Pan African Resources en route to meet the instructions after putting Elikhulu into operation



Pan African Resources on Tuesday said it believes it will meet the expected output of about 170,000 ounces in the 2019 budget year. Image file: IOL

JOHANNESBURG – The Pan African Resources Company said Tuesday that it produced 37,729 ounces of gold during the first quarter of 2019 and was convinced that it could meet its production guidelines by about 170,000 ounces for the financial year 2019, a good performance on Elikhul.

In August, JSE announced the gold medal awarded gold, which was begun to be produced at the Elikhul dump factory in Mpumalanga, with an estimated budget of R1.74 billion and at least a month before the scheduled date.

Elikhulu was successfully completed in September, with a steady production of approximately 55,000 ounces of gold per year, with a total maintenance cost of between $ 650 and $ 700 per ounce.

Throughout the life of the project, Elikhulu is expected to produce 674,000 gold ounces worth around ROL 11.5 billion at a price of R550,000 per kilogram, entering the South African economy of R $ 5.3 billion for raw material products and contributing an estimated amount approximately CZK 1.3 billion to tax authorities and royalties.

Cobus Loots, the African Chief Executive Officer, said the plant had reached a steady state of production with a flow of one million tons a month in October.

"In October 2018, Elikhul reached a planning capacity of one million tons a month, ahead of the planned plan and budget. The average gold earnings achieved were in line with our forecasts and further revenue optimization is expected in the short term." Loots said.

"The inclusion of Evander's Elikhul River Dump Plant, which will increase Elikhul's capacity to 1.2 million tons per month, proceeds as planned, with full commissioning completed by January 2019."

Meanwhile, Loots also said that their Barberton mines were on their way to meeting their 100,000-ounce production guidelines, while mining and weakening of the remaining high-quality stops as part of the gradual closure of underground mining operations began with Evander Doly.

African News Agency (ANA)


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