REG-Pan African Resources PLC: Provisional audited results to 30/06/15 & dividend <Origin Href="QuoteRef">PAFR.L</Origin> <Origin Href="QuoteRef">PANJ.J</Origin> - Part 1
16/09/2015 07:00
Pan African Resources PLC
('Pan African Resources' or the 'Company' or the 'group')
(Incorporated and registered on 25 February 2000 in England and Wales under the
Companies Act 1985, registration number 3937466)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
Provisional audited results for the year ended 30 June 2015 and final dividend
announcement
Key features reported in South African Rand ('ZAR') and Pound Sterling ('GBP')
- The group headline earnings in ZAR terms was ZAR213.6 million (2014:
ZAR452.0 million) and in GBP terms was GBP11.9 million (2014: GBP26.8 million)
(note 1).
- Gold production and earnings for the year were impacted negatively by inter
alia, the lower grade mining cycle at Evander Gold Mining Proprietary Limited
('Evander Mines').
- The board has proposed a dividend of ZAR210 million or GBP9.9 million (2014:
ZAR258 million or GBP14.9 million), equating to ZAR0.11466 per share or
0.53958p per share (2014: ZAR0.1410 per share or 0.82p per share). This
dividend is subject to approval at the annual general meeting ('AGM'), which
will take place on 27 November 2015. The reduced dividend is not a departure
from the group's progressive dividend policy and the board will consider an
interim dividend in the 2016 financial year (note 8).
- Evander Tailings Treatment Plant ('ETRP') construction was completed ahead
of schedule and within budget with steady state production achieved by the end
of February 2015. The ETRP was the third surface tailings retreatment plant
successfully commissioned by the group, and in addition to underground mining
expertise, Pan African Resources is now firmly established as a tailings
retreatment operator.
- The group's net debt increased to ZAR321.1 million or GBP16.6 million (2014:
ZAR101 million or GBP5.6 million), but improved substantially from ZAR458.6
million (GBP25.4 million) in December 2014.
- Phoenix Platinum Proprietary Limited ('Phoenix Platinum') PGE production
increased significantly by 42.2% to 10,245oz (2014: 7,204oz) (note 2).
- Barberton Tailings Retreatment Plant ('BTRP') gold sold increased by 6.1% to
24,283oz (2014: 22,885oz).
- Overall group safety statistics improved with the group's lost time injury
frequency rate ('LTIFR') and reportable injury frequency rate ('RIFR') per
1,000,000 man hours decreasing to 2.29 (2014:2.97) and 1.11(2014:1.52)
respectively.
- The group regrets to report one fatality during the year under review (2014:
four fatalities).
Metric For the year ended 30 For the year ended Movement
June 2015 30 June 2014
Revenue (ZAR 2,539.4 141.1 2,608.8 154.6 (2.7%) (8.7%)
millions -
GBP
millions)
Average gold (ZAR/kg - 446,274 1,212 433,437 1,303 3.0% (7.0%)
price USD/oz)
received
Cash costs (ZAR/kg - 349,410 949 298,345 897 17.1% 5.8%
USD/oz)
All-in (ZAR/kg - 402,221 1,093 349,008 1,049 15.2% 4.2%
sustaining USD/oz)
cash cost
All-in costs (ZAR/kg - 425,084 1,155 374,015 1,124 13.7% 2.8%
(note 6) USD/oz)
Adjusted (ZAR 512.1 28.4 745.5 44.2 (31.3%) (35.7%)
EBITDA (note millions -
3) GBP
millions)
Attributable (ZAR 210.2 11.7 452.1 26.8 (53.5%) (56.3%)
earnings millions -
GBP
millions)
Earnings per (cents - 11.48 0.64 24.74 1.47 (53.6%) (56.5%)
share pence)
('EPS')
Headline (cents - 11.67 0.65 24.74 1.47 (52.8%) (55.8%)
earnings per pence)
share
('HEPS')
Net debt (ZAR 321.1 16.6 101.0 5.6 (217.9%) (196.4%)
millions -
GBP
millions)
Total (ZAR 242.3 13.5 164.5 9.7 (47.3) (39.2%)
sustaining millions -
capital GBP
expenditure millions)
Total (ZAR 352.0 19.6 363.0 21.5 (3.0%) (8.8%)
capital millions -
expenditure GBP
millions)
