UASA). The percentage increases came to 13% for NUM and 11% for UASA. The second year increase will be the average consumer price index plus 1% with a guaranteed minimum of 7,5%. The company and unions will also return to the negotiation table if the gold price falls below R190 000/kg.

Think I might have a punt. BB

last friday was in investors chronicle as undervalued recmmended buy bought them yesterday and is up today

This forum will be oversubscribed with this terrific lineup, so early booking is advised!


Proactive Investors One2One Forums


The directors of Pan African Resources (AIM: PAF), Chaarat Gold (AIM: CGH), Discovery Metals (AIM: DME) and LonZim PLC (AIM: LZM) will be presenting:

Thursday the 26th November 2009

Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

The presentations will start at 6:00pm and finish at approx 8:00pm.

After the presentations are complete the directors will also be available to take questions during a free canapand wine reception.

This event is suitable for the following : Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists.


Register Here : http://www.sign-up.to/signup.php?fid=1916&pid=7163


These are very popular events, in a wonderful setting, affording the private investor the rare opportunity to meet and chat to the CEO's in an informal environment.


If you have any problems registering or queries please email action@proactiveinvestors.com

THE Chesterfield Hotel is a few minutes walk from Green Park and Bond Street tube stations.

can anyone tell me if these can still be traded on lse after they join jse... i see theres a lot of buying at mo and could get out or could i continue to hold and sell when ever?? please BB

Hi guys--Just to tell you all I have bght some shares in this excting company after having followed it for sometime!--I paid 6.50p and I believe we could be in for an exciting year ahead--mm--my contacts in the City have reassured me and we could be hearing some good news soon --LOL--BUY!!

I have just heard that the chief executive is coming over within the next few weeks to make various presentations to institutions and shareholders and he will be explaining what the company is all about as many investors are not very clear about the various things they are involved in what the true worth is to the company and its shareholders--after these presentations there will be a much clearer understanding and i am told the shares will be re-rated upwards guys!--LOL--Buy!--

Agree. This gold miner is profitable, pays a dividend and has expansion plans. One to buy.

Broker note from Numis:
Pan African Resources (Buy 16p). Strong interims highlight the steady and reliable production platform at the core asset, the Barberton gold mine in SA. Gold sold 46,655oz was in line with our 47,000oz forecast. EBITDA 12.95m, and EPS 53p were all in line with our forecast. Total cash costs were around $790/oz, which is well over our $700/oz forecast and due to high expenditure on security. Previous issues with illegal miners encroaching on the mine appear to have been resolved, with costs in the mid-$600s during the December quarter. The company is looking to further cost reductions as security is scaled back to more normal levels. The Phoenix platinum project remains on schedule and within budget for production later this year. CEOs statement highlights the relationship with Shanduka, its Black Empowerment partner as a lever for further growth opportunities. We continue to believe that PAF is a high quality business, with strong management and good potential for organic and M&A growth. We remain positive.

Thursday 09 June, 2011Pan African Resources PLC
Results of Drilling Programme at Bramber Tailin...

Pan African Resources PLC

(`Pan African' or the 'Company' or the `Group')

Incorporated and registered in England and Wales under Companies Act 1985 with
the registered number: 3937466 on 25 February 2000

Share Code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496

Encouraging results of drilling programme at Bramber tailings dam at Barberton
Mines (Pty) Ltd

Pan African Resources PLC (`Pan African'), the African focused precious metals
producer, announces the results of a drilling programme on the Bramber tailings
dam at Barberton Mines (Pty) Ltd (`Barberton Mines').

Highlights:

- Indicated mineral resource declared of 148koz (3.130Mt @ 1.47g/t in situ)
independently verified at a cut off grade of 0.5g/t

- Initial metallurgical test work indicates recoveries of 45% to 55%

- Order of Magnitude (`OME') study estimates capital for the project for a
Carbon-in-Leach plant at ZAR120 million (approximately 11m) to treat 1.2Mt of
tailings per annum at Barberton Mines for a period of approximately three years

- An additional 9Mt of dump material is currently being investigated that could
increase the life of project (`LOP') from three years to ten years

- If viable this project could increase production at Barberton Mines by
another 20koz per annum over the LOP

- Feasibility study on the project will be completed by Q2 of 2011/12 financial
year

Jan Nelson, Chief Executive Officer of Pan African, commented: "We are very
encouraged by these results that show that the re-treatment of tailings at
Barberton Mines is developing into a significant stand alone gold project. Not
only could it increase the current production profile of the Company by 20koz
per annum but also increase the operating margin and reduce unit costs. The
project at a 10% real discount rate yields a net present value of approximately
ZAR350 million with an internal rate of return of approximately 85% assuming a
gold price of ZAR300,000/kg. We continue to focus on organic growth
opportunities within the Group to grow our earnings."

The Bramber tailings dam, which has been used as a tailings storage facility at
Barberton Mines since 1986, reached the end of its operational life in January
2011. A new tailings facility was commissioned at that time. Due to the current
high gold price and low cost associated with the re-treatment of tailings dams,
the Company undertook a drilling programme to evaluate the dam as a source of
additional production ounces.

A total of 308 auger drillholes were drilled on a grid of 20 metre x 20 metre
representing approximately 6,074 metres. Samples of each hole were taken at 1.5
metres intervals and composited at 3 metres intervals representing a total of
2,344 samples taken for assaying. Modeling and geological profiling of the
boreholes confirmed two distinct depositional populations across the tailings
dam which is the result of separate historical deposition that took place in
two separate compartments, a higher grade BIOX tail section and a lower
concentrator/flotation tail section. Geostatistical modeling indicates 74.6koz
(758kt at 3.06g/t in situ) for the BIOX section and 72.9koz (2.369Mt at 0.96g/
t in situ) for the concentrator/flotation section. This represents a total
indicated resource of 148koz (3.130Mt at 1.47g/t in situ).

A total of 10 composite samples representative of the tailings dam were
submitted for metallurgical recovery test work. Initial excess cyanide test
work indicates recoveries varying between 45% and 55%. Kinetic test work is
being done to determine residence time that guides the process flow design for
plant optimum configuration to be used in the feasibility study. The
feasibility study covering plant design, final process flow design, volume
throughput, chemical and reagent consumption, recoveries and capital and
operating expenditure will be completed by quarter two of the 2011/12 financial
year. If feasible a new plant will be constructed to treat 1.2Mt per annum of
tailings for three years. An OME study completed by Matomo Projects (Pty) Ltd
(`Matomo') estimates the capital cost of the plant at approximately ZAR120
million (approximately 11m). Plant construction is estimated to take 12
months.

The Company is currently drilling another 9Mt of tailings which if viable could
extend the LOP from approximately three to ten years and increase the annual
production profile at the mine by approximately 20koz. The drilling programme
and associated metallurgical test work applicable to the expansion is expected
to be completed within three months.

Bramber Tailings Mineral Inventory

Project Resource Mass Grade Mineral Resource
Category

(kt) (g/t) (kg) (koz)

Surface Tailings

Bramber Measured
Tailings Dam
Indicated 3,130 1.47 4,600 148

Inferred

Total 3,130 1.47 4,600 148

Total Surface Tailings 3,130 1.47 4,600 148

Barberton Mines Mineral Inventory

* Inclusive of the Bramber Tailings Mineral Inventory

Barbeton Resource Mass Grade Contained Gold
Mines Mineral Category
Inventory

(kt) (g/t) (kg) (koz)

Measured 2,750 8.45 23,300 750

Indicated 7,340 5.50 40,300 1,300

Inferred 2,510 8.01 20,100 650

Total 12,600 6.64 83,700 2,700

Total Measured and Indicated 10,090 6.30 63,600 2,050

Reserve Category Mass Grade Contained Gold

(kt) (g/t) (kg) (koz)

Proved 1,220 7.27 8,900 290

Probable 2,610 8.48 22,200 710

Total Proved and Probable 3,830 8.12 31,100 1,000

Notes:

- Please note differences may occur due to rounding.

- The table above is only with respect to Barberton Mines.
The Company is currently updating the Group's Mineral Inventory statement and
this will be announced in due course.

- Frans Chadwick, a member of the South African Council for Professional and
Technical Surveyors and an employee of Barberton Mines, has signed off on the
above Mineral Inventory for Barberton Mines.

- Dave Briggs, a member of South African Council for Natural Scientists and an
independent Geological Consultant signed off on the Mineral Inventory for the
Bramber Tailings Inventory.

- The above resource is compliant with the South African Mineral Resources
Code.

Johannesburg

9 June 2011

JSE Sponsor:

Macquarie First South Advisers (Pty) Limited

Enquiries:

South Africa UK

Pan African RBC Capital Markets

Jan Nelson, Chief Executive Officer Martin Eales

+27 (0) 11 243 2900 +44 (0) 20 7653 4000

Pan African St James's Corporate Services Limited

Nicole Spruijt, Public Relations Phil Dexter

+27 (0) 11 243 2900 +44 (0) 20 7499 3916

Macquarie First South Advisers (Pty) Gable Communications
Ltd
Justine James
Natalie Di-Sante/Melanie de Nysschen
+44 (0)20 7193 7463
+27 (0) 11 583 2000

Broker note from Edison
Pan African Resources increased its gold reserves at the Barberton Mines by more than 50% to 1Moz. The total resource at Barberton is now 2.55Moz, which added to the 2.56Moz resource at the company's Manica gold project in Mozambique and lifts the Pan African gold inventory to more than 5Moz. The recent award of a mining license for Manica will allow the company to exploit that resource if it chooses to do so. Plant construction is underway at the companys Phoenix project, where it expects to begin PGM production by end-2011. The company is on track to generate annual revenues of over 76m at an after-tax profit of almost 15m for FY11. We value the company at 18.6pps compared with the current share price of 10.75p.

Last updated on 08/06/2011

gold on the up over $1700.
Shares are cheap as chips

with gold over $1700 - mega profits & divi should be good this year

EPS figure is pretty good for 2011 at 63% but not sure the 2011 divi is going to be that great at c3.4% (forecast) compared to other years, but of course with a marked drop in the sp that will change, though divi is in DEC (I assume?) so anything can happen between then.

Of interest from NortonFolgate on another discussion board

"Ok, I spoke to Phil Dexter at St James's Corporate Services Limited late this afternoon.

