OPERATIONAL improvements and optimisation at the BarbeRton underground and Elikhulu surface operations helped bump up full year bullion production for Pan African Resources by 6.2% to 186 039 ounces, providing impetus to a firming up in revenue which widened headline earnings by 32.1%.
The companys 6.2% strengthening in production was in line with its expectations for the period to the end of June, it said yesterday.
Kobus Loot, Pan Africas CEO, said the company had operated against the backdrop of a very favourable gold price environment, with the metal appreciating by more than 20% in US$ terms in the past year while he was also seeing a generally positive sentiment on near-term prospects for the gold price.
Operational enhancements and optimisation initiatives resulted in significant improvements at Barberton Mines underground and Elikhulu Tailings Retreatment Plants (Elikhulu) surface operations for Pan African.
The company raised output from Fairview and Sheba Mines by 13.5% to 65 580 ounces while production from Elikhulu was 8.4% firmer at 54 812 ounces.
