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

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).