1. The audited full year results and dividend recommendation RNS is due out on 12th Sept as others have mentioned on here.
2. There is still the possibility of a trading update RNS before that date. The figures are currently with the accountants and if they determine a 20% difference in profit an RNS will be issued before 12th Sept.
3. Now this is the bit that surprised me: He said that he thought Phoenix production was due to start next month. He sounded very sure of this. I was surprised. I double checked this, I was put on hold for a bit and then when he came back Sept/Oct was mentioned. Full production is still targetted for Q1 2012 but even plant acceptance seems a lot more than a month ahead of schedule to me. And he said plant cost was under budget (which I think we all already knew but it's nice to hear it confirmed again). I came aware with from the call with a strong conviction that Phoenix production will commence next month. I sold some stock that I feel is going nowhere at the moment and quickly bought some more PAF:
15:53:59 12.45p 49,551 6,169 12p 12.5p BUY O

Apologies for not sharing this before 4:30."

http://www.moneyweb.co.za/mw/view/mw/en/page295799?oid=550155&sn=2009+Detail&pid=287226

19 August 2011 23:14 Pan African to list Manica separately (excerpt): Jan Nelson - CEO, Pan African Resources

Interviewer ProfileAlec Hogg is a writer and broadcaster. He founded Moneyweb and is its editor-in-chief.

Shareholders could be in for R100m bonanza.

ALEC HOGG: It's no secret that one of my favourite stocks is the Barberton gold miner, Pan African Resources. Maybe they are going to hit another golden quarry, as it was, that they hit there in the late 1800s. Who knows? Anything can happen in greenstone mining.
But today it announced that it is separately listing Manica it's Mozambican gold prospect. I asked the chief executive Jan Nelson for a little bit more information on the mine.
***

JAN NELSON: It's a greenstone gold project that outcrops on surface and it's got a total resource just short of three million ounces. Half of that is measured and indicated. It's got still quite a bit of exploration potential we've only explored about four kilometres of a total of 20 kilometres. But it also has the potential for some more for the fact that the mining could start on a much smaller scale in the short term.

ALEC HOGG: You talk about an outcrop in other words, very close to surface.

JAN NELSON: On surface, yes.

ALEC HOGG: So pretty easy then to mine.

JAN NELSON: Yes.

ALEC HOGG: I see from the detail that you actually are talking to TWP and Basil Read as coming in as partners here.

JAN NELSON: Yes, what we've done is we've appointed a new executive team for the project. And, as we've mentioned, the idea is to list it separately. One of the executive directors that will come on board is Dean Cunningham, and TWP and Basil Read are being brought on board as strategic partners to help develop the project. So I think it's all positive. They wouldnt have necessarily invested in Pan African with its other diversity assets, but in this projects specific asset thats listing separately, thats attractive to them.

ALEC HOGG: But I presume then that they would be doing the mining for you?

JAN NELSON: Well, we would think so.

ALEC HOGG: It sounds a little bit like a mining version of a Jannie Mouton youve got a project within a company, and youre separately listing it on the side. Whats the motivation here?

JAN NELSON: Alec, it's quite easy. If you look at our focus in South Africa, it's on Barberton and expanding that and we've got big organic expansion programmes going on. You know, we are looking at the tailing operations there and it's going to require another R260m of capex to process an additional 25 000 ounces. Phoenix [Platinum] is going into production and we want to expand that. And we are looking at other acquisitions in South Africa, assets that are operating at the moment. So we've got a big South African focus whereas this project, Manica, has still got quite a bit of exploration. Our major institutional shareholders and also the board dont want to spend that money on development, they'd rather spend it in South Africa. At the same time we dont want to have a project stand still. So we believed the best way to unlock value was let us focus on South Africa, lets list this separately, give it its own team, and it can go and make its own call on capital on the markets.
We will retain not a stake that will be incumbent to the company, but a smaller stake where we can also realise some further upside down the line and we can also supply them with some skills if they are required.

ALEC HOGG: Are you looking also to raise some capital for Pan African through this spin-off?

JAN NELSON: Well, we think through the spin-off, yes. We will certainly sell down a stake that we hold in the project, and we will use some of the proceeds from that stake towards our capital commitments and we could declare a special dividend to our shareholders.

ALEC HOGG: How big a project is Manica? Financially? If you list it as a separate company, how big could the cap be?

JAN NELSON: We think it could be anywhere between US$100m and $200m.

ALEC HOGG: Hows that one, Wayne? This is a company thats only worth R2bn total market cap. Not too many shareholders even knew that they had an operation in Mozambique it's such a small part of the business. Quite nice to put R700m back into the balance sheet.

WAYNE McCURRIE: Very nice, very much so, Alec. And I must say we agree with you we also like Pan African Resources a lot.

ALEC HOGG: Youve done well on it, Wayne. Unfortunately I am not a shareholder of this company, but you are and its doubled in the past year. Well, if youve made the money on this one, you certainly wouldnt be selling now.

Pan African Resources increases dividend in profitable year
StockMarketWire.com
Pan African Resources has announced annual results for the year ended 30 June 2011, showing gross revenue for gold sales increased by 15.62% to 79.2 million (2010: 68.5million).

EBITDA increased by 14.00% to 28.5 million (2010: 25.0 million).

Attributable profit increased by 20.28% to 17.2 million (2010: 14.3 million).

Earnings per share ('EPS') increased by 15.38% to 1.20p (2010: 1.04p) and headline earnings per share ('HEPS') increased by 12.15% to 1.20p (2010:1.07p).
Profit margin increased by 30.36% to US$ 584/oz (2010: US$ 448/oz)and resource inventory increased by 22.46% to 5.67 Moz (2010: 4.63 Moz).
The Group's cash balance was 10.1 million (2010: 12.8 million) at year-end.
The compnay increased Group capital expenditure by 255.93% to 21.0 million (2010: 5.9 million).
Proposed dividend has increased by 37.93% to 0.5135p per share (2010: Final dividend of 0.3723p declared).

Special Report Podcast: Jan Nelson, Pan African Resources CEO
http://www.moneyweb.co.za/mw/view/mw/en/page299360?oid=551738&sn=2009+Detail&pid=295683

A bounce up would be appreciated any time soon!

Ex-divi tomorrow, 9th Nov.

.

'Cos I sold just after the divi with a little profit! was hoping they would drop further for a better re-entry point. Damn!

.

CAUTIONARY ANNOUNCEMENT

Shareholders are advised that Pan African has entered into negotiations, which
if successfully concluded may have a material effect on the price of the
securities of the companies. Accordingly, shareholders are advised to exercise
caution when dealing in the Company's securities, until a full announcement has
been made.

Rosebank

17 November 2010

These are isable 'Arry......you can buy and sell at will in there...I'm in more by luck than anything else !...

Pan African announces that the following issue of Pan African ordinary shares
of 1p each ("Shares") has been made, following the exercise of share options
granted under the Company's share option plan:

* 723,650 Shares were issued at a price of ZAR0.83 per Share, for a total
consideration of ZAR600,629.50

Application will be made today, to the AIM market of the London Stock Exchange
("AIM") and to the Main Board of JSE Limited ("JSE") for 723,650 shares to be
admitted to trading on AIM and for listing on the JSE, with admission to
trading and listing on both markets expected to occur on 1 December 2011.

Following the above issues of shares, the total issued share capital of the
Company comprises 1,444,964,361 Shares.

Pan African, the African focused precious metals producer, is pleased to
announce it has successfully commissioned the Phoenix platinum project
(`Phoenix') Chrome Tailings Retreatment Plant (`CTRP') and signed a sale of
Platinum Group Metal (`PGM') concentrate agreement with Lonmin plc's operating
subsidiary in South Africa, Western Platinum Limited (`WPL').

Summary
* Phoenix has concluded a sale of PGM concentrate agreement with WPL for a
five year period

* The CTRP produced its first PGM concentrate two months ahead of schedule

* Planned production for Q3/Q4 (FYE 30 June 2012), taking into consideration
a build-up phase, is estimated to be 4,500 ounces of PGM's

* Planned production on an annualised basis is estimated to be 12,200 ounces
of PGM's (240,000 tonnes per annum at an average feed grade of 3.15 g/t)

* The CTRP has a project life of 17 years

Tempted to buy at this price. Seems to be good chart support.

Renewal of Cautionary Announcement
PRNW
Pan African Resources plc (Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 (`Pan African' or the `company') FURTHER CAUTIONARY ANNOUNCEMENT Further to the cautionary announcement dated Thursday, 17 November 2011, shareholders are advised that negotiations are still in progress, which if successfully concluded may have a material effect on the price of the securities of the company. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities, until a full announcement has been made.

I like this company :-)
25 January 2012
Pan African Resources PLC
("Pan African" or the "Company")

(Incorporated and registered in England and Wales under Companies Act 1985 with

registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
TRADING STATEMENT

In terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next, will differ by at least 20 per cent from those of the previous corresponding period.

The Company advises shareholders that the earnings per share and headline earnings per share for the six months ended 31 December 2011, denominated in Pound Sterling ("GBP"), are expected to be between 83 per cent and 93 per cent higher than the 0.53 pence per share generated for the six months ended 31 December 2010. Earnings per share and headline earnings per share, calculated in South African Rand ("ZAR"), using the average ZAR: GBP exchange rate of 12.06 that prevailed during the six months ended 31 December 2011, are expected to be between 97 per cent and 107 per cent higher than the comparable period's 5.97 cents per share at an average ZAR: GBP exchange rate of 11.18.

The financial information for the six months ended 31 December 2011 and contained in this trading statement has neither been reviewed nor reported on by the Company`s auditors. Pan African is currently finalising its unaudited results for the six months ended 31 December 2011 and it is anticipated that they will be released on 22 February 2012.

Pan African is incorporated in England and Wales under Companies Act 1985 and accordingly its presentation currency is GBP.

For further information on Pan African Resources plc, please visit the website at www.panafricanresources.com


Enquiries
South Africa UK

Pan African Resources RBC Capital Markets


Jan Nelson, Chief Executive Officer Martin Eales / Peter Barrett-Lennard

+27 (0) 11 243 2900

Pan African and Witwatersrand Consolidated Gold Resources have formed a 50:50 partnership to acquire 100% of gold producer, Evander Gold Mines from Harmony Gold £139m.

