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Director at Edison Group comments on Pan African Resources results

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Global Mining Review,

Charles Gibson, Director at Edison Group, has released the following comments on Pan African Resource’s half year results.

"Pan African’s financial results for 1H21 were made within the context of production already known to be 5.9% higher than the prior year period (from its operational update of 22 January) at 98 386 oz – and well on the way to achieving its full-year target of 190 000 oz. Financially, headline earnings almost doubled to US$40.8 million, while adjusted EBITDA rose 72.9% and cash flow from operations rose 178.2%.


With more improvements expected from Evander’s 8 Shaft Pillar Project in 2H21 and starting from a higher gold price, we expect 2H21 to demonstrate an improvement on 1H21, all other things being equal, with only the extraordinary strength of the Rand since last April likely to prove a slight brake on the company’s performance."

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