REG-Pan African Resources PLC: Interim Results for the 6 months ended 31 Dec 2016 <Origin Href="QuoteRef">PAFR.L</Origin> - Part 2
22/02/2017 07:05
- Part 2: For the preceding part double click ID:nPRrL8BD7a
127,358,179 126,620,650 112,043,676
Realisation of equity reserve (10,701,093) (10,701,093) (10,701,093)
Treasury capital reserve (25,376,743) (25,376,743) -
Merger reserve (10,705,308) (10,705,308) (10,705,308)
Other reserves - 317,509 (140,016)
Equity attributable to owners of the parent 173,949,280 150,975,202 127,600,469
Total equity 173,949,280 150,975,202 127,600,469
Non-current liabilities
Long term provisions 12,178,362 10,432,986 10,271,027
Long term liabilities 29,575,681 18,456,309 11,495,041
Deferred taxation 49,659,486 40,616,337 32,667,521
91,413,529 69,505,632 54,433,589
Current liabilities
Trade and other payables 21,637,419 18,743,235 13,014,779
Financial and instrument liabilities 1,195,181 5,945,399 -
Current portion of long term liabilities 7,694,263 6,980,711 4,247,021
Bank overdraft - - 443,171
Current tax liability 1,612,971 541,794 1,245,384
32,139,834 32,211,139 18,950,355
TOTAL EQUITY AND LIABILITIES 297,502,643 252,691,973 200,984,413
31 December 2016 30 June 2016 31 December 2015
(Unaudited) (Unaudited) (Unaudited)
ZAR ZAR ZAR
ASSETS
Non-current assets
Property, plant and equipment and mineral rights 3,854,043,857 3,772,544,439 3,521,618,148
Other intangible assets 2,016,834 2,437,592 4,542,773
Deferred taxation 27,064,491 22,096,084 2,722,464
Long term inventory 3,696,114 3,696,114 -
Goodwill 303,491,812 303,491,812 303,491,812
Investments - 25,105,331 15,608,118
Rehabilitation trust fund 319,535,037 321,498,339 321,927,319
4,509,848,145 4,450,869,711 4,169,910,634
Current assets
Inventories 105,357,405 87,008,537 93,388,634
Current tax asset 14,943,239 16,792,156 15,123,957
Trade and other receivables 276,830,935 277,757,811 162,893,843
Cash and cash equivalents 68,403,735 52,593,979 -
465,535,314 434,152,483 271,406,434
Non-current assets held for sale 1,322,750 1,322,750 -
TOTAL ASSETS 4,976,706,209 4,886,344,944 4,441,317,068
EQUITY AND LIABILITIES
Capital and reserves
Share capital 269,660,040 269,660,040 244,752,779
Share premium 1,638,563,371 1,638,563,371 1,323,632,626
Translation reserve - - -
Share option reserve 17,157,178 13,957,178 13,957,178
Retained earnings 1,807,077,209 1,789,877,978 1,470,428,459
Realisation of equity reserve (140,624,130) (140,624,130) (140,624,130)
Treasury capital reserve (548,619,802) (548,619,802) -
Merger reserve (154,707,759) (154,707,759) (154,707,759)
Other reserves - 6,280,332 (3,218,975)
Equity attributable to owners of the parent 2,888,506,107 2,874,387,208 2,754,220,178
Total equity 2,888,506,107 2,874,387,208 2,754,220,178
Non-current liabilities
Long term provisions 205,828,928 206,364,460 236,130,911
Long term liabilities 499,864,488 362,640,753 264,270,992
Deferred taxation 839,304,908 803,391,140 751,026,310
1,544,998,324 1,372,396,353 1,251,428,213
Current liabilities
Trade and other payables 365,698,348 370,741,187 299,209,765
Financial and instrument liabilities 20,200,000 117,600,000 -
Current portion of long term liabilities 130,042,281 140,503,506 97,639,018
Bank overdraft - - 10,188,509
Current tax liability 27,261,149 10,716,690 28,631,385
543,201,778 639,561,383 435,668,677
TOTAL EQUITY AND LIABILITIES 4,976,706,209 4,886,344,944 4,441,317,068
Consolidated Statement of Profit or Loss and Other Comprehensive Income for
the period ended 31 December 2016
