(Kitco News) - South African gold mining company Pan African Resources (AIM: PAF) today announced record gold production for the year ended 30 June 2022 (FY22), with production increasing by 1.9% to 205,688oz (FY21: 201,777oz).
The company said FY22 gold production exceeded its revised production guidance of 200,000oz and expects production for the 2023 financial year to be in line with production achieved in the 2022 financial year.
Pan African also noted that FY22 net cash from operating activities increased by 45.1% to US$110.0 million (FY21: US$75.8 million), adding that profit after tax was US$75.0 million (FY21: US$74.7 million) and headline earnings were US$75.6 million (FY21: US$74.7 million).
The company's FY22 earnings per share increased to US 3.90 cents per share (FY21: US 3.87 cents per share) and headline earnings per share increased to US 3.93 cents per share (FY21: US 3.87 cents per share). Net debt reduced by 66.7% to US$13.0 million (FY21: US$39.0 million).
According to a press-release, a final dividend of ZA 18.00000 cents per share or US 1.04046 cents per share at the prevailing exchange rate, proposed for approval at the upcoming annual general meeting.
"Looking ahead, the organic growth projects at the Evander Mines' underground operations are on schedule to commence delivering within their anticipated production timeframes. We are positioned for further growth as we move closer to commissioning our organic projects and seek to imminently conclude the Mintails transaction," the company said in its statement.
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 more than 200,000oz of gold per annum.
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