Pan African Resources Plc Elikhulu's Inaugural Gold Pour

 
TIDMPAF 
 
Pan African Resources PLC 
 
(Incorporated and registered in England and Wales under Companies Act 1985 with 
                registered number 3937466 on 25 February 2000) 
 
                                 AIM Code: PAF 
 
                                 JSE Code: PAN 
 
                              ISIN: GB0004300496 
 
                ("Pan African" or the "Company" or the "Group") 
 
           ELIKHULU TAILINGS RETREATMENT PLANT'S INAUGURAL GOLD POUR 
 
Pan African is pleased to announce the inaugural gold pour at its Elikhulu 
tailings retreatment plant ("Elikhulu" or the "Project") on 16 August 2018. 
 
Pan African Resources CEO Cobus Loots commented: 
 
"The completion of Elikhulu's construction and the inaugural gold pour, ahead 
of schedule and in line with the Project budget, is a further significant 
milestone as we deliver into our strategy of repositioning the Group as a 
low-cost, long-life gold producer. 
 
Elikhulu is delivering much needed new employment opportunities and is an 
economic boost for our local communities and for South Africa's Mpumalanga 
province. 
 
The professional way in which the Project was executed, delivering into all 
milestones in a safe and sustainable manner, again demonstrates our team's 
ability to conceptualise, plan and complete very substantial growth projects. 
 
We expect Elikhulu to be a flagship operation within our low-cost, long-life 
asset base, and we will continue to focus on improving and expanding our 
portfolio in a sustainable manner to the benefit of all stakeholders." 
 
The construction of Elikhulu was completed ahead of schedule and within its 
R1.74-billion budget. The Project's commissioning phase is scheduled to be 
completed in September 2018, with steady-state production of approximately 
55,000oz of gold per annum, at an all-in sustaining production cost of between 
US$650/oz and US$700/oz. 
 
As previously announced, the incorporation into Elikhulu of the Evander 
Tailings Retreatment Plant ("ETRP"), which has a throughput of 200,000 tonnes 
per month, is on track and scheduled for completion in December 2018, after 
which the enlarged Elikhulu plant is forecast to process throughput of 
1.2-million tonnes per month and is expected to produce approximately 70,000oz 
of gold per annum. 
 
Elikhulu's construction phase employed as many as 1,769 people and will 
directly employ more than 350 permanent employees and contractors during its 
operational life of 14 years. 
 
During its construction phase, more than R162 million was paid as preferential 
procurement to community contractors for services rendered during this phase of 
the Project to date. 
 
Over the life of the Project, Elikhulu is expected to produce 674,000oz of gold 
with a value of approximately R11.5 billion at a gold price of R550,000/kg, 
inject R5.3 billion into the South African economy for sourced goods and 
services, and contribute an estimated R1.3 billion to the South African revenue 
authorities in taxes and royalties. 
 
The information contained in this announcement has not been reviewed or 
reported on by Pan African's auditors and is the responsibility of the 
directors of Pan African. 
 
For further information on Pan African, please visit the Company's website at 
http://www.panafricanresources.com/ 
 
16 August 2018 
 
Contact information 
 
Corporate Office                       Registered Office 
The Firs Office Building               Suite 31 
1st Floor, Office 101                  Second Floor 
Cnr. Cradock and Biermann Avenues      107 Cheapside 
Rosebank, Johannesburg                 London 
South Africa                           EC2V 6DN 
Office:   + 27 (0) 11 243 2900         United Kingdom 
Facsimile: + 27 (0) 11 880 1240        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 
St James's Corporate Services Limited  Numis Securities Limited 
Company Secretary                      Nominated Adviser and Joint Broker 
Office: + 44 (0) 207 796 8644          Office: [phone] 
 
Sholto Simpson                         Ross Allister/James Bavister/David 
One Capital                            McKeown 
JSE Sponsor                            Peel Hunt LLP 
Office: + 27 (0) 11 550 5009           Joint Broker 
                                       Office: [phone] 
 
Julian Gwillim                         Jeffrey Couch/Neil Haycock/Thomas 
Aprio Strategic Communications         Rider 
Public & Investor Relations SA         BMO Capital Markets Limited 
Office: [phone]             Joint Broker 
                                       Office: [phone] 
 
Bobby Morse/Chris Judd 
Buchanan 
Public & Investor Relations UK 
Office: [phone] 
Email: [e-mail] 
 
Website: www.panafricanresources.com 
 
 
 
END 
 

(END) Dow Jones Newswires

August 16, 2018 02:00 ET (06:00 GMT)