Net asset (cents - 149.5 8.0 152.4 8.7 (1.9%) (8.0%)
value per pence)
share
Weighted (millions) 1,830.4 1,830.4 1,827.2 1,827.2 0.2% 0.2%
average
number of
shares in
issue
Average (ZAR:GBP - 18.00 11.45 16.88 10.35 6.6% 10.6%
exchange ZAR:USD)
rate
Closing (ZAR:GBP - 19.30 12.29 18.01 10.59 7.2% 16.1%
exchange ZAR:USD)
rate
Cobus Loots, CEO of Pan African Resources commented: "Despite a very difficult
financial year, the board has proposed an attractive final dividend to
shareholders. This proposed dividend demonstrates our confidence in the robust
nature of our operations. Having implemented a number of corrective measures to
resolve the issues that impacted on the 2015 financial year, the group is well
positioned to deliver an improved performance in 2016. The successful
commissioning of the ETRP together with Phoenix Platinum's production and
profitability ramp-up, confirms the group's ability to grow in a
value-accretive manner and to continue to enhance stakeholder value. The
group's existing cash flow generative mines and project pipeline enables us to
execute our strategy of growing production with robust economics for the
benefit of all our stakeholders."
Operational
Barberton Mines Proprietary Limited ('Barberton Mines') (note 5)
- The operation reported one fatality for the year (2014: three fatalities).
- Average underground head grade of 10.9g/t (2014: 11.5g/t).
- As previously reported, production was negatively affected by an oil
contamination within the BIOX® plant and Section 54 safety stoppages issued by
the Department of Minerals Resources ('DMR'), which resulted in the loss of 11
production days.
- Gold sold decreased by 5.2% to 105,776oz (2014: 111,623oz) (note 7).
- Revenue decreased by 2.8% to ZAR1,469 million (2014: ZAR1,511.1 million), as
a result of the decrease in gold sales.
- Cash cost per kilogramme increased by 16.4% to ZAR278,859/kg (2014:
ZAR239,496/kg), due to a 5.2% decrease in gold sold and a 10.3% increase in the
cost of production.
- All-in sustaining cash cost per kilogramme increased by 17.5% to ZAR332,151/
kg (2014: ZAR282,716/kg).
- All-in cost per kilogramme increased by 11.7% to ZAR337,317/kg (2014:
ZAR302,058/kg).
- Adjusted EBITDA decreased by 17.7% to ZAR505.5 million (2014: ZAR614
million) (note 3).
- Capital expenditure incurred was lower at ZAR112.6 million (2014: ZAR151
million), the decrease was due to Barberton Mines incurring once-off capital
completing the BTRP construction of ZAR40.7 million in the 2014 financial year.
- Life of mine increased to 20 years (2014: 19 years), the increased in life
of mine to 20 years was due to the down dip extension of the high grade 11
Block of the main reef complex ('MRC') ore body by a further 170 metres. This
extension to the MRC orebody has resulted in an annual increase in Barberton's
Mine mineral reserves by 236,162 ounces, thereby extending the life of mine.
Evander Mines
- The operations improved safety performance resulted in no fatalities
reported for the year (2014: one fatality).
- As a result of the lower grade mining cycle the underground headgrade
decreased to 4.6g/t (2014: 5.2g/t).
- Gold sold decreased by 8.5% to 70,081oz (2014: 76,556oz) largely due to the
lower grade mining cycle and Section 54 safety stoppages issued by the DMR,
which resulted in the loss of 9 production days.
- Revenue decreased by 5.2% to ZAR972 million (2014: ZAR1,025.8 million).
- The ETRP reached steady state production by the end of February 2015,
contributing an additional 6,523oz of gold (2,494oz from tailings and 4,029oz
from surface feedstock).
- Cash costs per kilogramme increased by 18.7% to ZAR455,896/kg (2014:
ZAR384,150/kg), as a result of the low grade mining cycle and resultant
decrease in gold sold.
