Pan African Resources has announced that it intends to pursue further opportunities in South Africa's reserves of gold and platinum, following a strong financial year that saw attributable profit jump 20 per cent to £17.2 million.

While pgm production was affected by a strike at the Fairview section in the first quarter of the year, Pan African says it took steps to make up the losses and the project is on schedule to produce nearly 100,000 oz by the end of December.

The company is now seeking to increase its production profile at the Barberton mines with continued capital investment, which chief executive officer Jan Nelson says will draw on Pan African's "solid foundation" of mining and project development skills.

"This will allow us to allocate significant resources in building an organic pipeline of projects at Barberton mines, which have cost structures of less than $450/oz, have profit margins in excess of 35 per cent and should be producing within 12 to 24 months," he added.

Commissioning of the Phoenix Platinum Chrome Tailings Retreatment Plant, which is expected to be completed this month, is also expected to drive revenue generation from pgms.

Source:

Pan African eyes more gold, platinum opportunities, profit jumps (12/09/11)
 

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