31 December 2016 31 December 2015 31 December 2016 31 December 2015
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
Revenue 105,046,160 75,632,034 1,878,225,336 1,575,415,260
Gold sales 90,088,444 73,752,127 1,610,781,384 1,536,256,799
Platinum sales 2,374,978 1,879,907 42,464,600 39,158,461
Coal sales 12,582,738 - 224,979,352 -
Realisation costs (1,548,366) (269,483) (27,684,793) (5,613,341)
On – mine revenue 103,497,794 75,362,551 1,850,540,543 1,569,801,919
Gold cost of production (65,188,472) (48,935,400) (1,165,569,862) (1,019,324,382)
Platinum cost of production (2,300,055) (1,650,617) (41,125,002) (34,382,330)
Coal cost of production (10,567,754) - (188,951,438) -
Mining depreciation (6,449,740) (5,276,624) (115,321,349) (109,912,069)
Mining profit 18,991,773 19,499,910 339,572,892 406,183,138
Other income/(expenses) 2,175,078 (3,486,324) 38,890,388 (72,620,137)
Profit on disposal of investment 256,311 - 4,582,844 -
Royalty costs (968,130) (1,194,397) (17,310,168) (24,879,297)
Net income before finance income and finance costs 20,455,032 14,819,189 365,735,956 308,683,704
Finance income 69,912 143,584 1,250,024 2,990,864
Finance costs (1,079,361) (557,976) (19,298,977) (11,622,650)
Profit before taxation 19,445,583 14,404,797 347,687,003 300,051,918
Taxation (5,475,167) (3,479,954) (97,895,968) (72,487,419)
Profit after taxation 13,970,416 10,924,843 249,791,035 227,564,499
Other comprehensive income:
Fair value movement on available for sale investment (317,509) (69,337) (6,280,332) (1,854,878)
Foreign currency translation differences 22,375,087 (20,691,156) - -
Total comprehensive income for the year 36,027,994 (9,835,650) 243,510,703 225,709,621
Profit attributable to:
Owners of the parent 13,970,416 10,924,843 249,791,035 227,564,499
Total comprehensive income attributable to:
Owners of the parent 36,027,994 (9,835,650) 243,510,703 225,709,621
Earnings per share 0.93 0.60 16.58 12.43
Diluted earnings per share 0.93 0.60 16.57 12.42
Weighted average number of shares in issue 1,506,848,496 1,831,494,763 1,506,848,496 1,831,494,763
Diluted number of shares in issue 1,507,616,769 1,831,712,087 1,507,616,769 1,831,712,087
Headline earnings per share is calculated:
Basic earnings 13,970,416 10,924,843 249,791,035 227,564,499
Adjustments :
Profit on disposal of investment (198,897) - (3,556,287) -
Profit on disposal of property plant, mineral right and equipment (15,229) 149 (272,290) 2,679
Headline earnings 13,756,290 10,924,992 245,962,458 227,567,178
Headline earnings per share 0.91 0.60 16.32 12.43
Diluted headline earnings per share 0.91 0.60 16.31 12.42
Condensed Consolidated Statement of Changes in Equity for the period ended 31
December 2016
Six months ended Six months ended Six months ended Six months ended
31 December 2016 31 December 2015 31 December 2016 31 December 2015
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
Shareholder’s equity opening balance 150,975,202 147,167,487 2,874,387,208 2,738,510,557
Share option reserve 178,971 - 3,200,000 -
Other comprehensive income 22,057,578 (20,760,493) (6,280,332) (1,854,878)
Profit for the year 13,970,416 10,924,843 249,791,035 227,564,499
Dividends paid (17,067,953) (9,731,368) (300,000,000) (210,000,000)
Reciprocal dividend PAR Gold Pty Ltd 3,835,066 - 67,408,196 -
Total equity 173,949,280 127,600,469 2,888,506,107 2,754,220,178
Condensed Consolidated cash flow statement for the period ended 31 December
2016
Six months ended Six months ended Six months ended Six months ended
31 December 2016 31 December 2015 31 December 2016 31 December 2015
