Pan African Resources Dividends - PAF

Pan African Resources Dividends - PAF

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Pan African Resources Plc PAF London Ordinary Share GB0004300496 ORD 1P
  Price Change Price Change % Stock Price Last Trade
0.10 0.46% 21.80 16:29:52
Close Price Low Price High Price Open Price Previous Close
21.80 20.70 22.10 21.60 21.70
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Pan African Resources PAF Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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stonedyou: Pan African Resources Plc (LSE)PM Capital Asian Opportunities Fund Ltd(ASX)Lyxor Pan Africa Ucits Etf Acc(EU)Pan African Mining Corp(TSXV) Pan African Resources Plc Provisional Summarised Audited Results 16/09/2020 7:00am UK Regulatory (RNS & others) TIDMPAF 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) (Key features are reported in US dollar (US$) and South African rand (ZAR)) Provisional summarised audited results for the year ended 30 June 2020 - SHORT FORM ANNOUNCEMENT KEY FEATURES * The Group responded swiftly in implementing stringent policies and protocols to mitigate the impact of the COVID-19 pandemic on its employees and operations * Gold production increased by 4.1% to 179,457oz after final refinery adjustments (2019: 172,442oz), exceeding the revised full-year production guidance of 176,000 oz * Industry-leading safety performance, both in terms of lost-time injury and reportable injury frequency rates * Revenue increased by 25.9% to US$273.7 million (2019: US$217.4 million) * Profit after taxation increased by 16.6% to US$44.3 million (2019: US$38.0 million) * Headline earnings increased by 93.0% to US$44.2 million (2019: US$22.9 million) * Headline earnings per share increased by 92.4% to US 2.29 cents per share (2019: US 1.19 cents per share) * Earnings per share increased by 16.8% to US 2.30 cents per share (2019: US 1.97 cents per share) * Net cash generated by operating activities increased by 42.7% to US$53.8 million (2019: US$37.7 million) * Net senior debt* decreased by 51.9% to US$62.0 million (2019: US$129.0 million) * Improved net debt to net adjusted EBITDA ratio of 0.7 (2019: 2.2) * Low-cost operations (including Elikhulu, BTRP and Barberton Mines' Fairview Mine) achieved an AISC of US$826/oz for the Reporting Period * The development of Evander Mines' Egoli project has commenced. The project's payback is estimated at less than five years from inception of construction, with funding provided on a non-dilutive basis by means of a dedicated debt facility * Production guidance increased to 190,000oz for the year ending 30 June 2021 * The board has proposed a record final dividend of ZAR 312.9 million or approximately US$18.7 million, at prevailing exchange rates, subject to approval by shareholders at the annual general meeting (AGM)
cinoib: You mean Like AAZ hiked it's divi but the shares dropped 10% over the past year. CEY on the other hand, small divi but the share price has climbed £1.10 or 100% in the same year. I know which I would choose.
astjgroom: Divis drive capital gains. The higher the divi the greater the yield the higher the share price goes. Plus a divi for me is worth a small fortune n worth the asking.
risa5: Finals on Wednesday should have lots of good news on all fronts as well as news on increased dividend which could lift the price much higher... AIM stocks to watch: I think the PAF and APH share prices look promising With the price of gold on a tear, there has never been a better time to be in gold production, I feel. Pan African Resources (LSE:PAF) is a South African gold producer and an AIM stock to watch, in my view. The PAF share price has skyrocketed 99% in the past six months and it now has a market cap of £545m. The company kept things ticking over in a reduced capacity throughout lockdown. But it continues to make strides with revised production guidance for FY21 of 190,000 ounces. And it recently undertook a feasibility study on its Egoli Project, which shows a life of mine of between nine and 15 years, with gold production of 72,000 ounces annually and mining rights in place until 2038. In the meantime, the company already has several other mines producing substantial quantities of the precious metal. Paying down debt The rand/gold price is approaching an all-time high and this could mean Pan African achieving debt-free status before the end of FY21. With a forward EPS of around 16p, and current share price over 24p, the company has a price-to-earnings ratio of 1.5, which makes it a cheap UK stock. Its dividend yield is only 0.5%, but management would like to return to being a sector-leading dividend-payer later this year. Also appealing (and a key issue for future-proofing any business) is the fact that the company is big on safety and strongly committed to Environmental, Social and Governance (ESG) awareness. But operating a mining company in South Africa comes with considerable risk. Covid-19 continues to pose a danger in developing countries, and political strife can wreak havoc. The South African economy is struggling, and the treasury has said it needs to raise an additional R40bn in taxes over the next four years. This could mean Pan African Resources is in for a steep hike in tax payments. For these reasons, the PAF share price is likely to experience volatility. This makes it a share for those with a high risk-tolerance only. But I think it’s an AIM stock to watch nonetheless.
