Pan African Resources - Solid push towards year end
In its nine-month operational update, Pan African Resources (PAF) disclosed production that is consistent with its FY19 guidance of 170,000oz. This caused us to reduce our FY19 forecasts fractionally in anticipation of lower production than we previously expected from Barberton offset by higher (but lower-margin) production from Evander underground and the BTRP. More importantly, however, Pan African’s directors approved the development of the Evander 8 Shaft pillar project, with production from as early as August, causing us to increase our forecasts for FY20 and beyond and our ultimate valuation of the company.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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