- All-in sustaining cash costs per kilogramme increased by 14.0% to ZAR507,980
/kg (2014: ZAR445,665/kg).
- All-in cost per kilogramme increased by 16.4% to ZAR557,553/kg (2014:
ZAR478,933/kg) (note 6).
- Adjusted EBITDA decreased by 63.1% to ZAR47.4 million (2014: ZAR128.3
million) (note 3).
- Capital expenditure incurred was ZAR238.2 million (2014: ZAR210.5 million),
which includes the once-off capital expenditure of ZAR95.1 million (2014:
ZAR79.2 million), spent on the construction of the ETRP.
- Life of mine decreased to 16 years (2014: 17 years).
Phoenix Platinum
- Phoenix Platinum's profitability and cash generation increased significantly
during the year under review.
- Phoenix Platinum headline earnings increased significantly to ZAR15.2
million (2014: ZAR3.7 million).
- PGE production increased by 42.2% to 10,245oz (2014: 7,204oz) (note 2).
- Revenue increased by 36.9% to ZAR98.4 million (2014: ZAR71.9 million).
- The average PGE net revenue price received decreased by 3.8% to ZAR9,603/oz
(2014: ZAR9,987/oz) (note 4).
- Cost per ton increased by 16.7% to ZAR259/t (2014: ZAR222/t).
- Cost per ounce of production decreased by 14.3% to ZAR6,621/oz (2014:
ZAR7,723/oz).
- Adjusted EBITDA increased by 73.1% to ZAR27.7 million (2014: ZAR16 million)
(note 3).
- Capital expenditure incurred was ZAR 0.6 million (2014: ZAR 0.4 million).
- Life of operation remained at 28 years (2014: 28 years).
Notes:
1. Refer to the statement of comprehensive income for a reconciliation of
profit after taxation to headline earnings.
2. PGEs are platinum, palladium, rhodium, iridium, ruthenium and gold.
3. Adjusted EBITDA is represented by earnings before interest, taxation,
depreciation and amortisation, impairments and loss on disposal of
associate.
4. Phoenix Platinum's average PGE net revenue price received represents the
value received per ounce post refining and is therefore disclosed net of
refining charges.
5. Combined Barberton Mines operations include Barberton Mines mining
operations and the BTRP.
6. The all-in cost per kilogramme includes once-off capital expenditure of
ZAR95.1 million (2014: ZAR79.2 million), spent on the construction of the
ETRP. The capital expenditure amounted to ZAR17,389/kg (2014:ZAR13,534/kg)
and ZAR43,634/kg (2014:ZAR33,268/kg) of the group's and Evander Mines'
all-in cost per kilogramme, respectively.
7. Barberton Mine's gold sold during the current period includes 60
kilogrammes (1,929oz) of gold sold to Rand Merchant Bank (a division of
FirstRand Bank Limited) in concentrate form at 30 June 2015.
8. The GBP proposed dividend was calculated based on an exchange rate of
ZAR21.25:1. The UK shareholders are to note that a revised exchange rate
will be communicated prior to final approval at the AGM. Therefore the
proposed dividend is approximately 0.53958p per share.
Nature of business
Pan African Resources is a mid-tier African-focused precious metals producer
with a production capacity in excess of 200,000oz gold and 12,000oz of PGE's
per annum. The group's assets include:
* Barberton Mines : three gold mines and the BTRP in Mpumalanga
* Evander Mines : a gold mine and the ETRP in Mpumalanga
* Phoenix Platinum : a Chrome Tailing Retreatment Plant ('CTRP') in the
North West province
Pan African Resources' growth strategy is aimed at identifying and exploiting
mining opportunities at margins that create stakeholder value by driving growth
in our earnings, cash flows, production and in our mineral reserve and resource
base, and by capturing the full precious metals mining value chain.
The group is profitable and cash generative at current gold prices, with the
ability to fund all on-mine sustaining capital expenditure internally and also
meet its other funding and growth commitments.
