Pan African Resources says earnings fall as much as 42%

JOHANNESBURG – South African based gold mining group Pan African Resources said on Friday it expected group headline earnings per share for the financial year ended June 30 to be between 32 and 42 percent lower at 11.65 -13.67cents compared with last year.

CEO Cobus Loots said the company’s results were reflective of “both the incredibly challenging operational environment and the specific issues that confronted the group over the past year”.

“The operational update and the commissioning of the Elikhulu plant demonstrates that we are well on track to deliver into our 2019 targets and look forward to the year ahead,” he added.

The company, which will release its full results on September 19, said its Barberton Mines operation was forecast to produce approximately 26,000 ounces for the…

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