REG-Pan African Resources Plc: Pan African announces successful commissioning of the Mogale Tailings Retreatment (MTR) operation

Pan African ResourcesAnnouncement

31/10/2024 07:15

 

 

 Pan African Resources PLC (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 ADR ticker code: PAFRY (`Pan African' or the `Company' or the `Group')  Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI  

 

Pan African announces successful commissioning of the Mogale Tailings
Retreatment (MTR) operation

 

 

The MTR operation was successfully commissioned in early October 2024 with an
inaugural gold pour at the plant's smelting facility. Ramp-up is in progress,
with steady-state production and plant throughput of 800ktpm expected by
December 2024. This US$135.1 million project was delivered under budget and
ahead of schedule, with construction completed in only 14 months. During the
construction phase, MTR employed over 1,600 workers on site and achieved
completion of construction with zero lost-time injuries for the 1.5 million
man hours worked.

 

Cobus Loots, Pan African's CEO, commented:

 

"Pan African has established an enviable track record in executing world-class
tailings retreatment projects.

 

We are pleased to announce the successful commissioning of the MTR operation
in October 2024, ahead of schedule and below budget. MTR is expected to
supplement our current production profile by more than 50koz/yr at an AISC of
approximately US$1,000/oz, with a life-of-mine of more than 20 years if we
include reserves from our Soweto tailings cluster."

 

Johannesburg

31 October 2024

 

For further information on Pan African, please visit the Company's website at:

www.panafricanresources.com

 Corporate information                                                                                                                                                                                                                                                                             
 Corporate office The Firs Building 2nd Floor, Office 204 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za  Registered office 2 nd Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 3869 0706 info@paf.co.za  
 Chief executive officer  Cobus Loots    Office: + 27 (0)11 243 2900                                                                                                        Financial director and debt officer Marileen Kok    Office: + 27 (0)11 243 2900                                        
 Head: Investor relations Hethen Hira                                                                                                                                       Website: www.panafricanresources.com                                                                                   
  Tel: + 27 (0)11 243 2900                                                                                                                                                                                                                                                                         
  E-mail: hhira@paf.co.za                                                                                                                                                                                                                                                                          
 Company secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 3869 0706                                                                           Nominated adviser and joint broker Ross Allister/Georgia Langoulant Peel Hunt LLP Office: +44 (0)20 7418 8900          
 JSE Sponsor and JSE debt sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27(0) 63 482 3802                                                 Joint broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0)20 7236 1010                          
                                                                                                                                                                            Joint broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG Office: +44 (0)20 3207 7800                   

 



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