The Evander operations are located in Mpumalanga, South Africa, and comprise the operating Evander 8 shaft, and several potential development projects namely Rolspruit, Poplar, Evander South, Libra (surface tailings resource) and the Kinross metallurgical processing plant, and a tailings facility (Project Libra).

The total underground resource represents 32.5Moz (147Mt @ 6.88g/t)2 and a reserve of 7.6Moz (29.5Mt @ 8.02g/t).

The Evander 8 shaft currently has an expected life of mine of more than ten years.

Evander is expected to produce between 85,000 and 95,000 ounces per annum.

Pan African chief executive Jan Nelson said: "Evander meets our investment criteria in all aspects and has the same ability to yield high margins as our Barberton mining operations.

"The Evander 8 Shaft orebody has gold grades in excess of 14g/t in the measured and indicated resource category, an extremely experienced management team and workforce, as well as good infrastructure."



At 2:20pm: (LON:PAF) Pan African Resources share price was -0.75p at 16.75p

http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=144438&sn=Detail&pid=102055
Harmony's Evander sale game changer for Wits Gold and Pan African


Harmony Gold is to sell its Evander gold mining operations to a JV of Pan African Resources and Wits Gold for .$216m.
Author: Geoff Candy
Posted: Monday , 30 Jan 2012

GRONINGEN -

Pan African Resources and Wits Gold have joined forces to buy Harmony's entire interest in the Evander project from Harmony Gold for R1.7bn ($216m).

For Pan African Resources the deal adds 50 000 ounces of attributable gold production per year to the company as well as another 34m ounces in terms of a project pipeline that can be fairly quickly developed.

According to Jan Nelson, Pan African CEO, the deal also provides access to an attractive partnership with Wits Gold. "One of the issues for junior gold miners is access to skills and this transaction gives us access to their skills sets."

Speaking on a conference call earlier in the day, Nelson added that there have been a lot of questions asked of late about how junior miners in South Africa are likely to grow. This deal, which he says is a first in the South African mining space, is a very good answer to that question.

For Wits Gold, the transaction is even more of a game changer. According to CEO, Philip Kotze, it turns the exploration company into a producer overnight.

"This is a very exciting time for us," Kotze said on the conference call, we signalled the market in September last year that we wanted to become a producer, and this does it for us."

He added that, the some of the cashflows from their portion of the Evander project could also be used to fund the building of a mine at the group's BDM project. And, while it doesn't make as much of a differnce to its resource base as it does to Pan African, it does increase the group's reserve base significantly.

For Harmony, the sale represents the end of a significant turn-around at the asset following a restructuring process that has taken the better part of 3 years.

As CEO Graham Briggs explained, three years ago the operation was running the numbers 2,5, 7 and 8 shafts. "those operations were really looking at remnant pillars mainly from operations, relatively difficult infrastructure, fairly old infrastructure from an equipment point of view and the grade that they were getting out of that was in the region of 3.5, 4g/tonne at most and with gold prices where they were, we decided to restructure the whole operation.

All but the number 8 shaft have now been closed down and that has been refocused to mine the declines and, currently, the operation has a mine life of around 10 plus years.

But, according to Briggs, if money is invested in the project, the operation has a life of 50-plus years.

Nelson and Kotse, who have both worked at the Evander operations during their career are very positive about the prospects for the mine with Nelson going so far as to say he believes it to be even better than Harmony's Wafi Golpu asset, although there was an element of tongue about his cheek when making that comment.

But, he says, " The Evander 8 Shaft orebody has gold grades in excess of 14g/t in the measured and indicated resource category, an extremely experienced management team and workforce, as well as good infrastructure, I don't know where else in Africa you can find that."

In terms of the management of the mine iteself, Nelson explained the plan was too keep a fairly hands off approach and let the management that is already in place take most of the reins.

When asked, which of the two partners would be in control, he answered that, "the moment one party has more control than the other, that is when the problems begin."

The deal is structured so that the consortium will make an initial payment of R1.4bn (R178m) on the closing date of the transaction. This Kotze says could be as late as sometime between October and December. the effective date for the transaction, however, is the 2nd of April. This means as much as R200m could be deducted from the price in the form of dispersments by Evander in the intervening period.

After the closing date, the consortium will pay four equal quarterly amounts of R25m ($3.18m) (. And, the remaining R200m ($25.5m)will be paid in two equal tranches, the first 19 months after the closing date, if the average rand gold price for the preceding 12 month period is greater than R410,000 per kilogram (US$1,700 per ounce.

The second tranche is payable, 31 months after the original closing date, if the average rand gold price for the preceding 12 month period is more than ZAR450,000 per kilogram (US$1,865 per ounce).

Approval granted for Phase One of the Barberton Tailings Retreatment Project

and the acquisition of Harper Tailings Operations

Pan African is pleased to announce that the board of directors has approved
Phase One of the Barberton Tailings Retreatment Project ("BTRP") which will
recover gold from the retreatment of the gold tailings situated close to the
Barberton Gold Mining Operations ("Barberton"). It is anticipated that the BTRP
will increase the production profile at Barberton from 95,000oz to 120,000oz
per annum.

Highlights

- The BTRP comprises a total resource of 654koz (13.7Mt @ 1.38g/t) and a
reserve of 248koz (13.7Mt @ 0.56g/t)

- A Capital Cost Estimate ("Capex") of GBP27 million (ZAR325 million) has been
approved for Phase One of the BTRP in order to retreat 1.2Mt per annum of gold
tailings over a six year life, funded from internal cash flows

- Over the life of Phase One of the project, a total of 160koz will be
recovered (which includes 120koz from tailings and another 40koz from current
underground arisings to be retreated)

- At a gold price of ZAR400,000 per kilogram the project has a net present
value ("NPV") of GBP27 million (ZAR325 million)

StockMarketWire.com
Pan African has approved Phase One of the Barberton Tailings Retreatment Project ("BTRP") which will recover gold from the retreatment of the gold tailings situated close to the Barberton Gold Mining Operations.

It is anticipated that the BTRP will increase production at Barberton from 95,000oz to 120,000oz per annum.

Gone Long on PAF this morning:

*Gold Producer in South Africa
*Fab long term uptrending chart Jan 2009
*Stochs/RSI oversold and both indicator's turning up
*MACDs under 0 with the faster line about to cross slower
*ATR being exhausted suggesting bear's running out of steam
*ADX at 20 suggesting trend downwards weakening
*Sitting on 50 day EMA/lower of the Bolli Bands

Great Week All

I came across this audio interview when I was researching about Pan African.

Its really interesting and its well worth a listen:
http://www.brrmedia.co.uk/event/98351/jan-nelson-chief-executive-officer

LISTEN: Pan African (PAF) - Provisional audited results for the year ended

Click the link below to listen
http://www.brrmedia.co.uk/event/116248/ron-holding-chief-executive-officer

KEEP an EYE

7.32p ( 7.26 v 7.38p )

Has been moving higher since last week AGM, Last September good results were EPS up in sterling terms increased by 65% and paying dividend 0.53108p. Slowly rising for the last few days now on a narrow spread.
Ex-Dividend 10 December, pay date 24 December

Some good interest today with more volume than usual over 2M and share price rising with small spread at the end of the day 7.75 v 7.79p +0.55 +7.64%

Keep going this way aa all Indicators are perfectly position on the TA front
MACD just cross up "0" bullish

↑ GOLD $1021-15 ↑

Full name of person(s) subject to the notification obligation: iii FIL LIMITED
Increased holdings from 5% to 6.52%

119,558,403 6.52% on 26 November 2015

Slowly moving higher now 8.21p +0.47

at this rate soon will be ready to sell

edit - double post

Sold @ 8.145p close bargain

I was aiming for about 1p profit, but managed a bit more 1.296p

I just realised that I am going to get the dividend before the profit from this deal, as it settles on 30 December, she went X-divi last Thursday for 0.53108p.

Ex-Dividend 10 December, pay date 24 December

Bought 30th November @ 7.38p on a T+20
a gain of 17.56 % on 2 weeks

What a difference a day does, 7.75p - 0.47p

look a bit overbought yesterday on the Bollinger Bands, but not expecting to fall so much today

I also own PAF.

COMPLETION OF THE ACQUISITION OF BLUE FALCON 232 TRADING PROPRIETARY LIMITED ("UITKOMST COLLIERY") FROM OAKLEAF INVESTMENT HOLDING 109 PROPRIETARY LIMITED AND SHANDUKA RESOURCES PROPRIETARY LIMITED.

Pan African shareholders are referred to the initial Transaction announcement published by the Company on 8 June 2015, regarding the acquisition of Uitkomst Colliery by the Company.

Pan African is pleased to advise shareholders that the Transaction has become unconditional, and that Pan African assumed effective control of Uitkomst Colliery on 1 April 2016. Pan African settled the Transactions revised purchase consideration of R176 million in full in cash on 31 March 2016. The total net purchase consideration (inclusive of working capital acquired) amounts to approximately R150 million, compared to the R200 million previously announced.

The Uitkomst Colliery will be implementing a BEE transaction similar in nature to those currently in place at Pan Africans Barberton and Evander mining operations. The BEE transaction will result in an additional 9% historically disadvantaged on-mine ownership in the Uitkomst Colliery. This 9% ownership will be held by broad-based trusts and by a strategic entrepreneurs trust. The BEE transaction will be financed by the Uitkomst Colliery on a notional basis, with this notional funding accruing interest linked to the prime interest rate. The Transaction results in limited dilution to Pan African and 80% of dividends issued to the BEE shareholders will be retained to repay the notional funding over a period of 10 years.

A production update for Uitkomst Colliery for the period 1 July 2015 29 February 2016 is as follows:

Run-of-mine coal mined : 412 kt
Saleable coal produced : 278 kt
Wash yield : 67.5%
The life of mine of the operation is estimated at 28 years.

BDO Corporate Finance Proprietary Limited (Expert), who were appointed as the independent expert by Pan African, have concluded that the terms of the Transaction are fair in so far as Pan African shareholders are concerned. A copy of the Experts opinion is available for inspection at the Corporate Offices of the Company for a period of 28 days from the date of this announcement.

