Pan African resources expects FY HEPS between 3 to 13 per cent higher - CNBC Africa

Pan African resources expects FY HEPS between 3 to 13 per cent higher

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These projected results were released in their latest trading statement.

“We are extremely pleased with the results that we have achieved in the last year. This trading statement indicates that Pan African Resources are on the right route,” Ron Holdings, Chief Executive Officer of Pan African Resources told CNBC Africa on Tuesday.

Holdings stated that the positive figures were driven by an increase in gold production.

The company’s headline earnings per share for the financial year ended 30 June 2013 is expected to be between 16 to 26 per cent higher than the 24.89 cents per share generated for the 2012 financial year. 

The earnings per share for the same period however are expected to be between 34 to 44 cents higher than last year’s 24.83 cents per share.

Production at the company’s Barberton Gold Mines has improved over the last six months which resulted in total gold production increasing to 96 296 ounces, compared to the 2012 financial year production of 94 449 ounces.

To add, Pan Africa completed its acquisition of the Evander gold mines on the 28 February 2013. This mine contributed a total of 34 197 ounces of gold to the group for the 2013 financial year end, bringing the total company’s gold production to 130 493 ounces.

[DATA PAN:Pan African]’s projected results have not been audited as yet. Pan Africa will release its final 2013 audited results on the 17 September 2013.

What could however hamper the group’s growth are the current labour disputes as Pan Africa’s Evander gold mining operations makes the company a part of the Chamber of Mines of South Africa.

“We are definitely not exempt from the current labour situation in South Africa. If people are sensible, we will find solutions to the situation. One just has to wait for the process to be completed and then we can take it from there,” stated Holdings. 

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