Pan African Resources - Finishing unfinished business
On 2 May Pan African (PAF) announced that, after both internal and external reviews had concluded there was “no realistic prospect of mining [Evander 8 Shaft underground] on a sustainable and profitable basisâ€, the decision had been taken to shut the operation by the end of May, with the loss of 1,700 jobs and at a cost of c ZAR160m (US$13.1m, or £9.5m). As a result, Evander’s (EGM’s) gold production for FY18 is now expected to be c 46koz vs a prior expectation of 67-69koz, while group production is expected to be 156-158koz vs a prior expectation of 177-181koz.Pan African Resources is a mid-tier African-focused precious metals producer. Co.'s business activities were conducted through the following business segments: Barberton Mines (including Barberton Tailings Retreatment Plant), located in Barberton, South Africa; Evander Mines (including Evander Mines' Tailings Retreatment Plant), located in Evander, South Africa;Corporate; and Pan African Resources Funding Company Proprietary Limited.
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