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP GBP ZAR ZAR
Profits before tax 19,445,583 14,404,797 347,687,003 300,051,918
Summary of adjustments:
Royalties 968,130 1,194,397 17,310,168 24,879,297
Depreciation 6,479,618 5,294,975 115,855,561 110,294,337
Gold loan deliveries (1,592,171) (1,404,589) (27,925,865) (29,257,585)
Fair value adjustments and other (4,995,440) (434,881) (89,318,476) (9,058,577)
Net finance costs 1,009,449 414,392 18,048,953 8,631,786
Operating profit before working capital changes 21,315,169 19,469,091 381,657,344 405,541,176
(Increase)/decrease in trade and other receivables (2,337,009) 1,036,728 926,876 21,595,047
Increase in net inventory (1,834,910) (1,238,072) (18,348,868) (25,789,050)
Increase in accounts payable 3,349,251 (864,687) 7,360,658 (18,011,434)
Non-cash items (259,954) - - -
Cash generated by operations 20,232,547 18,403,060 371,596,010 383,335,739
Taxation paid (3,532,719) (2,794,359) (59,523,813) (64,242,313)
Royalty paid (1,116,250) (1,040,133) (18,747,082) (23,912,650)
Dividends paid (17,142,171) (9,349,072) (300,000,000) (210,000,000)
Reciprocal dividend PAR Gold Pty Ltd 3,902,970 - 67,408,196 -
Net finance expense (963,654) (511,354) (17,015,660) (10,651,502)
Cash inflow from operating activities 1,380,723 4,708,142 43,717,651 74,529,274
Cash outflow from investing activities (9,551,117) (6,191,291) (173,142,545) (128,964,585)
Cash inflow/(outflow) from financing activities 8,852,696 (960,154) 145,234,650 (20,000,000)
Net increase/(decrease) in cash equivalents 682,302 (2,443,303) 15,809,756 (74,435,311)
Cash at the beginning of period 2,658,947 3,328,850 52,593,979 64,246,802
Effect of foreign currency rate changes 706,022 (1,328,718) - -
Cash at end of year 4,047,271 (443,171) 68,403,735 (10,188,509)
Consolidated Segment Report for the period ended 31 December 2016
31 December 2016
Barberton Evander Mines Phoenix Uitkomst Corporate
Mines Platinum Colliery (3) and Growth
Projects
GBP GBP GBP GBP GBP
Revenue
Gold Sales (1) 48,817,087 41,271,357 - - -
Platinum sales - - 2,374,978 - -
Coal sales - - - 12,58,738 -
Realisation costs (337,118) (1,211,248) - - -
On – mine revenue 48,479,969 40,060,109 2,374,978 12,582,738 -
Gold cost of production (29,425,710) (35,762,762) - - -
Platinum cost of production - - (2,300,055) - -
Coal cost of production - - - (10,567,754) -
Depreciation (2,471,578) (3,204,747) (428,693) (344,722) -
Mining profit 16,582,681 1,092,600 (353,770) 1,670,262 -
Other expenses (2) 4,482,179 (517,813) 78,045 147,856 (2,034,620)
Profit on disposal of investment - - - - 256,311
Royalty costs (729,367) (206,563) - (32,200) -
Net income / (loss) before finance income and finance costs 20,335,493 368,224 (275,725) 1,785,918 (1,778,309)
Finance income (13,155) 3,869 80 7,938 18,486
Finance costs (219) - - (15,063) (43)
Profit / (loss) before taxation 20,322,119 372,093 (275,645) 1,778,793 (1,759,866)
Taxation (5,357,045) 83,819 51,875 (473,542) 219,726
Profit / (loss) after taxation before inter-company charges 14,965,074 455,912 (223,770) 1,305,251 (1,540,145)
Inter–company transactions
Management fees (646,041) (572,065) (68,248) (100,671) 1,387,025
Inter-company interest charges (40,268) (323,770) 45,638 (191,667) -
Profit / (loss) after taxation after inter-company charges 14,278,765 (439,923) (246,380) 1,012,913 (153,115)
Segmental assets (Total assets excluding goodwill) 69,363,021 174,037,650 11,396,001 16,169,145 7,900,059
Segmental liabilities 28,160,761 56,972,786 671,264 4,572,881 2,879,983
