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Pan African Resources PLC on Friday revised down its annual gold production guidance, citing electricity crisis in South Africa and lower output at its mines in Mpumalanga. The... | May 26, 2023
Pan African Resources Plc - Revised Production Guidance for the year ending 30 June 2023 PR Newswire LONDON, United Kingdom, May 26 Pan African Resources PLC (Incorporated
Dual-listed Pan African Resources (PAR) has reduced its production guidance to 175 000 oz for the year ended June 30, citing loadshedding and lower-than-expected ramp-up of operations at the Barberton Mines, in Mpumalanga. The company also expects lower production from the Evander Mines’ underground operations, compared with what was expected at the start of the year. Production guidance was initially set at between 195 000 oz and 205 000 oz.
Midtier Africa-focused gold producer Pan African Resources has signed an engineering, procurement and construction (EPC) agreement with renewable energy company Juwi Renewable Energies for an 8.75 MW ac (10.47 MWp) solar photovoltaic (PV) facility at the Barberton Mines’ Fairview operation, in Mpumalanga. Pan African expects the solar facility will provide cost savings of R26-million in year one, before averaging R40-million a year in cost savings over the life of the plant.
The full-year production guidance is unchanged, but is subject to the consistency of Eskom's power supply.