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 Shares Traded Last Trade
  0.80 3.33% 24.80 1,045,455 16:35:12
Bid Price Offer Price High Price Low Price Open Price
24.50 24.70 24.80 24.00 24.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 221.29 42.14 1.86 13.9 554
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:12 UT 54,178 24.80 GBX

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Pan African Resources Daily Update: Pan African Resources Plc is listed in the Mining sector of the London Stock Exchange with ticker PAF. The last closing price for Pan African Resources was 24p.
Pan African Resources Plc has a 4 week average price of 22.10p and a 12 week average price of 17.30p.
The 1 year high share price is 28p while the 1 year low share price is currently 8.45p.
There are currently 2,234,687,537 shares in issue and the average daily traded volume is 3,289,663 shares. The market capitalisation of Pan African Resources Plc is £554,202,509.18.
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: 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.
risa5: What's in store for shares in Pan African Resources? Shares in Pan African Resources (LON:PAF) are currently trading at 16.418 but a key question for investors is how the economic uncertainty caused by Covid-19 will affect the price. The answer comes down to judging whether Pan African Resources is well placed to withstand economic shocks and ride out market volatility. To do that, it's essential to look at the profile of the stock to see where its strengths are. The good news is that Pan African Resources scores well against some important financial and technical measures. In particular, it has strong exposure to two influential drivers of investment returns: high quality and strong momentum. Decades of research shows that good quality stocks are more likely to be resilient, cash-generating businesses that can compound investment returns over time. Likewise, strong momentum in price and earnings is a pointer to stocks with positive trends that have the potential to continue. Why quality stocks pay off When it comes to stock analysis, company quality tends to show up in high profitability and strong industry-leading margins. These kinds of firms are stable, growing and often have accelerating sales and earnings. They also have strong and improving financial histories with no signs of accountancy or bankruptcy risk. One of the stand out quality metrics for Pan African Resources is its 5-year Return on Capital Employed, which is a solid 13.1%. Good, double-digit ROCEs are a pointer to companies that can grow very profitably. Harnessing the power of momentum Positive momentum trends show up in share prices and earnings growth. You can find the clues in stocks that are trading close to their 52 week high prices and outperforming the market. They’ll often be beating broker estimates and getting forecast upgrades and recommendation changes. This is true at Pan African Resources, where the share price has seen a 95.4% return relative to the market over the past 12 months. Market volatility and economic uncertainty can be a major drag on momentum, but previously strong stocks can be quick to recover when confidence returns. In summary, good quality and momentum are pointers to some of the best stocks on the strongest uptrends. This combination of factors can be a clue to finding shares that can deliver solid investment profits over many years. In good times, these shares can become expensive to buy. But in volatile markets, there may be chances to buy them at knock-down prices.
ntv: gold price back to over R730k per kilo Last time time it was at this price PAF share price was about 13.75p Just shows nobody wants to buy anything
macthepak: Gold price in SA Rand = 22,764 +81 +0.36% Gold price in US dollars = 1,531 +7.4 +0.49% If the gold price stays like this then expect PAF share increase of 0.20p to 0.40p To get back over 14p per PAF share price we need a SA Rand price for gold in excess of 23,500 ZAR per Oz
macthepak: The best indicator as to the movement of the share price I have found is gold price in South African Rand. If the price of gold in Rand increases the share price of PAF increases. If the price of gold in dollar increases and the price in Rand decreases the share price usually falls i.e. follow the Rand price. What I do now when I get up at around 07:00am I check the gold price in Rand if it is up then PAF share price will either stay put or rise at 08:00am when trading starts.
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.
macthepak: From at 15:18 15.10.2018 Gold price in Rand 17,710.79 down -89.64 -0.50% since London opening today. So the gold price is up a few dollars over the last few days, no big deal I am looking for a sustained rises not spikes just because a few people have been spooked by the decline in stock market valuations. What we need is steady rise in gold prices and a steady rise in PAF share price.
macthepak: Part of the reason for the fall was the strength of the rand v the US dollar. Over the last few weeks the rand has fallen against the dollar. Hopefully the rand will continue to weaken and this will be reflected in a rising PAF share price.
Pan African Resources share price data is direct from the London Stock Exchange
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