Pan African Resources - EGM's Parthian shot
On 12 July 2018, Pan African Resources (PAF) announced that production to the end of June was 160,421oz cf prior guidance of 157-160koz for the year, with the outperformance exclusively attributable to underground operations at Evander (EGM). More significantly, for the first time management provided guidance of 170koz for FY19, which was materially above our prior expectation of 140koz on account of construction at Elikhulu continuing to progress “ahead of scheduleâ€, such that it is now entering the commissioning phase with first gold expected in August ahead of a two-month ramp-up to full production. As a result, we have increased our EPS forecasts modestly for FY18 (although large in percentage terms) and materially for FY19.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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