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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pan African Resources Plc | LSE:PAF | London | Ordinary Share | GB0004300496 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.45 | 1.89% | 24.30 | 24.15 | 24.35 | 24.25 | 23.45 | 24.05 | 2,309,149 | 16:35:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 321.61M | 60.74M | 0.0317 | 7.65 | 464.75M |
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" or the "Company") EVANDER GOLD MINING PROPRIETARY LIMITED ("EVANDER") FATALITY AND SHAFT REFURBISHMENT PROGRAMME FATALITY It is with deep regret that Pan African reports that a mining accident occurred at the Evander 7 shaft complex on 15 February 2017. Mr Velile Chaplin Kapa (54), an Engineering Assistant employed by the operation, sustained a fatal head injury when a section of the main shaft pump column failed whilst he was working in the shaft bottom area. Pan African's management and board express their sincere condolences to the family, friends and colleagues of Mr Kapa. SHAFT REFURBISHMENT PROGRAMME Shareholders are referred to the Trading Update, released on 5 December 2016, in which Pan African, inter-alia, disclosed details of the refurbishment programme being conducted at Evander's 7A shaft. In conjunction with the 7A shaft refurbishment programme, Evander's management initiated a number of independent and internal engineering studies to assess the condition of Evander's underground mining infrastructure (both Evander 7 and 8 shafts). These studies identified critical infrastructure issues requiring remedial action, to ensure safe and sustainable operation of these shafts. The nature of these refurbishments require a suspension of Evander's underground mining operations for a period of up to 55 days, during which critical infrastructure issues will be addressed. Evander's tailings and surface operations will be unaffected by the underground mining suspension. The cost of the shaft refurbishment programmes is expected to be approximately R40 million, which will be funded from the Company's existing banking facilities. In light of these recent developments, Pan African has revised its gold production guidance for the financial year ending 30 June 2017 from 195 000 ounces to approximately 181,000 ounces. Pan African's interim results for the period ended 31 December 2016 will be released on 22 February 2017. Further detail on the Evander underground refurbishment programme will be made available as part of this interim presentation. 20 February 2017 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 Numis Securities Limited Limited Company Secretary Nominated Adviser and Joint Broker Office: + 44 (0)207 796 8644 Office: +44 (0)207 260 1000 Matthew Armitt / Ross Allister Sholto Simpson Peel Hunt LLP One Capital Joint Broker JSE Sponsor Office: +44 (0)020 7418 8900 Office: + 27 (0) 11 550 5009 Julian Gwillim Bobby Morse/Chris Judd Aprio Strategic Communications Buchanan Communications Public & Investor Relations SA Public & Investor Relations UK Office: +27 (0)11 880 0037 Office: +44 (0) 207 466 5000 Jeffrey Couch/Neil Haycock/Thomas Rider BMO Capital Markets Limited Joint Broker Office: +44 (0) 207 236 1010 www.panafricanresources.com END
(END) Dow Jones Newswires
February 20, 2017 02:00 ET (07:00 GMT)
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