Financial performance
Key external drivers of the group's results
Exchange rates and their impact on results
All of the group's subsidiaries are incorporated in South Africa and their
functional currency is ZAR. The group's business is conducted in ZAR and the
accounting records are maintained in this same currency, with the exception of
precious metal product sales, which are conducted in USD prior to conversion
into ZAR. The ongoing review of the results of operations conducted by
executive management and the board is also performed in ZAR.
The group's presentation currency is GBP due to its ultimate holding company,
Pan African Resources, being incorporated in England and Wales and being
dual-listed in the UK and South Africa.
In the year under review the average ZAR/GBP exchange rate was ZAR18.00:1
(2014: ZAR16.88:1) and the closing ZAR/GBP exchange rate was ZAR19.30:1 (2014:
ZAR18.01:1). The year-on-year change in the average and closing exchange rates
of 6.6% and 7.2%, respectively, must be taken into account for the purposes of
translating and comparing year-on-year results.
The group records its revenue from precious metals sales in ZAR, and the
deterioration in the value of the ZAR/USD exchange rate during the year had a
compensating effect on the weaker USD metals price revenue received. The
average ZAR/USD exchange rate was 10.6% weaker at ZAR11.45:1 (2014: ZAR10.35:
1).
The commentary below analyses the current and prior period's results. Key
aspects of the group's ZAR results appear in the body of this commentary and
have been used as the basis against which its financial performance is
measured. The gross GBP equivalent figures can be calculated by applying the
exchange rates as detailed above.
Commodity prices
During the course of the year the average USD gold and PGE basket prices
achieved were substantially lower than the previous year.
The group realised an average gold price of USD1,212/oz, a decrease of 7.0%
from the USD1,303/oz achieved in the prior year.
The market PGE basket price (applying the Phoenix Platinum prill split) during
the year decreased by 10.2% to USD1,008/oz (2014: USD1,122/oz). Phoenix
Platinum achieved an average PGE basket price of USD839/oz (2014: USD965/oz),
after taking into account the terms of its off-take agreement with Western
Platinum Limited, a subsidiary of Lonmin Plc.
Despite the lower USD gold price, the average ZAR gold price received by the
group increased by 3.0% to ZAR446,274/kg (2014: ZAR433,437/kg), as a result of
the weakening of the ZAR against the USD exchange rate.
The average ZAR PGE basket price received by the group decreased by 3.8% to
ZAR9,603/oz (2014: ZAR9,987/oz), also benefiting to some extent from the weaker
ZAR.
Statement of profit or loss and other comprehensive income
For the year ended 30 For the year ended 30 Movement
June 2015 June 2014
ZAR GBP ZAR GBP ZAR GBP
(millions) (millions) (millions) (millions)
Revenue 2,539.4 141.1 2,608.8 154.6 (2.7%) (8.7%)
Cost of production (1,987.4) (110.4) (1,795.9) (106.4) 10.7% 3.8%
Mining profit 353.4 19.6 637.8 37.8 (44.6%) (48.1%)
EBITDA 512.1 28.4 745.5 44.2 (31.3%) (35.7%)
Profit after taxation 210.2 11.7 452.1 26.8 (53.5%) (56.3%)
Headline earnings 213.6 11.9 452.0 26.8 (52.7%) (55.6%)
EPS (cents/pence) 11.48 0.64 24.74 1.47 (53.6%) (56.5%)
HEPS (cents/pence) 11.67 0.65 24.74 1.47 (52.8%) (55.8%)
Weighted average number of 1,830.4 1,830.4 1,827.2 1,827.2 0.2% 0.2%
shares in issue (millions)
Analysing the group's financial performance
Revenue, costs, profitability and dividends
Performance 2015 financial year commentary
Revenue The group's revenue, year-on-year, decreased by 2.7% to ZAR2,539.4 million
(2014: ZAR2,608.8 million). The decrease was predominantly due to the
following reasons:
Average gold price and PGE The group realised an average gold price increase of 3% to ZAR446,274/kg
price (2014: ZAR433,437/kg) and an average PGE basket price received was ZAR9,603/
oz (2014: ZAR9,987/oz).