Cobus Loots, CEO of Pan African commented: We are pleased to have finalised the Transaction and we welcome the Uitkomst Colliery employees to the Group. The Transaction is expected to be value accretive to Pan African, as previously communicated.

For further information on Pan African, please visit the Companys website at http://www.panafricanresources.com/

StockMarketWire.com
Pan African, the African-focused precious metals producer, has appointed BMO Capital Markets Limited as joint broker alongside Numis Securities Limited and Peel Hunt LLP with immediate effect.

Peel Hunt today reaffirms its buy investment rating on Pan African Resources PLC (LON:PAF) and raised its price target to 26p (from 17p).

Bought some @ 18.75p

Gold prices on the up and is share price after reaching on what it seems lows lately. Profitable company that lately has been moving uptrend. Order book stronger on the bid side, though there is a seller on the order book at 18.75p, that keeps adding stock once is taken by ATs.
Currently the seller or order book hiding the sell amount, added 100K, after all the once before where taken by ATs once again

All the Indicators at oversold and just on the right place for the bounce

First purchase 18.6 time will tell if timing correct!

A very large trade at middle price, signs of overhand being cleared, always happen at the bottom of the cycle ( was down now moving up )

12:54:59
18.875p
9,919,463

Updating some old news

Performance by Sector By the Telegraph

http://shares.telegraph.co.uk/sectors/?context=broker-recs&sector=1770
------------------
London Alliance PAF news 2nd Aug
Pan African Resources PLC Tuesday said earnings in the recently
ended financial year are expected to be substantially higher following robust operating
performances from its Barberton Mines and Evander Mines and a boost in gold prices.
The South African­based precious metals mining group said earnings per share in the financial
year to the end of June should be in the region of 29.47 cents to 31.77 cents, a huge lift from the
11.48 cents reported in the previous year.
Headline earnings per share should be between 29.45 to 31.79 cents per share, also a large
increase from 11.67 cents last year.
In sterling, EPS and HEPS will both be within a range of 1.37 to 1.50 pence per share in the
recently­ended financial year, compared to 0.65 pence last year.
Excluding exceptional items, EPS is expected to have risen to a range of 43.10 to 45.50 cents
from the 11.48 cents last year and HEPS will have increased to 43.08 to 45.42 cents from 11.67
cents the previous year.
In sterling, EPS and HEPS before exceptional items will be between 2.0 to 2.13 pence compared
to 0.65 pence last year.
The significant improvement in earnings during the year are a result of improved performances
from Baberton Mines and Evander Mines, both subsidiaries of the company producing gold in
South Africa.
Gold prices were also considerably higher in the period, with Rand prices averaging 22% higher
year­on­year. The spot gold price on Tuesday in dollar terms was USD1,359 per ounce, 28%
higher than the start of 2016 as prices have particularly rallied since the start of the year.
Gold production from Baberton Mines was up 7.0% in the year to 113,281 ounces from 105,776
ounces and production from Evander Mines was up 31% to 91,647 ounces from 70,081 ounces.
Pan African Resources said it also benefited by consolidating the Uitkomst Colliery's results in
the last quarter of the financial year that started in April. That contributed production of 136,102
tonnes of coal in the financial year.
However, the company's platinum production declined in the year because it was adversely
impacted by a lack of feedstock to its operation after London­listed International Ferro Metals
Proprietary Ltd entered into a business rescue plan.
Pan African's platinum operation is situated on the same property that was owned by
International Ferro Metals, which recently sold its troubled South African subsidiary that held the
asset after entering into business rescue proceedings.
International Ferro Metals' distressed subsidiary was hit by a wave of factors last year that led
ultimately led to its demise, but that left Pan African's operations without the feedstock that it was
being supplied by International Ferro's processing operations. Pan African was not reliant on the
feedstock, but it also sourced electricity, water and "certain other services" from the nearby
operation.

19.12.5p +0.625p

A very strong results and a much increase dividend

"The ... group delivered an outstanding set of results for the 2016 financial year. These results include a year of record gold production and profits and the largest dividend payment to date," said CEO Cobus Loots in a statement.

profit after taxation increased by 117.9%
EPS increased by 120.3%
final dividend 0.82338 pence per share (2015: 0.53108 pence per share)

20p +0.75p

Peel Hunt today reaffirms its buy investment rating on Pan African Resources PLC (LON:PAF) and raised its price target to 27p (from 26p).
------------
FLIGHT TO GOLD: Are these two small-caps ready to take-off?
13:40 22 Sep 2016
The British small-caps “have lagged significantly", according to Peel Hunt. But two may be ready to outperform.
Could you make a mint on these two?

Pan African Resources plc (LON:PAF) and Shanta Gold Ltd (LON:SHG) are the two UK top picks in gold mining, according to the broker Peel Hunt, which has released a 41-page update on the sector.

Pan African, which reported stellar results on Wednesday, offers investors income, as it boasts a dividend yield of 4.5%, while Shanta is a ‘deep value play’.

“Its position in the lowest quartile of the cost curve should see it attract attention, but this has historically been overshadowed by the level of debt and concerns over a short mine life,” said analysts Michael Stoner and Peter Malin-Jones of Shanta.

“This has now all been addressed with re-financing and better than expected operational performance bringing the debt to sustainable levels.”

They reckon Shanta, currently changing hands for 10.5p, is worth 21p a share.

20.25p +1p

Pan African Resources: Record production behind a doubling in earnings

proactiveinvestors - 21 Sep 2016
The industry has benefited from a rise in the value of the yellow metal of almost US$200 an ounce in the past 12 months, although self-help has been the major driver for the AIM-listed digger.

Shares in Pan African Resources plc (LON:PAF) advanced 4% in early afternoon trade after the South Africa-focused gold miner posted a more than doubling in full-year earnings on the back of record production.

Profit after tax grew 118% to £25.5mln, though in rand terms it was up 160%.

Investors will feel the benefit of Pan African’s success with the final payout earmarked to grow by £6.3mln to £16mln.

The industry has benefited from a rise in the value of the yellow metal of almost US$200 an ounce in the past 12 months, although self-help has been the major driver for the AIM-listed digger.

The firm, which owns the Evander and Barberton mines in South Africa, reported its output hit a record 205,000 ounces of gold in the year to June 30, up 16.5%.

All-in sustaining costs, meanwhile, were marginally ahead in rand terms, but were down in dollar terms from US$1,093 an ounce to US$870.

Pan African concluded the deal to acquire the Uitkomst Colliery in March for around £8mln (which takes it into coal) and a portion of Shanduka Gold for around £10mln.

The latter transaction allows Pan African to “preserve and protect its black economic empowerment status on an earnings accretive basis”, according to chief executive Cobus Loots.

“Our robust financial position, well-established cash-generative operations, decentralised hands-on management structure and cost-conscious culture differentiate us from our peers,” he added.

“These attributes give Pan African Resources a competitive advantage for further growth through our project pipeline and also position the group to capitalise on potential acquisition opportunities.”

The shares, up 175% in the last year, valuing the miner at £375mln, were up 0.75p at 19.25p in early afternoon trade.

These were “good financial results” that revealed “excellent” cash generation, according Yuen Low, of City broker Shore Capital. There stock is yielding a “reasonably attractive” 4.4%, he also pointed out.

In a separate announcement, Pan African unveiled a 9.4% increase in its gold resource, which rose 3mln ounces to 34.9mln ounces.

The company, which also owns tailings treatment facilities at its key sites, said its gold reserve fell marginally (3.8%) to 10mln ounces.

A high-grade extension to one to the main reef complex at the Fairview operation has extended the life of the Barberton mines out to 22 years. The Evander mines, meanwhile, have enough ore to last 16 years, Pan African said.

There was “no material change” to the resource for the platinum group elements, which stands at 600,000 ounces, while the reserve number fell 300,000 ounces to 200,000 ounces.

The Uitkomst Colliery, in South Africa’s North West Province, is thought to be host to 23.3mln tonnes of coal.

Finally, a definitive feasibility study on the Elikhulu tailings retreatment project will be completed in November. This followed a “positive” pre-feasibility report.
SA quote 355.00ZAC +10.00 (2.90%)... SA quote - jse

a delayed trade just reported paying large premium at the time 20.89p for 100K buy

09:18:03
20.8916p
100,000
£20.89k

gone to 21p and the order book still very strong on the bid side

DEPTH 28 v 13
----------
SA

362.00ZAC
Price increase 17.00 (4.93%)

Slightly up considering the peers are on the red

http://m.4-traders.com/PAN-AFRICAN-RESOURCES-PLC-4002023/

21.125p +0.375p

Can it be right such a rise on Profits and EPS for 2017? I suspect is up to Gold prices

From IC today with a buy tip
target profit of £68.8m and 3.1p eps.
Forward pe of 6-7.
This can double and still remain cheap.
Income and growth.
The dividend next year should rocket as 40% of profits back in dividends.

10 of the best mining stocks right now stock screen mining commodities winners

There have been some stunning changes of fortune in the stock market since the European Union (EU) referendum. Not only was the initial shock of volatility quickly replaced with a surging run in index prices, but previously unpopular sectors suddenly found themselves in fashion. Nowhere was that swing in sentiment quite so stark than in the mining sector.

Mining stocks enjoyed a fabulous run during the first 10 years of this century. Booming global demand pushed a wide range of commodity prices to racy levels. Investors simply couldn't get enough of miners, ranging from the mega-caps of the Alternative Investment Market (AIM)

By mid-2011, the price of gold had stretched to just over $1,800 per ounce, but it turned out to be a high water mark.
Since 2011, mining stocks have been on their knees, as slowing demand and falling prices forced them into swingeing write-downs, cutbacks and profit warnings. Many of the exploration minnows on AIM have long since gone.

And, despite regular calls by some market-watchers that commodities are due to bounce off the bottom, nobody has wanted to own them...until now.

Commodities stage a comeback
The price of gold was already showing signs of a sustained mini-recovery when the EU referendum was held in June. So it was no surprise on the day of the result that it was mining stocks that enjoyed some of the biggest gains, and they've continued to surge ever since

Part of the appeal of mining shares, particularly among the large caps, is that they offer investors comfort in times of domestic economic uncertainty. For a start, commodities are global in nature and almost always priced in dollars. Plus, of course, these firms earn large proportions of their revenues from foreign markets.

