Update: Group reserves up 0.9Moz despite mining 0.3Moz
In its reserve and resource update of 3 September, PAF announced a 4.5% (1.6Moz) decrease in group gold resources. Of more significance however, the decline in the premium measured and indicated categories was limited to 0.35Moz, despite being calculated at a lower gold price and PAF having mined ore containing an estimated 0.27Moz of gold in FY14. Reserves (calculated using a gold price of ZAR400,000/kg, or US$1,165/oz at current exchange rates) increased 9.8% (or 0.9Moz) to 10.1Moz.
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