How Pan African turned in its first loss in 11 years

The loss stemmed from a switch in business strategy, moving away from deep-level gold mining and investing heavily in its tailings retreatment business, with the R1.7bn Elikhulu plant pouring its first gold in August ahead of schedule and on budget.

CEO Cobus Loots said the majority of Pan African’s gold now comes from safe, low-cost tailings retreatment plants at Evander and Barberton, both in Mpumalanga.

Pan African is looking for further tailings opportunities west of Johannesburg because there are no more such opportunities on the East Rand and around Barberton, he said.

The tailings retreatment space on the West Rand is competitive, with DRDGold the major player, having recently done a deal with Sibanye-Stillwater. AngloGold Ashanti and Harmony…

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