Update: Better than expected
Pan African’s (PAF) half-year results to 31 December 2015 were ahead of our expectations, with strong performances at both of its tailings retreatment operations complementing a solid recovery in the underground head grade at Evander, which effectively portends its exit from the low-grade mining cycle. We have adjusted our FY16 PBT and EPS forecasts (which nevertheless remain under further review) slightly to reflect flat (rather than declining) unit costs in H216, although PAF will clearly benefit from continued rand weakness and gold price strength in H216, while maintaining longer-term expansion options in the form of Elikhulu and Evander South (among others).
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