We screened for stocks with the best blend of high quality, appealing value and positive momentum. In terms of the falling value of sterling, UK quoted mining stocks whose shares are priced in pounds are theoretically now more attractively priced for foreign investors.

For the companies themselves, though, a slump in sterling may not necessarily make a difference.
Many of them hedge their commodity exposure to take account of price fluctuations. So, a rising gold price may not have an immediate effect on the earnings for some of them.

With all this in mind, we had a look for some of the most potentially interesting mining stocks around right now. We used the StockRank to look for those with the strongest blend of high quality, appealing value and positive momentum.
We also looked for stocks where earnings are forecast to grow next year and where brokers have upgraded their earnings forecasts in the past three months.

more...........

Name	Mkt Cap £m	Stock Rank	PE Rolling	Yield %	3m EPS Upgrades %	Forecast EPS Growth %
Centamin	1,694	96	10.2	2.3	30.2	134.8
Pan African Resources	403.2	96	11.0	4.3	12.5	110.3
Rio Tinto	47,050	89	15.7	4.2	22.7	44.0
Ferrexpo	618.1	87	5.8	4.0	45.0	1,144
Anglo American	14,436	81	13.1	-	111.7	43.1
Fresnillo	12,048	75	50.4	1.0	22.2	337
Antofagasta	5,151	67	39.9	0.9	43.2	1,242
BHP Billiton	64,508	66	15.8	2.3	41.1	-31.8
Hochschild Mining	975.1	60	38.4	-	120.2	-
Kaz Minerals	1,197	55	33.6	-	585.1	1,674

Centamin Those with the highest combined quality, value and momentum are Egypt-focused gold miner

Pan African Resources. But what's striking about the list is the forecast data, which includes some very substantial percentage earnings increases for next year. It's worth remembering that in some cases, these increases are flattered as a result of starting from a low level. But even so, there is a consistent trend towards a much brighter financial performance from these firms next year. There are also notable yields of more than 4.0% on offer at the like of Pan African,

Ferrexpo It would be foolhardy to try and predict a cyclical upturn in the mining sector, but there's no doubt that in the circumstances these firms have suddenly become much more appealing among investors. How quickly the price of security rises and falls over time. A highly volatile share can be risky for short-term investors who stand a greater chance of buying at a peak and selling in a trough at a loss. in this sector can be severe and unpredictable, so careful investigation is needed. But in the search for ideas after several years of poor performance for natural resources companies, mining stocks could be an interesting place to start.

Bought some

spread 20.125p ( 20/20.25p)

Had a good marked down today, though the gold price is only slightly lower. Order book weaker earlier is gaining pace on the bid side. Paying good dividend 0.87822p and going X next month 08 December
Good points
Substantial percentage earnings increases for next year 110% and a very low PE of 6.5, yield of 4.4%
SA quote ... SA quote - jse

A turning point for South African mining?
Sector Focus

The slow re-setting of commodity prices since Chinese demand peaked at the start of the decade has been painful for most economies that rely on metal exports. But even against that backdrop, the South African mining industry has had a torrid few years. The darkest pall may have been cast by the 2012 killings at Lonmin 's (LON) Marikana mine, but the sector can count a litany of issues - from job losses, economic strife and power shortages to regulatory uncertainty and political interference - that have discouraged investment, precipitated corporate collapse and prompted asset sales.

But now, as the country inches towards a new mining charter, and following this week's news of wage settlement at the largest platinum mines, we ask whether investors can expect anything approaching stability from the most volatile of industries in an, at times, unpredictable nation.

The possibility of a downgrade to South Africa's credit rating remains”

South Africa's mining industry currently accounts for around 7 per cent of the country's gross domestic product. Not only did this figure used to be much higher, but because much of the industry's output is exported, the long fall in demand in recent years has resulted in a disproportionate effect on the country's economy. Worse still, collapsing demand has often correlated with the rand. For example, the decision by the People's Bank of China in June 2015 to devalue the yuan by 2 per cent - which international markets took as a sign that Chinese growth and resource consumption were both slowing - led to a 26 per cent drop in the value of the rand against the dollar in just six months. And the fall only accelerated last December when South Africa's president, Jacob Zuma, fired his finance minister Nhlanhla Nene, in a decision that shocked markets and rocked confidence in the government's management of the economy.

Currency falls and wage inflation
The rand's devaluation - which in recent months has softened - has had a mixed impact on miners' costs. Pan African Resources (PAF), which operates in the historic gold mining region of Mpumalanga, has certainly benefited. Financial results for the year to June show that all-in sustaining costs - the most comprehensive measure of a miner's outgoings - were essentially flat in rand terms at ZAR405,847 per kilogramme. However, those costs were a fifth lower when priced in dollars, which for a gold producer is probably a fairer yardstick. That's all the more impressive given that rand-denominated labour and energy costs edged up 12.5 per cent and 16.8 per cent during the year, neither of which was solely down to increased production.

Others less buffeted by 2016's ballooning gold price have found the rand's depreciation a more complicated factor. Desperate to avoid a repeat of a 2014 strike that crippled production, yet hamstrung by domestic inflation, the country's three dominant platinum miners - Lonmin, Impala Platinum (SA:IMP) and the Anglo American (AAL)-owned Amplats (SA:AMS) - have been under considerable pressure to settle a wage negotiation with the Association of Mineworkers and Construction Union (AMCU) this year. That's despite next to no support from platinum prices, which remain subdued thanks to surplus production and tepid demand for catalytic converters.

This week, the AMCU and Lonmin reached a three-year wage settlement at an average annual salary increase of 7.6 per cent. Impala and Amplats are both in the process of striking similar deals. But while the rhetoric from both sides of the negotiating table suggests peace has broken out, the possibility of a downgrade to South Africa's credit rating remains. Were that to occur, the inflationary challenges would be likely to test any agreement in its current form, and could yet haunt a key chuck of the country's mining industry.
To add to the concern, few platinum watchers are predicting a strong rebound in prices in the next three years.

Legal shifts and human rights
Despite this, platinum group metals remain a central component of Anglo American's rationalised strategy which, alongside the cash-generating power of diamond miner De Beers, represents something of a retrenchment to the Johannesburg-headquartered group's roots. However, the company's commitment to platinum may soon face a significant test, in the shape of a long-overdue revision to the mining charter. At present, any mining operation must be at least 26 per cent owned by a black economic empowerment partner, as part of legislation to address historic disadvantages faced by black South Africans. That 12-year-old law and its implementation have faced criticism, particularly over the interpretation of mining company equity, and whether an operation can divest its empowerment stake.
In the case of Amplats, empowerment deals involving some of its older divisions were based on units of production rather than equity, which some analysts think may be challenged under a new charter. And following Amplats' sale of its Rustenburg mines - which completed this week - there could be complications if courts rule that mining companies must be empowered in perpetuity. While these questions appear to be a matter of legal debate, South Africa's department of mineral resources will be aware of the trade-offs in asking any company to relinquish equity, given the need for desperately-sought investment.

Toxic waste dumps from mines around Johannesburg - a region dominated by gold production - has led to a human rights crisis for locals suffering the effects of contaminated water”

The government is also facing repeated calls to address the environmental and social impact of parts of the industry. A recent report by Harvard Law School found that toxic waste dumps from mines around Johannesburg - a region dominated by gold production - has led to a human rights crisis for locals suffering the effects of contaminated water. Investors should always consider the ethical trade-offs involved in mining, which in South Africa have sometimes proved enormous.

Favourites
The pains of South Africa's platinum industry are well-known, but for one recent debutante to London's market weak prices have been made much more comfortable thanks to low costs and chrome by-products. Tharisa (THS), which completed its secondary listing in June and is on track to issue a maiden dividend in 2017, is currently benefiting from a surge in chrome prices. That jump represents a clear vindication of the group's decision to more than double speciality chrome concentrate production during the 12 months to September 2016. Throw in excellent recent platinum group metals recovery rates in excess of 80 per cent, and the rally in Tharisa's share price since the company made its shares available to UK investors looks set to continue.

Outsiders
Less than a year after a heavily dilutive rights issue, platinum miner Lonmin remains in a pickle. Despite boasting some of the highest recovery rates in the industry, the company has laid off swathes of its workforce in efforts to bring down unit costs, which in the three months to June stood at ZAR10,596 an ounce, just 11 per cent below the average selling price. Unsurprisingly, such a tightrope walk is eating into the funds raised in the re-capitalisation; indeed cash had fallen to $91m by the middle of 2016. Consequently, Lonmin is somewhat reliant on - and operationally leveraged to – a recovery in platinum prices, which few in the industry are expecting any time soon.

The broker's view:
Exposure to iron ore and coking coal has been crucial to Anglo American's rally this year. But while bearish sentiment towards the stock has undoubtedly weakened it, there are still fundamental reasons why the company and investors should not want to be long of some of its higher-cost mines.

The Kumba iron ore stake, for example, is always going to be a tough asset to manage. Kumba's flagship mine at Sishen has done very well this year, thanks in part to improving prices, but this has also been due to some pretty drastic changes to the mine plan. Cash flows have been placed ahead of all other concerns, which has resulted in a deferral to stripping and a sharp decrease in the projected life of the mine. It's a decision that will come back to haunt the company.

Then there are labour costs and efficiency. It takes around 11 times the manpower to take a tonne of ore out of the ground at Kumba's mines than it does at Fortescue Metals ' (Au:FMG) operations in Western Australia, which is far more automated. What's more, the best wage negotiation a miner can hope for in South Africa is an annual increase of around 7 per cent, compared with Australia where wage inflation is currently non-existent. The South African unions' resistance to automation and the job losses they entail, make it very hard for a commodity like iron ore to remain profitable, at least against global competitors.

Consequently, it is not going to be easy for Anglo to dispose of its South African assets, although given how well the iron ore and coking coal divisions have done this year it is somewhat fortunate that the company failed to sell them straight away. Meanwhile copper, diamonds and platinum - Mark Cutifani's areas of long-term focus - have all been flat.

20.125p +0.125p

Pan African Resources PLC
DIRECTOR SHAREHOLDING
Name: Bertin McLeod
Nature of the transaction: Acquisition of ordinary shares
Price(s) ZAR3.40
Volume(s) 24,000

21.50p+1.50 (+7.50%)

Trump win on the US elections got the Gold price on the rise and with that the Metal prices doing much the same.


