Pan African gold earnings fall, maiden platinum profit, dividend proposed

16th September 2014 By: Martin Creamer - Creamer Media Editor

Pan African gold earnings fall, maiden platinum profit, dividend proposed

Pan African CEO Ron Holding
Photo by: Duane Daws

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.