Goodwill 21,000,714 - - - -
Net assets (excluding goodwill) 41,202,259 117,064,864 10,724,737 - 5,020,076
Capital expenditure 4,670,022 6,252,796 162,192 279,642 16,779
31 December 2016
Funding Group
Company
GBP GBP
Revenue
Gold Sales (1) - 90,088,444
Platinum sales - 2,374,978
Coal sales - 12,582,738
Realisation costs - (1,548,366)
On – mine revenue - (103,497,794)
Gold cost of production - (65,188,472)
Platinum cost of production - (2,300,055)
Coal cost of production - (10,567,754)
Depreciation - (6,449,740)
Mining profit - 18,991,773
Other expenses (2) 19,431 2,175,078
Profit on disposal of investment - 256,311
Royalty costs - (968,130)
Net income / (loss) before finance income and finance costs 19,431 20,455,032
Finance income 52,694 69,912
Finance costs (1,064,036) (1,079,361)
Profit / (loss) before taxation (991,911) 19,445,583
Taxation - (5,475,167)
Profit / (loss) after taxation before inter-company charges (991,911) 13,970,416
Inter–company transactions
Management fees - -
Inter-company interest charges 510,057 -
Profit / (loss) after taxation after inter-company charges (481,844) 13,970,416
Segmental assets (Total assets excluding goodwill) (2,363,947) 276,501,929
Segmental liabilities 30,295,688 123,553,363
Goodwill - 21,000,714
Net assets (excluding goodwill) (32,659,635) 152,948,566
Capital expenditure - 11,381,431
31 December 2015
Barberton Evander Phoenix Corporate
Mines Mines Platinum and Growth
Projects
GBP GBP GBP GBP
Revenue
Gold Sales (1) 41,011,076 32,741,051 - -
Platinum sales - - 1,879,907 -
Coal sales - - - -
Realisation costs (156,470) (113,013) - -
40,854,606 32,628,038 1,879,907 -
On – mine revenue
Gold cost of production (22,321,903) (26,613,497) - -
Platinum cost of production - - (1,650,617) -
Coal cost of production - - -
Depreciation (1,805,175) (3,312,213) (159,236) -
Mining profit 16,727,528 2,702,328 70,054 -
Other expenses (2) (2,614,480) 115,024 (92,565) (907,176)
Profit on disposal of investment - - - -
Royalty costs (1,030,528) (163,869) - -
13,082,520 2,653,483 (22,511) (907,176)
Net income / (loss) before finance income and finance costs
Finance income 59,038 11,964 370 46,287
Finance costs 14,621 (14,314) 8,570 (5)
Profit / (loss) before taxation 13,156,179 2,651,133 (13,571) (860,894)
Taxation (3,294,804) (7,836) 14,408 (191,722)
Profit / (loss) after taxation before inter-company charges 9,861,375 2,643,297 837 (1,052,616)
Inter–company transactions
Management fees (685,079) (447,904) (64,809) 1,197,792
Inter-company interest charges - (522,381) - -
9,176,296 1,673,012 (63,972) 146,176
Profit / (loss) after taxation after inter-company charges
47,452,876 122,245,331 8,497,626 1,576,239
Segmental assets (Total assets excluding goodwill)
Segmental liabilities 19,134,430 41,981,878 570,515 62,806
Goodwill 21,000,714 - - -
Net assets (excluding goodwill) 28,318,446 80,263,453 7,927,111 1,513,433
Capital expenditure 2,683,629 3,451,752 38,406 14,402
31 December 2015
Funding Group
Company
GBP GBP
Revenue
Gold Sales (1) - 73,752,127
Platinum sales - 1,879,907
Coal sales - -
Realisation costs - (269,483)
- 75,362,551
On – mine revenue
Gold cost of production - (48,935,400)
Platinum cost of production - (1,650,617)
Coal cost of production - -
Depreciation - (5,276,624)
Mining profit - 19,499,910
Other expenses (2) 12,873 (3,286,324)
Profit on disposal of investment - -
Royalty costs - (1,194,397)
12,873 14,819,189
Net income / (loss) before finance income and finance costs
Finance income 25,925 143,582
Finance costs (566,848) (557,976)