Ex-Dividend date on the LSE 08 December, Thursday
Record date 09 December, Friday
Payment date 22 December, Thursday

dividend of 0.82338p

Close the position T+14 @ 21.5625p

a good move today, but the gold price came down again to only $5 up after being at one time $50 up

Bought back @ 19.50p

Though the gold price has further moved down at this price is worth to pick them up
----------------
Gold
It was consolidating around its 200-day moving average – a popular measure of a market’s long-term trend – last month. But it has since climbed above the 200-day moving average and is now up 23 percent for the year.

Shanta Gold also down on Fri not sure if we haven't seen the bottom yet, looks a buying Opp to me as Gold is predicted to reach $1440 in 2017

comparing
---------------------------------- 7 days --------------------------------------------------- 3 month --------------------------------

Gold price forecast for next months and years.

http://longforecast.com/gold/gold-price-forecast-for-2015-2016-and-2017.html

RESULTS OF DEFINITIVE FEASIBILITY STUDY FOR THE ELIKHULU TAILINGS PROJECT AND GROUP PRODUCTION UPDATE

Pan African is pleased to announce positive results for the independent Definitive Feasibility Study (“DFS”) for its Elikhulu Tailings Project (“Elikhulu” or “the Project”). The Pan African board of directors (“Board”) has approved the construction of the Project, subject to finalisation of the Project financing package.

The Project DFS results indicate excellent recovered grades and gold production, attractive financial returns and a low execution risk, with the DFS results surpassing expectations of previous technical and financial assessments of the Project. The DFS was undertaken by DRA Projects SA Proprietary Limited who has reviewed and approved the information contained in this announcement in writing.

DFS highlights and key assumptions

The planned commencement date of the Project is January 2017, with first gold forecast for the final quarter of the 2018 calendar year and full commissioning in December 2018.

Annual recoverable gold production of approximately 56,000 ounces for its initial eight years of operations and 45,000 ounces of gold for the remaining five years thereafter.

Current arisings and inferred gold resource could extend Project life beyond the DFS estimated life of 13 years.

Optimal plant capacity for the Project allows 12-million tonnes per annum throughput.

The Project is expected to add approximately 25% to the Group’s current production profile and reduce the Group’s all-in sustaining cost (“AISC”) profile.

Initial capital cost is forecast at approximately R1.74 billion (US$119.9 million).

The Project internal rate of return (“IRR”) (real, post-tax) of 23.1% (30.6% nominal) with a payback period of less than four years, based on assumed gold price of US$1180/oz (R17,110/oz).

Return on equity (real, post-tax) of 34.3% (42.5% nominal)

Project net present value (“NPV”) of R1.1bn (US$75.9 million).

AISC of US$523/oz over the life of the Project.

Cash outflow per ounce over the life of the operation is sub $650/oz, inclusive of debt servicing, and amounts to approximately $805/oz, inclusive of debt servicing, over the five year debt redemption term.

Average gold recovery rate over the life of the Project of 47.77%.

Environmental Impact Assessment (“EIA”) and Water Usage Licence (“WULA”) processes are underway, with both approvals expected by late 2017.

DFS economic assumptions:

Gold price assumption: US$1,180/oz.
Rand/US Dollar exchange rate: ZAR/US$:14.50.
NPV discount rate: 9% real.
Debt to equity ratio: 115%, debt to total capital ratio of 53%.
Long term South African inflation rate of 6.1%.
-----------
SA quote... 308 ZAR= SA quote - jse

from google .... https://www.google.com/finance?q=JSE:PAN

What FTSE 100 needs to trigger Santa rally

Bought some at 14.9375p

TIME TO BOUNCE

Has bottom at 14.625p this morning with a 6 month double bottom on the chart
edison report 13 December 16
http://c3352932.r32.cf0.rackcdn.com/content/pdf764a2ad0756e927d50afb1821e368d87.pdf

South African Rand Slides To Near 2-week Low Versus US Dollar
Thu, 15th Dec 2016 10:27

WASHINGTON (Alliance News) - The South African Rand lost ground against the US dollar in the European session on Thursday, as the latter was buoyed by the Fed's decision to raise interest rates by 25 basis points and indicating aggressive pace of tightening in 2017.

The Rand declined to near a 2-week low of 14.10 ( ZAR 0.706 ) against the greenback, from a high of 13.91 hit at 5:30 pm ET. The rand is likely to locate support around the 15.00 zone.

Serious unrest at Barberton, warns Pan African Resources
The producer says local groups fighting for dominance are disrupting production and destroying property
07 DECEMBER 2016 - 06:02 AM ALLAN SECCOMBE - Pan African Resources CEO Cobus Loots.

Pan African Resources is looking at all options to minimise disruptions to its Barberton mine from community unrest, which has taken on a political element, with various parties demanding a say in hiring at the mine, says CE Cobus Loots.

Pan African had a major disruption at its Barberton mines near the Swaziland border a number of years ago to remove illegal miners from the underground workings and incurred hefty security costs.

It was now dealing with a problem outside its property that had become increasingly disruptive to production over the past six months as two political groups struggled for dominance in the area, Loots said without identifying the groups.

"We lost a lot of days to community issues and safety stoppages," he said. "There’s infighting in the communities and there are political issues between parties in the area.

"We are stuck in the middle when one party comes to us, saying ‘we insist you do recruitment via us because we represent these communities’, and the next day the road will be closed by the other party," he said. "It’s the worst we’ve ever seen."

The similarities between the Barberton communities and those around the platinum and chrome mines near Steelpoort are striking, with various community leaders demanding recruitment preference.

Some bounce today to 15.25p

comparing
---------------------------------- 7 days --------------------------------------------------- 3 month --------------------------------
---

Gold shares 3 month chart

Percentage fall on the last 3 month
PAF - 37%
CEY - 24%
SGH - 32%
HOC - 35%

Bought some more at 14.25p

Some improvement at the end of the day
There was a couple of large trades earlier

note - There was an "UT" @ 13.50p at opening, most likely was signaling the end of the drop

A good rise in SA

JSE: PAN - Dec 28, 2:03 PM

252.00ZAC Price increase 7.00 (2.86%)

Who do you believe this days.... with predictions none but mine ( short term ).........

Here’s when the new bull market starts for gold
By Barbara Kollmeyer - Published: Dec 28, 2016 9:57 a.m. ET

Carlson offers up the “amazing” chart below that shows the ride to the top and down again for one triple-leveraged miners ETF JNUG, -0.19% . By the numbers, the fund was up nearly 920% by late August, but has since lost 87% of that. It’s now up over 40% for the year.

A Wealth of Common Sense
That brings us to our call of the day — a prediction about precious metals. It’s from Lamoureux & Co.’s Yves Lamoureux, who thinks he knows how 2017 will roll out for those plays.

“Both gold and silver will go down for the first half then move into a new bull market that will last well into 2020. This is the way the market shakes off the last remaining weak hands, prior to resuming the bull trend,” said Lamoureux in emailed comments.

“Where most turned bullish in 2016, in reaction to higher prices, we did not. Our view was and is that the bounce was an echo bubble of the prior bubble,” he said.

One reason is that he says rising real rates will “kill precious metals.” So for silver SIH7, +0.17% , he says expect lower teens in the first half, while he’s still sticking to a gold GCG7, +0.18% target of $850 an ounce, which he’s held since February.

Note, gold could mark the first rise in 8 weekly sessions if the positive momentum we’ve seen thus far has legs. This year, the commodity is on pace to have halted a multiyear decline, in what some say has been a “pivotal year” for precious metals. Others say investors are riding a downward “slope of hope.”

Gold has slumped since August, but it still is around 7% higher as the year winds down, while silver SIH7, +0.17% has fared even better with a 14% gain.

14.875p +0.25p

Has been moving higher with a steady rise for the last fews days, today is no difference on looking at the order book.
well supported on the bid side 29 v 12, though things change fast sometimes and when one expect to move forward as there is not many shares left at offer price, suddenly more are added when one thought all are gone, those added where "iceberg" waiting on the order book but not showing.
what is the point then, one would say, there is always tricks for us not able to see the real thing, despite paying for Level 2.

As I said earlier, there was 25K left at 15p offer, and as soon it was taken with "AT"s, another 25K was added from the "iceberg"

note
• Recognising and trading off ‘iceberg orders’ that can be identified on a Level 2 screen.
An iceberg order is a large single order managed by an exchange that has been divided into equal
quantities by the use of an automated program, for the purpose of hiding the actual order quantity.
This can hold back the share price at a specific level as the full extent of the order gets executed.

15.25p +0.50p

It looks like the last of the Iceberg @ 15p offer is gone, as for 30 minutes the offer is at 15.50p and naturally the bid is gone to 15p after such a large buying 2M so far

What a turn around on the order book, from being very bullish ( some manipulation by who I do not know )taking trades away from the bid side and adding some at the offer side and the "AT" on the bid side take control for a few minutes and able to buy below 14.75p, but only a couple of 15 and 10K did, now are buying at 15p again as the bid side gets stronger again

Yes it seems strange, mostly buys all day then a few sells earlier and they
dropped the s/p..

GOLD

just spiking all the way to $1158 + $15.5

Gold rises as the dollar and U.S. bond yields decline Source : By : Clara Denina Thu, Dec 29, 2016 17:31 hrs

LONDON - Gold prices rose to their highest in two weeks on Thursday as the dollar and U.S. bond yields declined following weaker than expected economic data. Spot gold hit $1,150.26 an ounce, its highest since Dec. 14., and was up 0.4 percent at $1,146.16 by 1122 GMT. U.S. gold futures rose $6.30 to $1,147.10 an ounce.
"Gold is not out of the woods yet but yields are a bit lower and the dollar is weaker, especially against the yen and yen-gold has showed a phenomenal correlation since the U.S. election," SaxoBank head of commodity research Ole Hansen said. Gold fell more than 8 percent in November as U.S. Treasury yields rose after Donald Trump's election led to speculation his commitment to infrastructure spending would spur growth.
The precious metal then hit a 10-month low on Dec. 15 as solid U.S. economic data gave the U.S. Federal Reserve the confidence to raise interest rates for the first time in a year. The central bank also signalled that it expected three more increases next year, up from a previous projection of two. Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding assets, while boosting the dollar, in which it is priced.

