Pan African delivers 'excellent' annual operational performance despite COVID-19 challenges
(Kitco News) - South Africa - focused gold mining company Pan African Resources (AIM: PAF) announced Tuesday that for the financial year ended 30 June 2021, the company’s gold production increased by 12.3% to 201,608oz (2020: 179,457oz), exceeding the revised production guidance of approximately 195,000oz referred to in the 21 May 2021 announcement.
The company said that despite the continuing challenges presented by COVID-19 during the financial year, which required the ongoing enforcement of strict operating protocols and preventative measures, Pan African has delivered an excellent operational performance.
Pan African noted that it has materially reduced its net senior debt, with a decline of 45.5% to USD33.8 million from USD62.0 million at 30 June 2020.
The company said it expects to maintain its production guidance of approximately 195,000oz for the 2022 financial year, materially in line with the actual production of 201,608oz achieved in the 2021 financial year.
Pan African Resources is a mid-tier African-focused gold producer that owns and operates a portfolio of South African operations with a production capacity of approximately 200,000oz of gold per annum.