Pan African’s shares spike on soaring profit forecast

Pan African has classified its underground Evander mine as a discontinued operation. The earnings forecast is based on combined operations, including Evander’s mine where limited work is continuing to clear out high-grade areas.

Pan African under the leadership of CEO Cobus Loots has built and commissioned on time and budget the Elikhulu tailings project at Evander for R1.7bn, treating 1-million tonnes of material a month.

It has incorporated a smaller tailings retreatment plant into the circuit, lifting capacity to 1.2-million tonnes a month to produce low-cost, low-risk gold.

Headline earnings per share will range between 6.98c and 7.34c for the period, compared to 3.51c a year ago.

Pan African noted a 6% depreciation in the rand during the interim…

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