Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Pan African Resources (AIM: PAF, JSE: PAN) announced today earnings per share (EPS) of between US 2.05 cents per share and US 2.17 cents per share for the half-year period ended December 31, 2020, compared to US 1.14 cents per share for the corresponding reporting period of 2019, being an increase of between 80% and 90%, respectively.
The company stated that the increase in EPS for the current reporting period relative to the corresponding reporting period of 2019 was largely the result of a 38.4% increase in gold revenue to US$183.8 million (2019:US$132.8 million), attributable to the average US$ gold price received increase by 27.4% to US$1,865/oz (2019: US$1,464/oz); and the amount of gold sold that increased by 8.6% to 98,386oz (2019: 90,602oz).
Earlier in January, the company announced that the group’s gold production during half-year ended December 31, 2020, increased by 5.9% to 98,386oz (2019: 92,941oz). Gold production from Barberton mines for the period was 52,354oz, while Elikhulu and Evander mines produced 26,863oz and 19,169oz respectively.
Pan African Resources is a mid-tier African-focused gold producer, dual-listed on the London AIM market and the Johannesburg Stock Exchange. The company owns and operates a portfolio of South African operations with a production capacity of approximately 200,000oz of gold per annum.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.