risa5: TRADING STATEMENT Tue 01 Sep 2020 07:15 Pan African Resources Plc - Trading Statement PR Newswire London, August 31 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 ADR ticker code: PAFRY (Pan African or the Company or the Group) TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2020 (REPORTING PERIOD) In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next, will differ by at least 20% from those of the previous corresponding period. Pan African's presentation currency is the United States Dollar (US$). All Group subsidiaries are incorporated in South Africa and their functional currency is South African Rand (ZAR). The Group's business is conducted in ZAR and the accounting records are maintained in the same currency, except precious metal product sales, which are conducted in US$ prior to conversion into ZAR. The US$/ZAR exchange rate affects the reporting of results in US$. The average US$/ZAR exchange rate is used in translating ZAR results into US$. During the Reporting Period, the average US$/ZAR exchange rate was US$/ZAR:15.67 (2019: US$/ZAR:14.19), and the closing US$/ZAR exchange rate at 30 June 2020 was US$/ZAR:17.33 (2019: US$/ZAR:14.08). The year-on-year change in the average and closing exchange rates of 10.4% and 23.1%, respectively, must be considered when comparing period-on-period results. The weighted average number of outstanding shares remained unchanged at 1,928.3 million shares (2019: 1,928.3 million shares). Pan African advises shareholders that its headline earnings per share (HEPS) and earnings per share (EPS), in respect of its operations for the current Reporting Period, are expected to be as follows: HEPS of between US 2.23 cents per share and US 2.35 cents per share compared to US 1.19 cents per share for the previous corresponding period, being an increase of between 87% and 97% respectively for the Reporting Period. EPS of between US 2.20 cents per share and US 2.40 cents per share compared to US 1.97 cents per share for the previous corresponding period, being an increase of between 12% and 22% respectively for the Reporting Period. The considerable improvement in EPS and HEPS are primarily due to the following: Gold revenue increased by 25.9% to US$273.7 million (2019: US$217.4 million) predominantly due to an increase in gold sold of 1.3% to 173,864oz (2019: 171,706oz) and the average US$ gold price received increasing by 24.3% to US$1,574/oz (2019: US$1,266/oz) An impairment charge reversal of US$0.1 million (net of tax) for the year ended 30 June 2020 (2019: US$15.1 million) was excluded from the calculation of HEPS. Impairment charges and any subsequent reversal thereof, are included in the calculation of EPS. The financial information contained in this announcement has neither been reviewed nor audited by the Company's auditors. The Group's audited results for the year ended 30 June 2020 will be released on 16 September 2020. Rosebank 1 September 2020 For further information on Pan African, please visit the Company's website at
spaceavenger: So the consensus forecast for next year (FY2021) is a P/E of 5.4 and a dividend yield of 14.1%!!!!Therefore if the share price doubles by then, the P/E will be 10.4 and the yield a mere 7.05%And if the gold price keeps pushing on up as most think it will...
risa5: Pan African Resources shares are up threefold in the past four months, as new gold production looks set to hit 190,000 ounces Mon 10 Aug 2020 Pan African has a long track record of gold production in South Africa What a rollercoaster world we live in! From the enforced shutdown of a considerable portion of its gold mining activities in in South African in March, Pan African Resources plc (LON:PAF)(JSE:PAN) has roared back bigger and stronger and better than ever, beating revised production forecasts and forging ahead with new project developments. Along the way, the company’s share price has risen from its April 2020 nadir of 9p to its current price of 27p, a threefold rise in the space of a few months. The backdrop, of course, has been the record run in the gold price, a favourable dollar-rand exchange rate, and the ability of Pan African to be nimble in its response to coronavirus itself, both in terms of the way it protects its workers and in the way it has been able to get production going again. Initially, when the virus struck, it helped that not all Pan African’s operations are underground. The surface work, particularly the well-established tailings reprocessing operations, were allowed to continue to operate under strict guidelines, and this not only meant that significant cash was still coming into the company, even at the worst moments of the crisis, but also that there was a sense of continuity. Pan African never wholly shut down, the virus never wholly got on top of it. And once the South African government approved the re-opening of the rest of its operations the company came back with a vengeance. “Covid continues to have an impact,” says chief executive Cobus Loots. “And our operations are geared to health and safety. We’ve had to re-educate our workforce, but we feel we’ve done that quite well.” And with the workforce comfortably back in place under the new dispensation, Pan African has been confident enough to put out production guidance for the current year of 190,000 ounces. And, with the gold price roaring past the US$2,000 per ounce mark, there’s never been a better time to make such an announcement. What’s more that combination of a strong production outlook with a high gold price means that Pan African is likely to be debt free by the end of the year, and looking at paying a dividend. For