However, gold prices are still 8 percent higher than they were at the start of the year and were heading for the first annual increase after three years of declines. "We are battling a bit here with the $1,150 level and if we make it above that we shall open up towards $1,165 but in order for funds to start getting worried about covering shorts, we probably need to rise above the mid $1,170s," SaxoBank's Hansen said. The dollar fell 0.6 percent against a basket of six main currencies, mostly due to the yen's strength, while the benchmark 10-year U.S.
Treasury yield slipped to two-week lows. "Heading into next week ... the Italian bank rescue and the direction of the Chinese yuan will likely dictate near-term pricing in gold, especially if equity markets start to get nervous about either of these two developments," INTL FCStone analyst Edward Meir said in a note. Gold is usually seen as a refuge from riskier assets such as equities.

China's net gold imports in November via its main conduit Hong Kong dropped 17.8 percent from October to the lowest in 10 months, data showed on Thursday. Among other precious metals, silver rose for a third straight session, up 0.8 percent at $16.10 an ounce. Platinum was 0.1 percent higher at $903.20, while palladium climbed 0.9 percent to $671.20 an ounce.

Another steady rise I cannot say the sane for the peers CEY and HOC
------------

Happy New Year

Thank you for what you taught me.
Please keep teaching my hungry mind even in 2017!

Why It’d Be Dumb to Sell Gold on the Account of a Rising Dollar - Posted on December 27, 2016 by Amith Nirgunarthy

gold and usd

As it becomes increasingly likely that the US Federal reserve will raise rates as early as December (and yes, you might be reading this after the December meeting, but it still applies), gold is under pressure. The market logic is that, with a rate increase indicating that the US economy is getting stronger, the US dollar, in turn, grows stronger relative to other major currencies.

Since investors perceive the US economy as both stable and strong, they usually have their wealth stored in dollars, hence, the reason why the dollars is a reserve currency. However, once there’s panic around the US economy, which invariably threatens the value of the dollar, investors would understandably start looking for ways to secure their wealth, which would involve storing their wealth in anything other than the US dollar. Here’s where gold comes in to play, since it’s viewed as a preserver of wealth.

Since the laws of demand and supply must play out, at any sounds of a crack in the US economy, the demand for gold starts to trend north, and hence, the price of gold. Flipping the coin, once the US economy starts emitting positive vibes, the US dollar becomes a more attractive preserver of wealth and hence, diminishing the demand for gold.

However, this is only an explanation as to why the US dollar and gold are inversely correlated. And this is what governs the decision of most gold investors. However, that’s not the entire story. Here’re a couple of additional facts you should know.

Gold Should Be Treated Like an Investment Not a Speculative Instrument

It’s true that gold doesn’t perform remarkably when the US economy is strong, or at least seems strong. So when you look at the performance of gold in patches, it looks very volatile. However, over a longer timeframe gold performs excellently. For instance, even though gold has seen an all-time high over the past decade and has since dropped by over $660 from the all-time high to the current $1170 region it is, it has outperformed the S&P 500.

Gold vs SPY

Source: Ycharts

It’s noteworthy that the S&P 500 has been trending north consistently since 2011, reaching an all-time high earlier in 2016. Since the turn of the millennium, gold has returned over 304% vs. S&P 500’s 55.27% return over the same period.

It’s easy to say, but the global financial crisis happened during the time. So yes, that should be expected. That’s correct. However, during the period of economic expansion between 2000 and 2007, gold outperformed the S&P 500 – 168.9% and 1.78% returns respectively.

If we went deeper to see the performance of gold in patches during that period, you’d find that it responded to the US economy most of the time. Yet, it’s outperformed the most important equities to the US economy.

One thing that you won’t be told is that gold, like any other tradable asset class will, won’t react in a uniform manner to reports on the strength of the US economy. Sometimes, it’d respond minimally. At other times, the reaction will be high. That’s because there are other factors involved, of whose combined force will also matter (more on this below). So you may only be able to see the real picture over the long-term, as we’ve just seen.

So yes, gold might not be on the up once the Fed raises benchmark rates. However, it doesn’t make much sense to sell off the golden portion of your portfolio on account of a rate hike.

Global Uncertainties Still Lurk

As stated above, other factors affect the price of gold other than the strength of the US economy. One of them is the strength and decisions of economies elsewhere. For instance, the Japanese government said it’s seeing economic weakness around the globe in a November study. Investors around the globe will want to preserve their wealth as well. And gold is definitely an option.

This will influence the demand and supply dynamics of gold, as it will invariably work against the strong US economic force in regards to gold pricing. In fact, this makes it even less smart to sell gold right now. If I were trading either on a binary options trading platform or any other type of trading, I’d actually find it difficult betting against gold right now.

Second day of rising in SA but not here

SA quote... 262 ZAR +4 SA quote - jse

POG rising nicely over the last few days, a particularly strong rise today..

Took another position just below 15.50p late on the day, as the GOLD price was spiking up.
Despite the rise it was small considering the rise of the others and gold price

15.675p +0.25p

so far so good this morning though I was expecting just a bit more rise of a rise, after the POG movement late yesterday.

Yet is a bit early, and not much is going on on the trading front, but at least the order book is much stronger on the bid side DEPTH 26 v 17

"[The] High Court of South Africa exposes the Department of Mineral Resources (DMR) as an irrational institution with a high degree of incompetence that obstructs the mining investment it is meant to facilitate, lacks energy in resolving issues, allows appeal processes to drag on for years and establishes a case for its own substitution."

You'd be forgiven if you thought this story was about the EMRA

http://www.miningweekly.com/article/court-exposes-dmr-as-incompetent-irrational-investment-obstructor-2017-01-11

A very strong order book after the normal UT at 12:02 with all the trades at 16p taken with "AT"s but strait away another 25K was added from the iceberg.

spread 15.75 v 16p with 110K v 75K at price
order book DEPTH 42 v 13

a $14.2 rise on the gold price now to $1205.5 that is close to the best of the day after some profit taking after lunch

A large buy trade earlier on has make a big difference at the order book as there is not many shares left at the offer side till 17p

13:08:27
16.00p
588,370

OFFER GONE TO 16.50p and they have added a few trades but not much volume 41K, the 16.75p trades are gone withdrawn so next price is 17p

16.50p +0.75p

Are we getting the much expected rise on the share price?

so far a bit more than the usual 0.25p rise, as "AT"s at 16.75p are being taken already after being added 1 minutes before

only 7K left at 16.75p offer

SA quote - jse

https://finance.google.com/finance?q=JSE:PAN

TRADING STATEMENT AND OPERATIONAL UPDATE FOR THE SIX MONTHS REPORTING PERIOD ENDED 31 DECEMBER 2016

TRADING STATEMENT

For the reporting period ended 31 December 2015 (prior reporting period), the average ZAR:GBP exchange rate was ZAR20.83:1. For the current reporting period, the ZAR appreciated against the GBP, with an average exchange rate of ZAR17.88:1. This 14.2 percent period-on-period appreciation in the average exchange rate should be taken into account for the purposes of comparing results with the prior reporting period.

Pan African advises shareholders that its EPS and HEPS for the current reporting period are expected to be between:

EPS in ZAR terms: 23 percent to 43 percent higher than the 12.43 cents EPS for the prior reporting period (therefore estimated EPS of 15.34 cents to 17.82 cents).

HEPS in ZAR terms: 21 percent to 41 percent higher than the 12.43 cents HEPS for the prior reporting period (therefore estimated HEPS of 15.08 cents to 17.56 cents).

Using the average ZAR:GBP 17.88:1 exchange rate that prevailed during the current reporting period, the Groups EPS and HEPS in GBP terms for the current reporting period are expected to be between:

EPS in GBP terms: 45 percent to 65 percent higher than the 0.60 pence EPS for the prior reporting period (therefore estimated EPS of 0.87 pence to 0.99 pence).

HEPS in GBP terms: 42 percent to 62 percent higher than the 0.60 pence HEPS for the prior reporting period (therefore estimated HEPS of 0.85 pence to 0.97 pence).

StockMarketWire.com
Pan African Resources has reported a fatality at the Evander 7 shaft complex on Feb. 15, and lowered its FY gold output guidance as it provided further details on the Evander shafts' refurbishment programmes.

The refurbishment cost of about R40m would be funded from Pan African's existing banking facilities. The nature of these refurbishments required a suspension of Evander's underground mining operations for a period of up to 55 days, during which critical infrastructure issues would be addressed.

In light of these recent developments, Pan African said it had revised its gold production guidance for the financial year ending 30 June 2017 from 195,000 ounces to about 181,000 ounces.

"Evander's tailings and surface operations would be unaffected by the underground mining suspension," the company said.

BACKGROUND
In conjunction with the 7A shaft refurbishment programme, Evander's management initiated a number of independent and internal engineering studies to assess the condition of Evander's underground mining infrastructure (both Evander 7 and 8 shafts), the company said.

"These studies identified critical infrastructure issues requiring remedial action, to ensure safe and sustainable operation of these shafts."

Referring again to the fatality, Pan African said that an engineering assistant sustained a fatal head injury when a section of the main shaft pump column failed as he worked in the shaft bottom area.

Interim Results for the 6 months ended 31 Dec 2016

PRN

Pan African Resources PLC

('Pan African Resources' or the 'company' or the 'group')

(Incorporated and registered on 25 February 2000 in England and Wales under the Companies Act 1985, registration number 3937466)

Share code on AIM : PAF
Share code on JSE : PAN
ISIN : GB0004300496
Interim unaudited results for the six months ended 31 December 2016

Cobus Loots, CEO of Pan African Resources commented:

Pan African Resources generated higher earnings, revenues and a record dividend pay-out of R300 million (GBP17.1 million), despite lower production from our gold operations. The Elikhulu Tailings Retreatment Project (Elikhulu), which was approved by the Pan African Resources Board during the period under review, will provide organic production growth of approximately 56,000oz of gold per annum, and also reduce the overall cost profile of our operations. Elikhulu reflects Pan African Resources strategy of delivering long-life, low cost quality production ounces, with the focus of generating attractive returns for our shareholders.

Transactions completed in the prior financial year have positively impacted results in the current reporting period and have been extremely value accretive. The PAR Gold Proprietary Limited (PAR Gold) acquisition enhanced earnings per share by 17.7%. Uitkomst Colliery contributed R21.3 million, or 8.5%, towards the groups profit after taxation.

