Pan African Resources expects up to 79% earnings growth in FY 2021
(Kitco News) - South Africa - focused gold mining company Pan African Resources (AIM: PAF) announced Wednesday that for the financial year ended 30 June 2021, its gold and other revenue increased by 34.8% to US$368.9 million (2020: US$273.7 million).
The company said that this increase was predominantly due to an increase in gold sold of 12.4% to 201,777oz (2020: 179,457oz) and the average US$ gold price received increasing by 15.7% to US$1,821/oz (2020: US$1,574/oz).
The company added that its headline earnings per share are expected to be between US 3.76 cents per share and US 4.10 cents per share compared to US 2.29 cents per share for the previous corresponding period, being an increase of between 64% and 79% respectively for the reporting period.
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.