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Pan African Resources ups earnings by up to 90%

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(Kitco News) - Pan African Resources (AIM: PAF, JSE: PAN) announced today earnings per share (EPS) of between US 2.05 cents per share and US 2.17 cents per share for the half-year period ended December 31, 2020, compared to US 1.14 cents per share for the corresponding reporting period of 2019, being an increase of between 80% and 90%, respectively.

The company stated that the increase in EPS for the current reporting period relative to the corresponding reporting period of 2019 was largely the result of a 38.4% increase in gold revenue to US$183.8 million (2019:US$132.8 million), attributable to the average US$ gold price received increase by 27.4% to US$1,865/oz (2019: US$1,464/oz); and the amount of gold sold that increased by 8.6% to 98,386oz (2019: 90,602oz).

Earlier in January, the company announced that the group's gold production during half-year ended December 31, 2020, increased by 5.9% to 98,386oz (2019: 92,941oz). Gold production from Barberton mines for the period was 52,354oz, while Elikhulu and Evander mines produced 26,863oz and 19,169oz respectively.

Pan African Resources is a mid-tier African-focused gold producer, dual-listed on the London AIM market and the Johannesburg Stock Exchange. The company owns and operates a portfolio of South African operations with a production capacity of approximately 200,000oz of gold per annum.

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