Profit / (loss) before taxation (528,050) 14,404,797
Taxation - (3,479,954)
Profit / (loss) after taxation before inter-company charges (528,050) 10,924,843
Inter–company transactions
Management fees - -
Inter-company interest charges 522,381 -
(5,669) 10,924,843
Profit / (loss) after taxation after inter-company charges
211,627 179,983,699
Segmental assets (Total assets excluding goodwill)
Segmental liabilities 11,634,315 73,383,944
Goodwill - 21,000,714
Net assets (excluding goodwill) (11,422,688) 106,599,755
Capital expenditure - 6,188,189
(1)All gold sales were made in the Republic of South Africa and the majority
of revenue was generated from selling gold to South African institutions
through the group’s Funding Company
(2)Other expenses include inter-management fees and dividend received
(3)Uitkomst Colliery was consolidated into the group from 1 April 2016
Consolidated Segment Report for the period ended 31 December 2016
31 December 2016
Barberton Evander Mines Phoenix Uitkomst Corporate
Mines Platinum Colliery (3) and Growth
Projects
ZAR’ ZAR’ ZAR’ ZAR’ ZAR’
Revenue
Gold Sales (1) 872.9 737.9 - - -
Platinum sales - - 42.5 - -
Coal sales - - - 225.0 -
Realisation costs (6.0) (21.7) - - -
On – mine revenue 866.9 716.2 42.5 225.0 -
Gold cost of production (526.2) (639.4) - - -
Platinum cost of production - - (41.1) - -
Coal cost of production - - - (189.0) -
Depreciation (44.1) (57.3) (7.7) (6.2) -
Mining profit 296.6 19.5 (6.3) 29.8 -
Other expenses (2) 80.1 (9.3) 1.4 2.6 (36.4)
Profit on disposal of investment - - - - 4.6
Royalty costs (13.0) (3.7) - (0.6) -
Net income / (loss) before finance income and finance costs 363.7 6.5 (4.9) 31.8 (31.8)
Finance income (0.2) 0.1 - 0.1 0.3
Finance costs - - - (0.3) -
Profit / (loss) before taxation 363.5 6.6 (4.9) 31.6 (31.5)
Taxation (95.8) 1.5 0.9 (8.5) 4.0
Profit / (loss) after taxation before inter-company charges 267.7 8.1 (4.0) 23.1 (27.5)
Inter–company transactions
Management fees (11.6) (10.2) (1.2) (1.8) 24.8
Inter-company interest charges (0.7) (5.8) 0.8 - (3.4)
Profit / (loss) after taxation after inter-company charges 255.4 (7.9) (4.4) 21.3 (6.1)
Segmental assets (Total assets excluding goodwill) 1,172.3 2,941.4 192.6 273.3 133.1
Segmental liabilities 476.0 962.9 11.3 79.3 47.0
Goodwill 303.5 - - - -
Net assets (excluding goodwill) 696.3 1,978.5 181.3 194.0 86.1
Capital expenditure 83.5 111.8 2.9 5.0 0.3
EBITDA 407.8 63.8 2.8 38.0 (36.4)
31 December 2016
Funding Group
Company
ZAR’ ZAR’
Revenue
Gold Sales (1) - 1,610.8
Platinum sales - 42.5
Coal sales - 225.0
Realisation costs - (27.7)
On – mine revenue - 1,850.6
Gold cost of production - (1,165.6)
Platinum cost of production - (41.1)
Coal cost of production - (189.0)
Depreciation - (115.3)
Mining profit - 339.6
Other expenses (2) 0.5 38.9
Profit on disposal of investment - 4.6
Royalty costs - (17.3)
Net income / (loss) before finance income and finance costs 0.5 365.8
Finance income 0.9 1.2
Finance costs (19.0) (19.3)
Profit / (loss) before taxation (17.6) 347.7
Taxation - (97.9)
Profit / (loss) after taxation before inter-company charges (17.6) 249.8
Inter–company transactions
Management fees - -
Inter-company interest charges 9.1 -
Profit / (loss) after taxation after inter-company charges (8.5) 249.8
Segmental assets (Total assets excluding goodwill) (40.0) 4,672.7
Segmental liabilities 512.0 2,088.5
Goodwill - 303.5
Net assets (excluding goodwill) (552.0) 2,584.2
Capital expenditure - 203.5
EBITDA 0.5 476.5
31 December 2015
Barberton Evander Phoenix Corporate
Mines Mines Platinum and Growth