Cost of production Pan African Resources' year-on-year total cost of production increased by
10.7% to ZAR1,987.4 million (2014: ZAR1,795.9 million).
Cash costs The group's cost of production per kilogramme increased by 17.1% to
ZAR349,410/kg (2014: ZAR298,345/kg).
The 17.1% increase was due to:
All-in-sustaining cash costs The group's all-in sustaining cash cost of production per kilogramme
(including direct cost of production, royalties, associated corporate costs
and overheads and sustaining capital expenditure) increased by 15.2% to
ZAR402,221/kg (2014: ZAR349,008/kg). The group's all-in-sustaining cash costs
were primarily impacted by:
All-in-cost The all-in cost per kilogramme (sustaining cost of production and once-off
expansion capital) increased by 13.7% to ZAR425,084/kg (2014: ZAR374,015/kg),
due to:
Gold collar derivatives The group entered into short term strategic hedges to protect its Evander
Mines and other operations' revenue, cash flows and dividends payments
against severe adverse price movements in the ZAR price of gold. During the
current financial year, the group realised a pre-tax profit of ZAR44.7
million (2014: ZAR39 million) from these transactions, which are recorded
under other income and expense line in the statement of comprehensive income.
The transaction income was also factored into Evander Mines all-in sustaining
costs.
Profit after tax and headline Profit after taxation decreased by 53.5% to ZAR210.2 million (2013: ZAR452.1
earnings million) and the corresponding headline earnings decreased to ZAR213.6
million (2014: ZAR452.0 million), primarily due to:
EPS and HEPS The group's EPS in ZAR was 11.48 cents (2014: 24.74 cents), a decrease of
53.6%. The group's HEPS in ZAR terms decreased by 52.8% to 11.67 cents (2014:
24.74 cents). The difference between the EPS and HEPS, was as result of
adjusting the attributable earnings for the loss on disposal and the
associated impairment upon the sale of Auroch Minerals NL. Refer to the
statement of comprehensive income for the reconciliation between EPS and
HEPS.
The EPS and HEPS is calculated by applying the groups weighted average number
of shares to the attributable and headline earnings, which increased by 0.2%
to 1,830.4 million (2014:1,827.2 million)
Taxation The group's total taxation charge decreased by 38.4% to ZAR74.4 million
(2014: ZAR120.8 million) due to:
A reduction in gold profit margins due to the cost of production increases
and lower gold ounces sold relative to the prior year.
Dividend The group paid a final dividend of ZAR258 million (GBP14.9 million) during
December 2014 equating to ZAR0.1410 per share (0.82p per share), and in the
prior financial year ZAR240.3 million (GBP14.9 million), equating to
ZAR0.1314 per share (0.80p per share).
In light of market uncertainties, the board has proposed a reduced dividend
of ZAR210 million or GBP9.9 million (2014: ZAR258 million or GBP14.9
million), equating to ZAR0.11466 per share or 0.53958p per share (2014:
ZAR0.1410 per share or 0.82p per share). This final dividend is subject to
approval at the AGM which will take place on 27 November 2015. The reduced
dividend is however not a departure from the group's progressive dividend
policy and the board will consider an interim dividend in the 2016 financial
year.
Note: The GBP proposed dividend was calculated based on an exchange rate of
ZAR21.25:1. The UK shareholders are to note that a revised exchange rate will
be communicated prior to final approval at the AGM. Therefore the proposed
dividend is approximately 0.53958p per share.
