(Kitco News) - South African gold mining company Pan African Resources (AIM: PAF) today reported that its gold production for the six months ended 31 December 2022 (HY22) decreased by 14.6% to 92,307oz (HY21: 108,085oz).
The company said the decline in gold production over the past half year can primarily be attributed to the performance of the Barberton Mines underground operations, adding that the balance of its portfolio delivered in line with expectations.
"We believe that the concrete measures being implemented at the Barberton Mines will result in a significant improvement during the second half of the financial year and in the years ahead," said CEO Cobus Loots.
"Given the improved production performance expected in the second half of the 2023 financial year, we are maintaining production guidance of 195,000oz to 205,000oz for the full year, subject to consistency in Eskom's electricity supply," he added.
According to a press release, the Group's net senior debt (comprising secured, interest-bearing debt, net of available cash) increased by 108.8% to US$49.9 million (HY21: US$23.9 million).
The company added that relative to the 30 June 2022 financial year-end, Group net senior debt increased from US$9.3 million, primarily as a result of capital expenditure in the first half of the financial year, and the cash outflow of US$20.0 million (HY21: US$21.6 million), associated with the net rand dividend paid to shareholders in December 2022.
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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