Pan African gold earnings fall, maiden platinum profit, dividend proposed
JOHANNESBURG (miningweekly.com) – The headline earnings a share of London Aim- and JSE-listed gold-mining company Pan African Resources fell on lower grade-hit gold earnings but platinum generated profitable cash for the first time.
The company, headed by CEO Ron Holding, said on Tuesday that headline earnings decreased 7.2% to R452-million on low-grade mining at Evander gold mine but Phoenix Platinum recorded maiden profit in the 12 months to June 30.
The group's gold sold increased by 44.2% to 188 179 oz compared with 130 493 oz last year and gold mineral reserve inventory increased by 9.8% to 10.1-million ounces.
Gold mineral resource inventory decreased by 4.6% to 33.5-million ounces.
The group has proposed a final dividend of R0.1410 a share, totalling R258-million to be approved by shareholders at the annual general meeting in November 2014.
A dividend of R0.1314 a share totalling R240.3-million was paid during December 2013.
Net debt for the group increased marginally to R101-million.
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