Statement of financial position
For the year ended 30 June For the year ended 30 June 2014 Movement
2015
ZAR GBP ZAR GBP ZAR GBP
(millions) (millions) (millions) (millions)
Non-current assets 4,147.1 220.2 3,941.5 223.4 5.2% (1.4%)
Current assets 332.3 17.2 423.4 23.5 (21.5%) (26.8%)
Total equity 2,738.5 147.2 2,788.4 159.4 (1.8%) (7.7%)
Non-current 1,309.5 67.9 1,144.1 63.5 14.5% 6.9%
liabilities
Current liabilities 431.4 22.4 432.4 24.0 (0.2%) (6.7%)
Non-current assets increased by 5.2% to ZAR4,147.1 billion (2014: ZAR3,941.5
billion). The increase was partly attributable to further capital expenditure
during the year amounting to ZAR352.0 million (2014: ZAR363.0 million), and is
detailed by operation below:
Group capital expenditure
For the year ended 30 June For the year ended 30 June 2014 Movement
2015
ZAR (millions) GBP (millions) ZAR (millions) GBP (millions) ZAR GBP
Barberton Mines 109.3 6.1 110.3 6.5 (0.9%) (6.2%)
BTRP 3.3 0.2 40.7 2.4 (91.9%) (91.7%)
Evander Mines 143.1 7.9 131.3 7.8 9.0% 1.3%
ETRP 95.1 5.3 79.2 4.7 20.1% 12.8%
Phoenix Platinum 0.6 - 0.4 - 50.0% -
Corporate 0.6 0.1 1.1 0.1 (45.5%) -
Total capital 352.0 19.6 363.0 21.5 (3.0%) (8.9%)
expenditure
Included in non-current assets is the rehabilitation trust fund balance of
ZAR312.3 million (2014: ZAR278.4 million), which increased by ZAR33.9 million
as a result of growth in the underlying investment portfolio. The
rehabilitation trust fund's investment portfolio comprises investments in
guaranteed equity linked notes, government bonds and equities.
Current assets decreased by 21.5% to ZAR332.3 million (2014: ZAR423.4 million).
This was as a result of inter-alia:
* A decrease in cash on hand to ZAR64.2 million (2014: ZAR101.2 million).
* Accounts receivable decreased to ZAR184.5 million (2014: ZAR210.7 million)
as a result of lower outstanding gold shipments at year end relative to the
prior year.
* Inventory decreased to ZAR67.6 million (2014: ZAR96.2 million) due to the
Evander Mines holding lower quantities of gold bearing inventory at year
end.
The group remains liquid with a net debt position of ZAR321.1 million (2014:
ZAR101.0 million) at year-end, which includes a gold loan of ZAR139.6 million.
The group continues to be profitable and cash flow generative, which has
resulted in group's net debt being reduced from ZAR458.6 million at December
2014 to ZAR321.1 million at the end of the 2015 financial year.
Non-current liabilities increased by 14.5% to ZAR1,309.5 million (2014:
ZAR1,144.1 million). The increase is largely attributable to the increase in
the non-current portion of the revolving credit facility balance and the gold
loan of ZAR314.8 million (2014: ZAR146.6 million).
Current liabilities remained relatively constant at ZAR431.4 million (2014:
ZAR432.4 million), with an increase in the current portion of the revolving
credit facility, the gold loan and accounts payable, off-set by a reduction in
the year-end tax liability.
The decrease in the group's equity is a result of a decrease in retained
earnings, due to the dividend paid of ZAR258 million (2014:ZAR240.3 million)
for the 2015 financial year being more than the profit after taxation of
ZAR210.2 million (2014: ZAR452.1 million) for the 2015 financial year.
Treasury and group funding
Revolving credit facility
The group has refinanced its existing revolving credit facility with a
consortium of local banks. The new facility has a tenure of five years, and
increases the revolving credit facility's limit from ZAR600 million to ZAR800
million, with a two year option at Pan African Resources' election (subject to
the bank's credit committee approval) to increase the facility to ZAR1.1
billion. The revolving credit facility comes at a reduced margin (JIBAR plus
2.5% compared to 2.8%) and facility fee and provides Pan African Resources with
access to a long-term debt facility with flexible terms at a competitive rate,
which will be used to fund its organic and acquisitive growth aspirations.
Working capital and debt management
The group implemented a centralised treasury function in Pan African Resources
Funding Company Proprietary Limited ('Funding Company'), a wholly-owned
subsidiary of Pan African Resources, with the objective of centrally managing
all aspects of the group's financial risk.
