Pan African Resources reports higher gold, PGE reserves
JOHANNESBURG (miningweekly.com) – Africa-focused precious metals producer Pan African Resources on Wednesday announced a 9.8% gross yearly increase in group gold reserves to 10.1-million ounces, up from 9.2-million ounces previously.
The company said that 600 000 oz of this increase was attributable to its Barberton mines, and the remainder to its Evander mines.
Pan African also reported a 67% increase in group platinum group elements (PGE) reserves to 500 000 oz, attributable to the restating of the modifying factors in the mineral reserve of the Phoenix platinum mine, in the North West.
Meanwhile, the company pointed out that its gold resources had declined 4.5% year-on-year to 33.5-million ounces, while PGE resources decreased 14% to 600 000 oz.
The company attributed the decrease in gold mineral resources to a lower gold price.
“Exploration drilling and work to increase access and development of orebodies at the group's key projects has progressed and has added incremental resource ounces,” Pan African said, stating that the ongoing conversion of resources to reserves was expected to continue to increase life-of-mine production profiles.
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