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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pan African Resources Plc | AQSE:PAF.GB | Aquis Stock Exchange | Ordinary Share | GB0004300496 | Ordinary Shares 1p |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.00 | 22.00 | 24.00 | 23.45 | 23.00 | 23.00 | 14,996 | 16:29:38 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPAF Pan African Resources PLC (Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 ("Pan African Resources" or the "Company" or the "Group") 2016 Abridged Mineral Resource & Mineral Reserve Report Pan African Resources, the African-focused precious metals producer, is pleased to announce that the 2016 Abridged Mineral Resource and Mineral Reserve Report ("MR&MR") has been released and is available on the Company's website at www.panafricanresources.com. A summary of the report, including the Group Mineral Resource and Mineral Reserve statement as at 30 June 2016, has been provided below. Overview * 3.0 million ounces ("Moz") or 9.4% gross annual increase in Group gold resources to 34.9Moz (2015: 31.9Moz). * 0.4Moz or 3.8% gross annual decrease in Group gold reserves to 10.0Moz (2015: 10.4Moz). * No material change in Group platinum group elements ("PGE") resource, 0.6Moz (2015: 0.6Moz). * 0.3 Moz or 60% gross annual decrease in Group PGE reserves to 0.2Moz (2015: 0.5Moz). Following International Ferro Metals Limited ("IFM") being placed in business rescue, the PGE mineral reserves at Phoenix Platinum declined year-on-year by 0.3Moz. * 23.3 million tonnes ("Mt") of mineable tonnage in situ coal from Uitkomst Colliery. * Down dip extension of the high grade 11 Block of the main reef complex ("MRC") orebody by a further 70 metres. This extension to the MRC orebody resulted in additional mineral reserves at Fairview Mine, thereby extending the life-of-mine ("LOM") of Barberton Mines to 22 years. * Positive grade/tonnage profile for the 25-26 levels at Evander No. 8 Shaft, thereby maintaining the LOM of Evander Mines to 16 years. * Surface exploration drilling commenced at Evander Mines targeting the 2010 payshoot. * Positive pre-feasibility study ("PFS") of the Elikhulu tailings retreatment project ("Elikhulu Project"), the Company mandated DRA Projects (Pty) Limited ("DRA Projects") to conduct a definitive feasibility study ("DFS") on the project. This study will be completed by November 2016. Gold Group Gold Mineral Resources The Group's attributable gold Mineral Resources increased from 31.9Moz in June 2015 to 34.9Moz in June 2016, equating to an annual increase of 3.0Moz, or 9.4%. This increase can be attributed to additional resources estimated for the Elikhulu Project at Evander Mines and a higher gold price used for the declaration of the Group's gold Mineral Resource. As at 30 June 2016 Tonnes Grade Contained Gold Category (million) (g/t) Tonnes Moz Mineral Resource Measured 6.6 10.27 67.8 2.2 Indicated 261.3 2.42 633.5 20.4 Inferred 69.4 5.56 386.0 12.3 Pan African Total 337.3 3.22 1 087.3 34.9 Resources Group Gold Mineral Reserves The Group's gold attributable Mineral Reserves decreased from 10.4Moz in June 2015 to 10.0Moz in June 2016 - an annual decrease of 0.4Moz, or 3.8%. As at 30 June 2016 Tonnes Grade Contained Gold Category (million) (g/t) Tonnes Moz Mineral Reserve Proved 5.0 7.78 38.8 1.3 Probable 77.3 3.51 271.8 8.7 Pan African Total 82.3 3.71 310.6 10.0 Resources The decrease in the Group's gold Mineral Reserve can be attributed to mining depletion for the year under review. Platinum Group Elements Group PGE Mineral Resources The Group's attributable PGE Mineral Resources did not change materially for the year under review. As at 30 June 2016 Tonnes Grade Contained PGE's Category (million) (g/t) Tonnes Moz Mineral Resource Measured 1.4 2.43 3.4 0.1 Indicated 1.3 2.65 3.4 0.1 Inferred 3.5 3.65 12.6 0.4 Pan African Total 6.2 3.16 19.0 0.6 Resources Group PGE Mineral Reserves The Group's attributable PGE Mineral Reserves decreased from 0.5Moz in June 