a company that was in some difficulty just a few years ago, it’s a remarkable turnaround. But it comes as Loots has kept his eye on the ball, and stayed focused on what the company does best. In theory, supported by the company’s strong cashflow, he could go out into the market and acquire new projects and new ounces, and build value that way. And it’s possible that may happen. But not in the first instance. “The first order of business is re-investing in our own assets,” says Loots. “Why should we go out paying for acquisitions when we can develop our own projects.” Given that one of the company’s flagship operations, at Barberton, has been mined successfully for decades and decades, there is some wisdom in what he says. New parts of Barberton continue to be developed, and recent ore sampling has delivered shown grades as high as 40,000 grams per tonne, or 4% gold, so it’s not hard to see why Loots is reckoning on at least 20 years of mine life left in some parts of it. Meanwhile, at Evander, the recent commitment to a major new spend at Egoli allows for the future addition of 72,000 ounces per year over nine years. For a mid-tier company, these are significant numbers, especially since the internal rate of return, done at what now seems the conservative gold price of US$1,650 per ounce, runs at just over 50%. As Paul Newman once said: “Why go out for hamburger when you can have steak at home?” Of course, everything depends on the company’s social licence to operation, and Loots, having come up through the Black Empowerment structure himself, is as cognisant of this as anyone. “There is a need in the communities in which we operate to make sure that people earn a decent living,” he says. “A lot of people are desperate, and working successfully where we do demands that we address that. So we are active in our ESG. We support schools and a clinic, and we provide food to some of our people.” PI
risa5: There is a embedded video in this link... Pan African does it again with exciting rich vein of gold at New Consort JOHANNESBURG ( – London-, Johannesburg- and now also New York-listed Pan African Resources continues to demonstrate the resilience of its operations with an improved all-round performance, despite the challenges posed by the Covid-19 pandemic. In the last year, Pan African has taken strong steps to reduce all-in sustaining costs, to focus on its surface tailings retreatment business, which is doing exceptionally well, and to do additional exploration development at its underground assets, specifically at Barberton. “All of these things are coming together quite nicely at the moment, and we’re seeing it reflected in our results,” said Pan African CEO Cobus Loots, who was stricken by the coronavirus three weeks ago and has now recovered. (Also watch attached Creamer Media video.) Loots was speaking to Mining Weekly a day after the publication Business Insider South Africa reported on the discovery of an exceptionally high-grade gold vein at Pan African’s New Consort mine in Barberton. “So rich is the ore that in many cases it can be seen with the naked eye,” Business Insider commented, in reporting that New Consort’s deluxe vein of gold was “more than double what is normally considered high quality”. Showing a picture of a mineworker holding two big pieces of gold-bearing ore, the publication stated that the initial chip samples indicated local grades of 300-g/t-plus of milled ore, with an average density of around 25 g/t, at a time when the rand gold price is close to a million rand a kilogram and dollar price projections continue to point upwards beyond $1 800/oz. “The rich vein at New Consort is fairly small but certainly, in our view, it will turn around the fortunes of the mine, which has been struggling for some years to make profits,” said Loots. “It delivers into what we said to the market last year, about being busy with a number of initiatives to increase production from Consort, to make sure that it contributes to group profits going forward. “We also have a number of additional exploration targets at the mine. Many years ago, Consort was actually Barberton’s richest mine and what we’re doing at the moment, plus the exploration targets, will stand Consort in good stead for the years ahead,” Loots added to Mining Weekly. Development into the first target block on 42 level of Barberton’s New Consort Mine – Prince Consort shaft – was completed last month. ORGANIC GROWTH PROJECTS The good news from New Consort is just another example of the ongoing organic growth of the gold reserve base of Pan African, which has a knack of making its internal projects work. The Elikhulu tailings project is a case in point. When the R1.8-billion Elikhulu project was launched, an initial payback of four years was forecast. But at this gold price, and given the top performance of the asset, payback will be in less than three years. Moreover, hot on the heels of Elikhulu is the Egoli project, also at Evander, but this time an underground project, and it looks like being another winner. No shaft work is necessary as the existing twin-vertical shaft system extends down to a depth of 1.6 km. Ore will be fed into a fully operational plant at Kinross, and all the other required infrastructure is in place. Funding is being finalised, detailed project planning is advancing and a development plan update is likely in September. On the company’s strong share price performance, Loots says: “We know that gold is a cyclical commodity and it’s fair to say that currently we’re in a really good rand gold price environment. “We not only have the dollar gold price working for us. We also