Pan African Resources profit lifted by Evander mines - CNBC Africa [object Object]

Pan African Resources profit lifted by Evander mines

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Gold producer Pan-African resources reported an increase in gold sold by 38 per cent to 130,493oz for the period ended 30 June 2013 from 94,449oz in the previous comparative year.

Group revenue year-on-year increased by 49.0 per cent to 1,848.1 million for the period ended 30 June 2013 from 1,240.3 million rand in 2012. Gross revenue also increased by 49 per cent to 1.8 million rand from 1,240.3 million rand.

“Pan African Resources exceeded most of its targets for the financial year ended 30 June 2013, delivering growth with pleasing operational and financial performances,” Pan African resources CEO Ron Holding said in a statement.

“Evander Mine's acquisition and the commissioning of the new BTRP have positioned Pan African Resources to produce approximately 200,000 profitable ounces of gold a year.”

In May 2012, [DATA PAN:Pan African Resources] had entered into an agreement with Harmony to acquire the entire issued share capital and claims against Evander mines, and assumed control over the mines on 28 February 2013.

Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 33.1 per cent to 735.2 million rand from 552.5 million rand in the previous year.

Headline earnings per share increased by 20.8 per cent to 30.07 cents from the previous year’s 24.89 cents.

Gold sold from its Barberton mines increased from 94,449oz to 96,269oz, and revenue also increased by 8.9 per cent to 1.35 billion rand from 1.24 billion rand. The Barberton operation however suffered two fatalities during the year under review.

Gold sold over the period of 4 months of the Evander mines operation amounted to 34,197oz, and made an additional revenue contribution of 438.9 million rand to the group’s revenue.  

Evander mines was consolidated from 1 March 2013, therefore contributing 4 months to the Group's production and financial statistics.

The company’s Phoenix Platinum Mining operation produced 6,680oz of platinum-group element (PGE) 6E 5 from the previous year’s 3,474oz of PGE 6E.

At the end of February 2013 our previous CEO, Jan Nelson, left Pan African Resources and was replaced by Ronald Holding, who has been in the mining business since 1973.

“Over the past year the mining industry has placed greater emphasis on cost delivery, free cash flows and enhanced shareholders returns,” the group said.

“Without diverting from this demand we will continue to concentrate on the efficient use of capital.”