PRECIOUS METALS

Pan African beats guidance

Mid-tier gold producer Pan African set record annual production of 205,459 ounces in fiscal 2021-22 (July-June), exceeding upwardly revised guidance, and expects to maintain the better-than-expected result in the current fiscal.

 Barberton mine

Barberton mine

The production, which was up by about 2% year on year, beat the revised guidance by 3% and was 5% ahead of the initial guidance.

Pan African reduced its debt over the period by 72% to US$9.6 million.

"The group expects to maintain its 2023 financial year gold production at a level similar to that achieved in the reporting period," it said.

"A key focus area in the year ahead will be the smaller underground operations at Barberton, to ensure that these assets perform to their full potential," CEO Cobus Loots said.

The company's share price closed at 19.50p (US$0.24) on July 14.

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