Pan African’s revenue increased by 16.8% to $373.8 million in the financial year ended 30 June 2024 compared to $319.9 million a year earlier, supported by a 4.9% increase in gold sales to 184,885oz.
The increase in revenue was also driven by an 11.3% increase in the average US dollar gold price received during the period under review.
“We find ourselves in a very favourable gold price environment, with the metal appreciating by more than 20% in US dollar terms in the past year, and generally positive sentiment on its near-term prospects,” said company’s CEO Cobus Loots.
“However, we also recognise that, although fortuitous, the commodity price tailwinds may not last indefinitely. We therefore have to use this opportunity to ensure our business model remains robust, and continue to position our assets for long-term sustainability.”
Meanwhile, the group’s gold production jumped by 6.2% to 186,039 ounces (oz) in the financial year 2024 compared to the previous year’s 175,209oz.
Operational enhancements and optimisation initiatives resulted in significant improvements at Barberton Mines’ underground and Elikhulu surface operations.
It said its 2025 financial year production guidance would be between 215,000oz and 225,000oz, with the expected increase in production largely attributable to the contribution from the new MTR project, but potentially impacted by the delay in the commissioning of Evander Mines’ sub-vertical shaft, scheduled to be completed during September 2024.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