have a fairly weak rand. Even though it has strengthened recently, it still means a gold price which is just south of a million rand per kilo, which is very attractive,” Loots added. AMERICAN DEPOSITORY RECEIPTS As reported by Mining Weekly earlier this month, Pan African bolstered its already strong London and South African shareholder base by establishing a sponsored Level-1 American Depository Receipt (ADR) programme on the over-the-counter market in the US, with the Bank of New York Mellon being the appointed depository. In doing so, Pan African joins a number of its gold peers that have successfully implemented an ADR programme. “The US market, in terms of liquidity and the investor base, is massive. We’ve done very well in both the UK and South Africa in terms of our shareholder base, but we’re looking to access the depth of the market in the US, specifically in this gold price environment, and we should be doing so, given the quality of our assets, and the fact that we’re a long life and safe producer. We tick all the boxes and we’ll see how it goes,” said Loots. The Barberton Mines achieved three-million fatality-free shifts during June 2020, a record for the past decade, and Elikhulu has gone for 11 months without a single lost-time injury. “The focus is on safety. It’s been a key area for us for many years and it’s about trying to see that we keep achieving results. But as we said in our operational update, safety’s never done until we have absolutely no incidents and issues at our operations. It’s a journey and we’ll continue on this journey,” he said. ENVIRONMENTAL, SOCIOECONOMIC AND GOVERNANCE Environment, socioeconomic and governance (ESG) initiatives have been prioritised further through increased expenditure on rehabilitation and sustainable development projects that include large-scale agricultural projects at Barberton Mines, and the initiation of a feasibility study for a solar plant at Barberton Mines. Pan African has been placing much emphasis on the ‘S’ in ESG, with particular emphasis placed on it during lockdown. “It’s ongoing. If you look at our initiatives over certainly the last three, four months, since the start of the pandemic, we’ve gone to great lengths to look after our own employees and also the communities that surround our operations. “Those efforts will continue and we recognise that certainly in the Barberton area, and also in Evander, where we operate, we’re the largest employer in those areas and the largest economic activity, so to speak. So, we need to make a positive difference, which we are doing and we’ll continue to do so,” he said. Covid-19 assistance has risen to R5-million and R3-million worth of hygiene, water and food hampers to the company’s 2 600 Barberton Mines employees, as well as to near-mine families and local communities around its Fairview, Consort and Sheba operations. SOLAR POWER PLANTS Much emphasis is also being placed on the ‘E’ in ESG, evidenced by the board’s approval of a 10 MW solar power plant at the Elikhulu gold-from-tailings operation, which will lower the carbon footprint as well as the electricity bill after its 12-month construction period. “Given the improvements in technology, in recent years, this sort of project makes all the sense in the world. We have the support of government. The Minister of Mineral Resources and Energy has come out quite strongly to say that, to the extent that we experience bottlenecks, we need to let his department know. So we have supported government. From an economic perspective, it makes sense. “The solar plant will supply 30% of Elikhulu’s power. It’s a fairly limited capital item of about $7-million to $8-million. We estimate the payback on that investment to be, again, sub four years, so quite attractive, and it will be the precursor for us to look at further similar initiatives in the group. “We would hope to expand the plant at Evander for a portion of Egoli, number one, and we’ve also commenced a feasibility study at Barberton for a similar plant at Fairview. “Initially, we don't have a storage solution as part of the project but we certainly leaving the flexibility so that we can install storage going forward, which means that we could potentially increase the percentage of power that we get from these projects in the years to come,” Loots explained. DIVIDEND INTENT Earlier this month, in an operational update for the year ended June 30, Pan African reported intensified dividend intent and revealed that it was within striking distance of zero debt in the next 12 months. On the company’s current dividend outlook, Loots said: “Well, it’s always a balance between degearing, which we’re doing very nicely if you look at our operational update we put out earlier this month; reinvesting into our assets, which we’ve always done to ensure that they are sustainable over their long lives; and then returning cash to shareholders. “In the past, Pan African has been a leading dividend payer in terms of our yield, in the global gold space and we’d like to get back there in the years to come. “At the prevailing gold prices, assuming no major interruptions from Covid and assuming that we can achieve our guidance for the year ahead, which is 190 000 oz of gold, we should have pretty much no debt on the balance sheet in 12 months from now,” he said. An all-in sustaining cost level of below $1 000/oz is the ongoing target. “We’re very proud of our people and what they have achieved. These are exceptionally difficult circumstances and times. They’re unlikely to get easier soon. We have to deal with it in a responsible manner and that’s what we’ll continue to do,” said Loots.