Operational performance
Review of group gold operations production summary
Year ended Units Underground and surface
30 June operations
Barberton Evander Total
Mines Mines
Tonnes milled - underground 2015 (t) 254,673 381,986 636,659
2014 (t) 263,574 395,127 658,701
Tonnes milled - surface (note 1) 2015 (t) 6,076 266,223 272,299
2014 (t) 28,547 260,901 289,448
Tonnes milled - total 2015 (t) 260,749 648,209 908,958
underground and surface
2014 (t) 292,121 656,028 948,149
Tonnes processed - tailings(note 2015 (t) - - -
2)
2014 (t) - - -
Tonnes processed - surface 2015 (t) - - -
feedstock
2014 (t) - - -
Tonnes processed - total 2015 (t) - - -
tailings and surface feedstock
2014 (t) - - -
Tonnes milled and processed - 2015 (t) 260,749 648,209 908,958
total
2014 (t) 292,121 656,028 948,149
Headgrade - underground 2015 (g/t) 10.9 4.6 7.1
2014 (g/t) 11.5 5.2 7.7
Headgrade - surface 2015 (g/t) 1.4 1.1 1.1
2014 (g/t) 1.3 1.4 1.4
Headgrade - total underground 2015 (g/t) 10.7 3.2 5.3
and surface
2014 (g/t) 10.5 3.7 5.8
Headgrade - tailings 2015 (g/t) - - -
2014 (g/t) - - -
Headgrade - surface feedstock 2015 (g/t) - - -
2014 (g/t) - - -
Headgrade - total tailings and 2015 (g/t) - - -
surface feedstock
2014 (g/t) - - -
Headgrade - total 2015 (g/t) 10.7 3.2 5.3
2014 (g/t) 10.5 3.7 5.8
Recovered grade 2015 (g/t) 9.7 3.0 5.0
2014 (g/t) 9.4 3.6 5.4
Overall recovery - underground 2015 (%) 91% 97% 93%
operations
2014 (%) 90% 96% 92%
Overall recovery - tailings 2015 (%) - - -
operations
2014 (%) - - -
Gold production - underground 2015 (oz) 81,315 53,746 135,061
operations
2014 (oz) 87,979 65,956 153,935
Gold production - surface 2015 (oz) 178 9,812.53 9,990
operations
2014 (oz) 759 10,600 11,359
Gold production - tailings 2015 (oz) - - -
operations
2014 (oz) - - -
Gold production - surface 2015 (oz) - - -
feedstock
2014 (oz) - - -
Gold sold(note 2) 2015 (oz) 81,493 63,558 145,051
2014 (oz) 88,738 76,556 165,294
Average ZAR gold price received 2015 (ZAR/KG) 446,246 447,474 446,784
2014 (ZAR/KG) 435,464 430,801 433,304
Average USD gold price received 2015 (USD/oz) 1,212 1,216 1,214
2014 (USD/oz) 1,309 1,295 1,302
ZAR cash cost 2015 (ZAR/KG) 309,289 475,338 382,048
2014 (ZAR/KG) 258,972 384,150 316,948
ZAR all-in sustaining cash costs 2015 (ZAR/KG) 375,914 532,767 444,644
2014 (ZAR/KG) 311,756 445,665 373,776
ZAR all-in cost 2015 (ZAR/KG) 382,620 539,315 451,280
2014 (ZAR/KG) 321,342 478,933 394,330
USD cash cost 2015 (USD/oz) 840 1,291 1,038
2014 (USD/oz) 778 1,154 952
USD all-in sustaining cash cost 2015 (USD/oz) 1,021 1,447 1,208
2014 (USD/oz) 937 1,339 1,123
USD all-in cost 2015 (USD/oz) 1,039 1,465 1,226
2014 (USD/oz) 966 1,439 1,185
ZAR cash cost per tonne (note 3) 2015 (ZAR/t) 3,007 1,450 1,896
2014 (ZAR/t) 2,447 1,394 1,719
Capital expenditure (note 4) 2015 (ZAR 109.3 143.1 252.5
million)
2014 (ZAR 110.3 210.5 320.8
million)
Average exchange rate 2015 (ZAR/ 11.45 11.45 11.45
