Pan African Resources Plc - Pan African announces successful commissioning of the Mogale Tailings Retreatment (MTR) operation

PR Newswire

LONDON, United Kingdom, October 31

 

 

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')

 

Pan African Resources Funding Company Limited

Incorporated in the Republic of South Africa with limited liability

Registration number: 2012/021237/06

Alpha code: PARI

 

 

Pan African announces successful commissioning of the Mogale Tailings Retreatment (MTR) operation

 

 

The MTR operation was successfully commissioned in early October 2024 with an inaugural gold pour at the plant's smelting facility. Ramp-up is in progress, with steady-state production and plant throughput of 800ktpm expected by December 2024. This US$135.1 million project was delivered under budget and ahead of schedule, with construction completed in only 14 months. During the construction phase, MTR employed over 1,600 workers on site and achieved completion of construction with zero lost-time injuries for the 1.5 million man hours worked.

 

Cobus Loots, Pan African's CEO, commented:

 

"Pan African has established an enviable track record in executing world-class tailings retreatment projects.

 

We are pleased to announce the successful commissioning of the MTR operation in October 2024, ahead of schedule and below budget. MTR is expected to supplement our current production profile by more than 50koz/yr at an AISC of approximately US$1,000/oz, with a life-of-mine of more than 20 years if we include reserves from our Soweto tailings cluster."

 

Johannesburg

31 October 2024

 

For further information on Pan African, please visit the Company's website at:

www.panafricanresources.com

Corporate information

Corporate office

The Firs Building

2nd Floor, Office 204

Cnr. Cradock and Biermann Avenues

Rosebank, Johannesburg

South Africa

Office: + 27 (0)11 243 2900

info@paf.co.za

Registered office

2nd Floor

107 Cheapside

London

EC2V 6DN

United Kingdom

Office: + 44 (0)20 3869 0706

info@paf.co.za

Chief executive officer 

Cobus Loots     

Office: + 27 (0)11 243 2900                                          

Financial director and debt officer

Marileen Kok     

Office: + 27 (0)11 243 2900                  

Head: Investor relations

Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za

Website: www.panafricanresources.com

Company secretary

Jane Kirton

St James's Corporate Services Limited

Office: + 44 (0)20 3869 0706

Nominated adviser and joint broker

Ross Allister/Georgia Langoulant

Peel Hunt LLP

Office: +44 (0)20 7418 8900

JSE Sponsor and JSE debt sponsor

Ciska Kloppers

Questco Corporate Advisory Proprietary Limited

Office: + 27(0) 63 482 3802

Joint broker

Thomas Rider/Nick Macann

BMO Capital Markets Limited

Office: +44 (0)20 7236 1010

 

Joint broker

Matthew Armitt/Jennifer Lee

Joh. Berenberg, Gossler & Co KG

Office: +44 (0)20 3207 7800

 


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