2015 to 0.2Moz in June 2016 - an annual decrease of 0.3Moz or 60%. This decrease is attributed to the exclusion of the mineral reserves from the Lesedi Mine, current arisings. Following IFM being placed in business rescue, the PGE mineral reserve at Phoenix Platinum declined year on year. As at June 2016 Tonnes Grade Contained PGE's Category (million) (g/t) Tonnes Moz Mineral Reserve Proved 1.4 2.43 3.4 0.1 Probable 1.3 2.65 3.4 0.1 Pan African Resources Total 2.7 2.54 6.8 0.2 Coal Group Coal Mineral Resources The Group's attributable coal mineral resource was declared as 23.3Mt as at June 2016. Resources Raw Coal Qualities (ad) Class MTIS (Mt) RD IM (%) Ash (%) VM (%) FC (%) CV (MJ/ TS (%) kg) Measured 15.0 1.50 2.5 23.5 24.3 49.8 24.75 1.23 Indicated 4.3 1.51 2.5 23.8 23.9 49.8 24.62 1.14 Inferred 4.0 1.50 2.4 23.4 23.4 50.9 25.02 1.03 Total 23.3 Resources 12% Ash Product Class MTIS (Mt) Yield (%) IM (%) Ash (%) VM (%) FC (%) CV (MJ/kg) TS (%) Measured 15.0 73.9 2.7 12.0 28.0 57.3 28.96 0.96 Indicated 4.3 76.2 2.8 12.0 27.5 57.8 29.00 0.97 Inferred 4.0 80.1 2.6 12.0 26.6 58.9 29.22 0.92 Total 23.3 The abbreviations used in the above table are as follows: MTIS: mineable tonnes in situ; RD: relative density; IM: inherent moisture; VM: volumetric moisture; FC: fixed carbon; CV: calorific value; and TS: total sulphur. Group organic growth Current exploration drilling as well as accessing and developing of our orebodies were maintained during the year. The strategy of converting Mineral Resource to Mineral Reserve was progressed by moving organic projects further up the mining value chain towards commissioning. The tables below reflect the progress of near-mine growth projects that have contributed ounces to the Mineral Resource for the year. Group: Exploring the orebody - exploration drilling Operation Total No. of Average No. of Average Total metres boreholes channel intersections grade (g/ expenditure width above cut-off t) (Rm) (cm) Barberton Mines 9 916 118 146 50 17.46 7.0 Evander Mines 567 9 27 1 16.20 0.6 Exploration drilling projects at Barberton Mines yielded positive results on all three operations (see table below). At Fairview Mine, exploration drilling confirmed a further 70m down dip extension of the MRC orebody with a high-grade intersection of 125.80g/t over 680cm. Recent borehole results are detailed below: Borehole number Channel Grade width g/t cm Fairview Bh 5951 680 125.80 Sheba Bh SWR 15 100 28.90 New Consort Bh 100 22.80 14L19 New Consort Bh 33C2 100 17.00 Group: Accessing the orebody - on-reef development Operation Total on-reef development (m) Average grade (g/t) Barberton Mines 926 4.41 Evander Mines 330 41.59 Barberton Mines: Developing the orebody - capital ore reserve projects Project Y/E 30 June Y/E 30 June Y/E 30 June Potential 2016 (m) 2015 (m) 2014 (m) resource (oz) Sheba - pillar 540 824 351 23 599 development Sheba - Edwin 27 5 171 13 246 Bray to Thomas and Joe's Luck area Fairview - 11 0 (equipping 0 (equipping 0 17 000 Level Royal old main shaft) old main shaft) Reef Fairview - 1# 131 84 154 14 821 ore reserve opening Fairview - No. 64 26 0 1 600 3 Shaft deepening Fairview - 581 447 295 860 766 64-68 Level Sheba Western 133 295 71 32 022 Cross Royal Sheba 189 165 0 206 750 Consort - 387 258 193 10 000 33-45PC
Consort - MMR 0 0 173 (new target pillar area) development 8-3 # 17 327 253 900 Evander Mines: Developing the orebody - capital ore reserve projects Project Y/E 30 June Y/E 30 June Y/E 30 June Potential 2016 (m) 2015 (m) 2014 (m) resource (oz) 2 Decline 24-25 Level 356 904 686 1 200 000 25 A block ventilation 87 10 925 Group growth projects Elikhulu Following receipt of a positive PFS for the Elikhulu Project, the Company mandated DRA Projects to conduct a DFS on the project. The study will be available by November 2016, after which shareholders will be appraised. In March 2016, SRK Consulting (South Africa) (Pty) Limited independently estimated the mineral resource of the Elikhulu Project at 178.7Mt @ 0.29g/t (1.7Moz). 