USD)
2014 (ZAR/ 10.35 10.35 10.35
USD)
Revenue 2015 (ZAR 1,131.1 884.6 2,015.7
million)
2014 (ZAR 1,201.9 1,025.8 2,227.7
million)
Cost of production 2015 (ZAR 783.9 939.7 1,723.7
million)
2014 (ZAR 714.8 914.7 1,629.5
million)
All-in sustainable cost of 2015 (ZAR 952.8 1,053.2 2,006.0
production million)
2014 (ZAR 860.5 1,061.2 1,921.7
million)
All-in cost of production 2015 (ZAR 969.8 1,066.2 2,036.0
million)
2014 (ZAR 886.9 1,140.4 2,027.3
million)
Adjusted EBITDA (note 5) 2015 (ZAR 301.8 32.4 334.3
million)
2014 (ZAR 420.9 128.3 549.2
million)
Year Units Tailings Total continuing operations
ended operations
30 June
BTRP ETRP Barberton Evander Group
Mines Mines Total
Total Total
Tonnes milled - underground 2015 (t) - - 254,673 381,986 636,659
2014 (t) - - 263,574 395,127 658,701
Tonnes milled - surface 2015 (t) - - 6,076 266,223 272,299
(note 1)
2014 (t) - - 28,547 260,901 289,448
Tonnes milled - total 2015 (t) - - 260,749 648,209 908,958
underground and surface
2014 (t) - - 292,121 656,028 948,149
Tonnes processed - tailings 2015 (t) 971,627 507,444 971,627 507,444 1,479,071
(note 2)
2014 (t) 815,736 - 815,736 - 815,736
Tonnes processed - surface 2015 (t) - 139,723 - 139,723 139,723
feedstock
2014 (t) - - - - -
Tonnes processed - total 2015 (t) 971,627 647,167 971,627 647,167 1,618,794
tailings and surface
feedstock 2014 (t) 815,736 - 815,736 - 815,736
Tonnes milled and processed 2015 (t) 971,627 647,167 1,232,376 1,295,376 2,527,752
- total
2014 (t) 815,736 - 1,107,857 656,028 1,763,885
Headgrade - underground 2015 (g/t) - 10.9 4.6 7.1
2014 (g/t) - - 11.5 5.2 7.7
Headgrade - surface 2015 (g/t) - - 1.4 1.1 1.1
2014 (g/t) - - 1.3 1.4 1.4
Headgrade - total 2015 (g/t) - - 10.7 3.2 5.3
underground and surface
2014 (g/t) - - 10.5 3.7 5.8
Headgrade - tailings 2015 (g/t) 1.4 0.3 1.4 0.3 1.0
2014 (g/t) 1.6 - 1.6 - 1.6
Headgrade - surface 2015 (g/t) - 1.1 - 1.1 1.1
feedstock
2014 (g/t) - - - - -
Headgrade - total tailings 2015 (g/t) 1.4 0.5 1.4 0.5 1.0
and surface feedstock
2014 (g/t) 1.6 - 1.6 - 1.6
Headgrade - total 2015 (g/t) 1.4 0.5 3.3 1.8 2.6
2014 (g/t) 1.6 - 3.9 3.7 3.8
Recovered grade 2015 (g/t) 0.8 0.3 2.7 1.7 2.2
2014 (g/t) 0.9 - 3.1 3.6 3.3
Overall recovery - 2015 (%) - - 80% 93% 85%
underground operations
2014 (%) - - 80% 96% 86%
Overall recovery - tailings 2015 (%) 57% 54% 57% 54% 56%
operations
2014 (%) 56% - 56% 0% 56%
Gold production - 2015 (oz) - - 81,315 53,746 135,061
underground operations
2014 (oz) - - 87,979 65,956 153,935
Gold production - surface 2015 (oz) - - 178 9,813 9,990
operations
2014 (oz) - - 759 10,600 11,359
Gold production - tailings 2015 (oz) 24,283 2,494 24,283 2,494 26,776
operations
2014 (oz) 22,885 - 22,885 - 22,885
Gold production - surface 2015 (oz) - 4,029 - 4,029 4,029
feedstock
2014 (oz) - - - -
Gold sold(note 2) 2015 (oz) 24,283 6,523 105,776 70,081 175,857
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