Pan African Resources - Finishing unfinished business

On 2 May Pan African (PAF) announced that, after both internal and external reviews had concluded there was “no realistic prospect of mining [Evander 8 Shaft underground] on a sustainable and profitable basis”, the decision had been taken to shut the operation by the end of May, with the loss of 1,700 jobs and at a cost of c ZAR160m (US$13.1m, or £9.5m). As a result, Evander’s (EGM’s) gold production for FY18 is now expected to be c 46koz vs a prior expectation of 67-69koz, while group production is expected to be 156-158koz vs a prior expectation of 177-181koz.