Pan African Resources Share Discussion Threads

[stonedyou] 02/9/2020 23:04

Turkey dismisses Die Welt report claiming Erdoğan ordered to sink Greek ship



The Turkish Foreign Ministry on Wednesday dismissed a report German daily Die Welt, which claimed that Turkish President Recep Tayyip Erdoğan had asked the country’s generals a few days ago to sink a Greek ship in the Eastern Mediterranean, were Athens and Ankara are locked in a dispute over hydrocarbon resources.

The Die Welt report, which also claimed Erdoğan was looking to provoke a military incident with Greece in the region for his own political survival, is a "product of imagination," state-run Anadolu news agency cited Foreign Ministry spokesman Hami Aksoy as saying.

The report also said that Turkish generals refused a suggestion to shoot down a Greek fighter so the pilot could eject without harm.

"Greek authorities should halt steps that increase tensions in the region instead of occupying themselves with groundless reports such as this,’’ Aksoy said.

The Die Welt report, titled "Erdoğan’s calculated war,” made headlines in Greece, which disputes Turkey’s claim to waters in the Eastern Mediterranean, where Turkey’s Oruç Reis vessel, along with a naval escort, is surveying for hydrocarbon resources.

Greece says the vessel is over its own continental shelf, where it has exclusive rights on potential undersea gas and oil, and has deployed its own warships to shadow the Turkish vessels.

[stonedyou] 02/9/2020 22:10

The Times -

Inflation to be higher than expected after businesses pocket cut in VAT, says Bailey


Inflation will be higher in the coming months than the Bank of England had forecast because companies and restaurants have pocketed the government’s VAT cut to offset higher costs rather than pass the saving on to customers, the Bank of England governor has said. In its Monetary Policy Report...

[stonedyou] 02/9/2020 21:01

Dividend

PAF has reiterated its dividend policy of having a target dividend payout ratio of 40% of net cash generated by operating activities, after allowing for the effect of sustaining capital on cash flow, contractual debt repayments and one-off items. After sustaining the costs related to the Evander underground closure in FY18, the Pan African board elected not to recommend a final dividend for that year. However, it stated that recommencing distributions to shareholders was a priority for the future. This was achieved in FY19 when the board recommended a final dividend of ZAR50m, or c US$3.4m, which equated to ZAR0.022375 or c 0.11725p or 0.15179 US cents per share and which it described as a ‘signal’ of its intent to resume more meaningful distributions to shareholders in the future. As pre-financing cash flows increase, however, at the same time as capex reduces, we believe that there will be ample scope to increase the dividend in future years, notwithstanding the group’s debt repayment schedule. In the first instance, we estimate that this could include a dividend of as much as 1.52c/share (cf 0.72c/share previously) in FY20. If this proves to be correct, then Pan African will once again have a dividend yield well inside the top 10 of the 56 precious metals companies paying dividends to shareholders over the course of the next 12 months (based on either Edison or consensus market forecasts).

[astjgroom] 02/9/2020 11:48

That's ok, it's plain to see what kind of a person you are, I'l just block you

[risa5] 02/9/2020 11:07

Pan African forecasts increase in 2020 headline share earnings of up to 97%

PAN African Resources forecast “a considerable improvement” in annual share earnings owing to a one quarter increase in revenue and reversal of an impairment.

Headline earnings a share would be between 2.23 and 2.35 US cents for the 12 months ended June 30 compared to 1.19c/share in the 2019 financial year – an increase of up to 97%, Pan African said in a trading statement today.

Earnings per share is to be as much as 22% higher.

Gold revenue for the period was $273.7m, 25.9% higher than in the 2019 financial year, the company said. Gold sold increased marginally to 173,864 ounces notwithstanding the interruptions posed by Covid-19 related lockdowns.

The major factor, however, was the gold price: the price received was 24.3% higher year-on-year at some $1,574 per ounce compared to $1,266/oz in 2019. This implies further upside in Pan African’s financial performance in the current financial year as the dollar gold price has shown a base of around $1,900/oz.

An impairment charge reversal of $100,000 net of tax for the year was also booked but was excluded from headline earnings, the firm said.

Pan African said in July in an update that it would be net cash this year and intended to increase dividends assuming elevated rand gold prices.

Net debt had been reduced 49% to $62.5m as of June 30 compared to $123.7m on December 31. “We are especially please to report that the rate of de-gearing has exceeded previous guidance,” said Cobus Loots, CEO of Pan African in the previous update.

Production for the current year has been put at about 190,000 oz assuming no interruptions as a result of disease infections.

[stonedyou] 02/9/2020 08:57

US intends to force China to 'fire first shot' over Taiwan


PLA focuses on US, island’s military not a concern at all: expert


A US military aircraft appeared in the skies over Taiwan on Sunday, which was suspected of taking off from a Taiwan-based airfield and flew to Japan, although the Taiwan "air force" said it was against the facts. The incident took place as the island's military claims that the Chinese mainland does not possess "enough capabilities" to launch an all-out attack on Taiwan.

Mainland experts warn that Washington is provoking Beijing to fire the first shot, and that current tensions could further escalate.

An EP-3E reconnaissance aircraft has been spotted in the northern "airspace" of Taiwan and flew to Japan over the East China Sea on Sunday and this unusual flight-path showed that the aircraft potentially took off from an airport on the island, according to information released by the website of the South China Sea Strategic Situation Probing Initiative (SCSPI), a Beijing based think tank.

According to the SCSPI, the aircraft was spotted in the south of the island conducting a reconnaissance mission in the South China Sea a day earlier, but with no landing signals showing it returned to the US' Kadena air force base in Okinawa, which means that the US aircraft may have not returned to Okinawa but landed on Taiwan island instead. The Chinese mainland warned this incident could be a serious provocation toward China and may escalate tensions.

However, Taiwan "air force command" responded on Monday that the information released by the SCSPI is "totally against the facts," Taiwan media cna.com
reported.

[stonedyou] 02/9/2020 08:42

Indian special forces member killed in China border showdown


A Tibetan-origin soldier with India’s special forces was killed in the latest border showdown with Chinese troops on their contested Himalayan border, a Tibetan representative said Tuesday (1).

The death is the first reported from two incidents in 48 hours on the border which has heightened tensions between the giant nations just two months after a battle that left at least 20 Indian soldiers dead

[astjgroom] 01/9/2020 17:28

we all read the newspaper's, your feed is common knowledge, we don't need it on here, can't we stick to Paf related??

[2vdm] 01/9/2020 09:23

Onwards and upwards. Very happy with PAF and a LTH for several years.Covid, Brexit, US elections, Sino-US trade war are goood for gold producers.

Proactive site today:
Pan African Resources plc (LON:PAF), the South Africa-based gold miner, said its underlying earnings per share for the year to end-June, 2020, will be at least 87% higher than a year ago.

Headline earnings for the year will be between 2.23 US cents and 2.35 US cents, against 1.19 US cents in 2019. Reported earnings will rise to between 2.20 US cents and 2.40 US cents compared to 1.97 US cents per share for the previous year.

Revenues over the year rose by 26% to US$274mln due, the miner said, due to an increase in gold sold of 1.3% to 173,864 ounces (oz) and the average US$ gold price received increasing by 24.3% to US$1,574 per oz (2019: US$1,266 per oz)

[risa5] 01/9/2020 08:45

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

www.panafricanresources.com

[astjgroom] 01/9/2020 08:30

Stoned you, if all that kicks off it will destroy economies n even if the share price did rise, which I'm not sure it would not, there would be little to spend your money on and you or your child might find yourself fighting if on the frontline. Warmongering is not a good idea ever