Pan African Resources highlights 5.9% rise in gold production

Pan African Resources plc (LON:PAF) has reported a 5.9% increase in production, to 98,386 ounces of gold, for the six months ended December 31, 2020.

Production from the Barberton Mines contributed some 52,354 ounces whilst the Elikhulu and Evander provided 26,863 and 19,169 ounces respectively.

The company said it is on track to deliver its full-year production guidance, which is set at 190,000 ounces.

Net debt reduced by 47.3% during the six month period to US$65.2mln, down from US$123.7mln.

READ: Pan African to build solar plant at Evander mine

Pan African noted that it has continued to implement and maintain stringent policies and protocols to mitigate the effects of the ongoing coronavirus (COVID-19) pandemic.

Additionally, ESG (Environmental, Social, and Corporate Governance) projects are also advancing and are on-track for commissioning including the development of a 10MW renewable energy solar photovoltaic plant at Evander and large-scale agriculture projects at Barberton.

“The group remains on track to produce 190,000 ounces of gold for the financial year ending 30 June 2021, and we are committed to continue creating value for our stakeholders by positioning Pan African as a sustainable, safe, high-margin and long-life gold producer,” said chief executive Cobus Loots in a statement.

Pan African Resources will report its interim financial results on February 16, 2021.