Pan African generating strong cash flow
- Publishing Date
- 31 Aug 2010 12:07pm GMT
- Author
- Mining Journal
Pan African Resources plc, the South African gold miner, generated £18.3 million (US$28 million) in cash from operating activities in the year to end-June, boosting the bank balance to £12.8 million, over five times what it was a year ago.
A final dividend of .37p/share has been declared (totalling £5.26 million) 42% more than paid out during the previous year.
A 27% higher dollar gold price and currency fluctuations were the main contributor to revenue that was nearly 30% higher at £68.5 million.
The Barberton mines, currently the company’s only operating asset, sold 98,091oz in the year, a marginal increase on last year.
Total costs were up 43% largely due to currency movements. In local currency terms, costs were up 18% at R483.8 million, with higher electricity rates agreed by the regulator starting to be feed through, and the wage bill rising by just under a fifth. Costs associated with the offensive on illegal mining nearly tripled in the year, but management expects the figure to fall from £2.7 million to £2.0 million in the current year.
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