2010 Payshoot A surface exploration drilling programme was initiated during the year to define additional mineral resources for the 2010 payshoot. The 2010 payshoot is a secondary payshoot originating from the main Kinross payshoot and can be accessed from the No. 3 Decline at Evander No. 7 Shaft. Previous surface holes in this area delivered results up to 36.04g/t over a Kimberley reef width of 49cm. The potential mineral resource of the 2010 payshoot is estimated at 6.3Mt @ 10.82g/t (2.2Moz). The Company's current generic growth projects are summarised hereunder: Evander Mine Category Tonnes Grade Ounces Depth below Projects (million) (g/t (Moz) surface (m) Elikhulu Resource 178.7 0.29 1.7 on surface Project 2010 Payshoot Resource 6.3 10.82 2.2 1 800 - 2 500 Reporting in compliance with SAMREC Code To meet the requirement of the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves ("SAMREC Code") that the material reported as a Mineral Resource should have "reasonable and realistic prospects for eventual economic extraction", Pan African Resources has determined an appropriate cut-off grade which has been applied to the quantified mineralised body. In determining the cut-off grade, Pan African Resources uses a gold price of R550 000/kg. At our underground mines, the optimal cut-off is defined as the lowest grade at which an orebody can be mined to maximise total profits, under a specified set of mining parameters. The Mineral Resource optimiser tool accordingly developed in-house was applied to the Mineral Resource inventory. The optimiser programme requires the following inputs to convert the Mineral Resource to the Mineral Reserve: * the on-mine database inventory of all mineral resource blocks; * an assumed gold price - ZAR450 000/kg; * planned production rates for each mine; * mine call factor; * plant recovery factors; and * historical cash operating costs and other efficiency factors. The Mineral Reserves represent that portion of the Measured and Indicated Mineral Resources above cut-off in the LOM plan and have been estimated after considering the modifying factors affecting extraction. A range of disciplines has been involved at each mine in the LOM planning process including geology, surveying, planning, mining engineering, rock engineering, metallurgy, financial management, human resources management and environmental management. Note: Mineral Resources are inclusive of the Mineral Reserve, unless otherwise stated. Rounding of numbers contained in this announcement may result in minor computational discrepancies. Competent Person The competent person for Pan African Resources, Mr Barry Naicker, the group Mineral Resource Manager, signs off the MR&MR for the Group and has reviewed and approved the information contained in this announcement in writing. He is a member of the South African Council for Scientific Professions (400234/10). Mr Naicker has 15 years of experience in economic geology and mineral resource management. He is based at 1st Floor, The Firs, cnr. Cradock and Biermann Avenues, Rosebank, 2196, Gauteng. Johannesburg 21 September 2016 Contact Information 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) 207 796 8644 Facsimile: + 44 (0) 207 796 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 / James Black St James's Corporate Services Limited Numis Securities Limited Company Secretary Nominated Adviser & Joint Broker Office: + 44 (0)207 796 8644 Office: +44 (0)207 260 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)020 7418 8900 Jeffrey Couch / Neil Haycock / Thomas Rider BMO Capital Markets Limited Joint Broker Office: +44 (0)20 7236 1010 Julian Gwillim Daniel Thöle Aprio Strategic Communications Bell Pottinger PR Public & Investor Relations SA Public & Investor Relations UK Office: +27 (0)11 880 0037 Office: + 44 (0)203 772 2500 www.panafricanresources.com END
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September 21, 2016 02:01 ET (06:01 GMT)
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