Our immediate focus is to recommence the Evander Mines underground mining operations, following the temporary suspension of mining to refurbish critical infrastructure, and to finalise the Elikhulu funding package.

Key features reported in South African Rand (ZAR or R) and Pound Sterling (GBP)

Financial key features

The groups profit after taxation in ZAR terms increased by 9.8% to R249.8 million (2015: R227.6 million), while in GBP terms, the groups profit after taxation increased by 28.4% to GBP14.0 million (2015: GBP10.9 million).
Earnings per share (EPS) increased by 33.4% to 16.58 cents per share (2015: 12.43 cents per share), while in GBP terms, EPS increased by 55.0% to 0.93 pence per share (2015: 0.60 pence per share).
Group revenue increased by 19.2% to R1,878.2 million (2015: R1,575.4 million) and, in GBP terms, group revenue increased by 38.9% to GBP105.0 million (2015: GBP75.6 million). This increase was due to an increase in the ZAR gold price received and the inclusion of Uitkomst Collierys revenue of R225 million (GBP12.6 million), in the current period (2015: Nil).
The group paid a final dividend of R300 million or GBP17.1 million (2015: R210 million or GBP9.7 million) on 22 December 2016, relating to the 2016 financial year. This dividend equated to R0.1544 per share or 0.88 pence per share (2015: R0.1147 per share or 0.53 pence per share).
The Pan African board of directors (the board) approved the Elikhulu project, subject to certainty on the funding of the project.
The Uitkomst Colliery performed well and contributed R21.3 million (2015: Nil), or 8.5%, to the groups profit after taxation.
The PAR Gold transaction (previously named the Shanduka Gold transaction) contributed an additional 17.7% to the groups EPS.
Operational key features

Group gold production decreased by 10.0% to 91,613oz (2015: 101,797oz).
Effective rand gold price received increased by 16.5% to R565,298/kg (2015: R485,215/kg) and, in USD terms, it increased by 13.2% to USD1,257/oz (2015:USD1,110/oz).
Due to the lower gold production, all-in sustaining cost per kilogramme increased in ZAR terms to R456,187/kg (2015: R396,819/kg) and, in USD terms, all-in sustaining cost per ounce increased to USD1,014/oz (2015:USD908/oz).
Uitkomst Colliery produced and sold 127,605 tonnes of coal from the underground mining operations and 199,597 tonnes of coal acquired from third parties for blending and processing.
Phoenix Platinum Mining Proprietary Limited (Phoenix Platinum) increased platinum group elements (PGE) production by 1.8% to 4,574oz (2015: 4,493oz).
Group gold resources remained similar relative to the prior financial year ending 30 June 2016 at 34.9Moz (30 June 2015: 31.9Moz).
The group is pleased to report no fatalities in the reporting period (2015: no fatalities) and an improved overall group safety performance.

Peel Hunt today downgrades its investment rating on Pan African Resources PLC (LON:PAF) to add (from buy) and raised its price target to 19p (from 18p)

Holding well into a new high lately 16p bid

strange trade earlier on of 1 share, most people thing is a sign of a RNS on the way, many times is true, lets wait and see

08:18:52
16.00p
1

I wonder if they paid the usual broker commission ?

time to start buying the stock?

Has been bouncing from this support price 13.125p ( 13 v 13.25p) on the past
A very strong order book as it reaches this point
Gold is holding after the lately rise
Production problems are behind
Mining charter suspended

Current order book on the bid/ offer price is 453k v 76k

DEPTH
45 v 22

A very good start of the day as the opening is positive and so far is supporting a higher bid/offer 13.50 v 13.75p

14.375p + 1.675p

A super day after being marked down at the beginning of the week

Market is well down for the second day

another good day now 14.875p +0.675p

S A www.google.co.uk/search?q=pan+african+resources+South+African+share+price&oq=pan+african+resources+South+African+share+price&gs_l=psy-ab.3...32959.64227.0.66127.29.29.0.0.0.0.108.1924.28j1.29.0....0...1.1.64.psy-ab..0.15.995...0j35i39k1j33i22i29i30k1j0i22i30k1.VjLvgKMHpX8

Sold ( close bargain ) @ 14.75p

has been rising to the top of the BB and Indicators at overbought
Though the 14.75p was on the bid side, one was not able to sell online, so the broker had to do the job.

11.32% profit on 2 weeks

Bought again @ 13.25p

13.125p spread 13 - 13.25p

Looks reeady for the turn as it reaches a support point, and good size buys are showing on the ticker. Order book very strong on the bid side at the moment after the movement down this morning .

SA quote ... SA quote

Finals

Pan African Resources announcing annual results to June 30 today, saw revenue drop 15.5% year-on-year.

In ZAR terms, group profit after taxation decreased by 43.3% to R309.9 million (2016: R547.0 million), while in GBP terms, group profit after taxation decreased by 29.8% to GBP17.9 million (2016: GBP25.5 million). Profits were adversely impacted by reduced gold production and a flat rand gold price during the year.

Earnings per share (EPS) decreased by 34.4% to 19.81 cents per share (2016: 30.20 cents per share), while in GBP terms, EPS decreased by 19.1% to 1.14 pence per share (2016: 1.41 pence per share).

CEO Cobus Loots commented: The 2017 financial year was operationally challenging. The remedial actions successfully implemented by management are however delivering the expected results. We have appropriately addressed critical shaft infrastructure repairs at Evander Mines, and the operations cost base is now leaner, without compromising the safety or sustainability of the business.
Pan African Resources looks forward to a much improved performance from Evander Mines in the 2018 financial year, with a substantial increase in expected gold production.
Despite mining flexibility challenges, Barberton Mines, our flagship long-life cash flow producer, is currently mining high-grade panels in its Fairview 11-block and is poised to contribute substantially to our production guidance of 190,000oz for the 2018 financial year. The Elikhulu Project is on schedule, with environmental approvals now in place, and is expected to produce first gold in the final quarter of the 2018 calendar year.
Additionally, we are excited about the prospects for Evander Mines 2010 Pay Channel project and our team has commenced a feasibility study on this project.

a late trade delayed by 1 hour had change the trend and the UT at the end with 13.75p

16:27:21
13.50p
356,500

StockMarketWire.com
Pan African said that all conditions related to its disposal of 100% of the shares and loan accounts in Phoenix Platinum to Sylvania Platinum have now been fulfilled.

This follows the approval of the transaction by South African competition authorities.

The effective date of the transaction is November 6, following the cash settlement of R89 million, or approximately $6.3 million

StockMarketWire.com
Pan African Resources said all but one of the resolutions at its annual general meeting were passed by shareholders.

Special resolution number 12 did not pass, after 42.33% of shareholders voted against it.

The resolution proposed the disapplication of pre-emption rights, the company said.

OPERATIONAL UPDATE - 27.07.18
Following the operational updates released in March and May 2018, Pan African is pleased to provide preliminary production results for the financial year ended 30 June 2018, production guidance for the 2019 financial year and further information on the Group's operations and organic growth projects.

Key highlights are summarised as follows:
Improved safety performance year-on-year with no fatalities (2017: three fatalities).
Barberton Mines commendably achieved one million fatality free shifts during June 2018.

Group gold production of 160,421oz in the 2018 financial year, ahead of its most recent production guidance of 157,000oz - 160,000oz.

Barberton Mines produced 90,628oz for the 2018 financial year, within its production guidance of 90,000oz - 91,000oz. During the second half of the financial year, Barberton Mines produced 50,017oz of gold, a 23% increase on its first half production.

Evander Mines produced 69,793oz for the 2018 financial year, exceeding its production guidance of 67,000oz - 69,000oz.

Construction of the Elikhulu Tailings Retreatment Plant (Elikhulu) remains on track and within budget for first gold in August 2018, with construction now entering the commissioning phases of the project.

The Royal Sheba Project feasibility study at Barberton Mines is expected to conclude during September 2018.

Production guidance for the 2019 financial year is approximately 170,000oz, excluding any production from Evanders underground operations.With the previous high cost ounces from the Evander underground now replaced by production from low cost surface remining operations, production costs are also expected to demonstrate a significant improvement.

Pan African Resources CEO Cobus Loots commented:
"The 2018 financial year was extremely challenging for the Group, both financially and operationally. However, during the past six months, we have successfully addressed key deliverables that were critical to the future sustainability of Pan African Resources. We are now re-positioned as a lower-cost, long-life gold miner, consistent with stakeholder expectations."

StockMarketWire.com
Pan African Resources booked a large fall in first-half profit after it sold less gold at lower prices.

Profit before taxation sank to £9.4m, down from £44.9m on-year.

Gold ounces sold from continuing operations fell 13% to 111,879 ounces, while the average Zimbabwe dollar gold price received fell 0.9%.

'Pan African Resources acted decisively during the year under review to reconfigure its operations for sustainable profitability,' chief executive Cobus Loots said.

'Our cost base is now significantly lower, and efficiencies and stability improved due to the restructuring we effected during the year.'

'We are confident the group is now positioned as a lower-cost, long-life gold miner, consistent with stakeholder expectations and our key strategic objectives.'

'All our producing assets are today generating positive cash flows through the production of low-cost gold ounces.'

Peel Hunt today reaffirms its buy investment rating on Pan African Resources PLC (LON:PAF) and raised its price target to 15.50p (from 14p).

StockMarketWire.com
Pan African Resources said its first-half gold production fell 5% after it discounted an underground mining operation in South Africa.

Output for the six months through December fell to 81,014 ounces owing to the closure of Evander Mines' large-scale underground mining operation, which produced 32,734 ounces in the corresponding six-month period.

Output from continuing operations jumped 54%, following 'robust' operational performances from Barberton Mines' underground operations and from the group's tailings retreatment plants.

'The improved production performance, curtailment of large scale underground mining operations at Evander Mines and the contribution of incremental low-cost ounces from Elikhulu has resulted in a marked reduction in the group's all-in sustaining cost of production,' Pan African said.

Barberton's three-year wage agreement was expected to assist with stability at the operation in the coming years, it added.

Peel Hunt today reaffirms its buy investment rating on Pan African Resources PLC (LON:PAF) and raised its price target to 16p (from 14p).