Pan African: Record gold production and significant reduction in debt
Pan African has provided its gold production figures and a preliminary operational update for the financial year ended 30 June 2022 (“Reporting Period”).
KEY HIGHLIGHTS
Record annual gold production
- Production of 205,459oz of gold, an increase of ~2% on FY2021 gold production of 201,777oz
- Production was ~3% higher than the upwardly revised guidance of 200,000oz and ~5% higher than initial guidance of 195,000oz, released at inception of the Reporting Period
Industry leading safety statistics – further improvements have been achieved
Recordable injury frequency rate (“RIFR”) improved to 0.35 per million man hours (FY2021: 0.63)
- Lost time injury requency rate (“LTIFR”) improved to 1.04 per million man hours (FY2021: 1.41)
- COVID-19 vaccination rate of +80% achieved across the Group
Significant decrease in the Group’s net senior debt
- Reduction of 71.5% to US$9.6 million (FY2021: US$33.7 million)
Organic growth projects on track
Barberton Mines
- Royal Sheba orebody intersected on schedule during June 2022, extraction of 10,000 ton bulk sample in progress
Evander underground
- Refrigeration plant at Evander 8 Shaft 24 Level nearing completion for commissioning during August 2022
- Development blasting on Evander 8 Shaft 24 Level completed in preparation for mining
Elikhulu surface tailings retreatment
- New Leslie/Bracken re-mining pump station and related infrastructure in place for mining to commence during August 2022
ESG highlights
- Commissioned 10MW solar PV renewable energy plant at Evander – the first of this scale in the South African mining industry
- Barberton 8MW solar PV renewable energy plant site establishment has commenced
- First commercial harvest at Barberton’s blueberry project
- Commenced construction of a water retreatment plant at Evander Mines
- Capacity to recycle 3 megalitres per day and produce potable water, substituting potable water from the local municipality
Production guidance for FY2023
- Gold production is expected to be at a level similar that achieved in the Reporting Period