Projects
ZAR’ ZAR’ ZAR’ ZAR’
Revenue
Gold Sales (1) 854.3 682.0 - -
Platinum sales - - 39.2 -
Coal sales - - - -
Realisation costs (3.3) (2.4) - -
On – mine revenue 851.0 679.6 39.2 -
Gold cost of production (464.9) (554.4) - -
Platinum cost of production - - (34.4) -
Coal cost of production - - - -
Depreciation (37.6) (69.0) (3.3) -
Mining profit 348.5 56.2 1.5 -
Other expenses (2) (54.5) 2.4 (1.9) (18.8)
Profit on disposal of investment - - - -
Royalty costs (21.5) (3.4) - -
Net income / (loss) before finance income and finance costs 272.5 55.2 (0.4) (18.8)
Finance income 1.2 0.2 - 1.0
Finance costs 0.3 (0.3) 0.2 -
Profit / (loss) before taxation 274.0 55.1 (0.2) (17.8)
Taxation (68.6) (0.2) 0.3 (4.0)
Profit / (loss) after taxation before inter-company charges 205.4 54.9 0.1 (21.8)
Inter–company transactions
Management fees (14.3) (9.3) (1.4) 25.0
Inter-company interest charges - (10.9) - -
Profit / (loss) after taxation after inter-company charges 191.1 34.7 (1.3) 3.2
Segmental assets (Total assets excluding goodwill) 1,090.9 2,810.4 195.4 36.2
Segmental liabilities 439.9 965.2 13.1 1.4
Goodwill 303.5 - - -
Net assets (excluding goodwill) 651.0 1,845.2 182.3 34.8
Capital expenditure 55.9 71.9 0.8 0.3
EBITDA 310.1 124.2 2.9 (18.8)
31 December 2015
Funding Group
Company
ZAR’ ZAR’
Revenue
Gold Sales (1) - 1,536.3
Platinum sales - 39.2
Coal sales - -
Realisation costs - (5.7)
On – mine revenue - 1,569.8
Gold cost of production - (1,019.3)
Platinum cost of production - (34.4)
Coal cost of production - -
Depreciation - (109.9)
Mining profit - 406.2
Other expenses (2) 0.3 (72.5)
Profit on disposal of investment - -
Royalty costs - (24.9)
Net income / (loss) before finance income and finance costs 0.3 308.8
Finance income 0.5 2.9
Finance costs (11.8) (11.6)
Profit / (loss) before taxation (11.0) 300.1
Taxation - (72.5)
Profit / (loss) after taxation before inter-company charges (11.0) 227.6
Inter–company transactions
Management fees - -
Inter-company interest charges 10.9 -
Profit / (loss) after taxation after inter-company charges (0.1) 227.6
Segmental assets (Total assets excluding goodwill) 4.9 4,137.8
Segmental liabilities 267.5 1,687.1
Goodwill - 303.5
Net assets (excluding goodwill) (262.6) 2,450.7
Capital expenditure - 128.9
EBITDA 0.3 418.7
(1)All gold sales were made in the Republic of South Africa and the majority
of revenue was generated from selling gold to South African institutions
through the group’s Funding Company
(2)Other expenses include inter-management fees and dividend received
(3)Uitkomst Colliery was consolidated into the group from 1 April 2016
Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240
Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 20 7796 8644
Facsimile: + 44 (0) 20 7796 8645
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900
Phil Dexter John Prior / Paul Gillam
St James's Corporate Services Limited Numis Securities Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0) 20 7796 8644 Office: +44 (0) 20 7260 1000
Sholto Simpson Matthew Armitt / Ross Allister
One Capital Peel Hunt LLP
JSE Sponsor Joint Broker
Office: + 27 (0) 11 550 5009 Office: +44 (0) 20 7418 8900
Julian Gwillim Jeffrey Couch/Neil Haycock/Thomas Rider
Aprio Strategic Communications BMO Capital Markets Limited
Public & Investor Relations SA Joint Broker
Office: +27 (0)11 880 0037 Office: +44 (0) 20 7236 1010
Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000
http://www.panafricanresources.com/
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