xippy: I think the point is that if the tensions increase between US and China, Gold price will rise as gold is seen as a safe haven. Knock on - PAF share price rises.
atino: Pan African Resources recovery has legs | by John Cornford 05 August 2019 With problems at its Evander mine behind it, shares in gold miner Pan African Resources are in recovery mode and could have further to go, writes John Cornford. Let’s hope readers benefited from my gold article last month. Its rise has floated most listed gold boats higher, particularly in London where gold is now at an all-time high (in sterling terms) following the pound’s fall (£1,167 per troy ounce vs £1,150 in September 2011). Meanwhile, the dollar price for North American listed stocks is still 22% below its same $1,820 peak. And interesting that my one reservation (because it’s actually a silver miner and the silver price is dull), Ariana, has fallen by 20%. (Although perhaps investors have a dim view of Turkey.) That rise in pound terms flags the question whether UK investors might have been pushing up UK based gold shares further than warranted if gold stutters or sterling recovers. Bear in mind that the ‘real’ world gold price is set, not in the US or London, but by demand and costs in mining countries, and by central banks in China and Russia who, it is said, have been leading this year’s rush into gold. Anyway, that introduces my two gold shares this month, both recently strong but one of which I believe will outperform whatever gold or the dollar does, and the other of which I believe looks slightly vulnerable in any scenario. My buy is Pan African Resources (LON:PAF), market cap: £270m @12.1p 🙇 Unlike the junior miners I usually cover, aiming to spot the phase when their often sole mining project is about to reap rewards from starting production after years of spending, and when investors have seen their early support dented by constant fund raisings and diluted share prices, larger miners have portfolios of projects where the skill is to juggle spending across developing and producing mines to ensure a more even flow of total profits. PAF comes somewhere in between, with its share history demonstrating how the differing performance of its relatively few projects has affected the total, but also the success of a strategy that saw its sub 3p debut price on AIM in 2004 peak at 21p in 2013, and then 23p in 2016, before problems arose (soon to be past history) in one of its acquisitions. Pan African Resources – last five years Pan African Resources share price PAF started out to build value through exploration in Africa’s gold deposits, and then to use shares boosted by any success to acquire mines already in or near production, whose cash flow could be ploughed back into development and more acquisitions. That strategy delivered rising profits without any need for borrowings, and enabled PAF, unusually for an early stage miner, to pay dividends, a policy which remains a key objective and is a major reason for my interest now. The first fruit of this strategy was the acquisition in 2007, cheaply for shares, of the prolifically cash generating Barberton Mines in the Eastern Transvaal, from conglomerate Metorex who was desperate to limit its exposure to the trouble then brewing in the world economy. After 130 years, Barberton still has a long life remaining which is being augmented by expansion into new mining areas, and has some of the world’s highest gold grades. As is always a risk in mining however, PAF’s second key acquisition that had looked so promising in 2013, the Evander Gold Mines, bought cheaply from mining giant Harmony Gold (who said it needed the cash for a better project, although must have known it was selling PAF a bit of a pup) failed to become the ‘game changer’ that PAF had hoped for. That was because, while Evander still has much gold still in the ground, its old infrastructure turned out to need more spending than PAF felt justified in light of the then falling gold price, so that in 2018 the decision was made to close its underground workings. That followed a few years of disappointing performance where from a peak of 73,416 ounces in 2016 (87% of Barberton’s), Evander’s underground production fell to 48,565 oz in 2018, and this year (to June 2019) will be only around 20,000 after its closure. But against that, after further investment a more profitable tailings plant at the site has come into operation and will eventually almost completely replace previous production levels and add almost 50% to Barberton’s. Those Evander problems caused overall profits to fall drastically in 2018 even before a large exceptional charge to close the mine, so that PAF’s overall earnings fell to a 5.15p loss per share, while the previous year’s 0.45p dividend was foregone. Now, with the rapidly growing new tailings operation, and Barberton expanding and more efficient, Edison estimates that 2019 profits will have recovered enough to at least partly restore the dividend, with full restoration and possibly more in 2020 after a further sharp increase in available cash now that the closure and tailings construction is complete. That estimate is based on a $1,305/oz gold price, so if the present $1,414/oz is maintained there will be a further boost, in which case Edison’s forecast of a 0.56p dividend would deliver a 4.8% yield at the present 11.5p share price. By then however, we would expect the shares to be considerably higher with the prospect of an even larger dividend. Note from the chart the relatively low volume so far in this recovery phase. I think that is reassuring. Spikes in share prices are definitely not to be chased.
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