While Pan African Resources’ (LON:PAFR) pre-tax profit for the year to end-June 2018 was within 5% of our prior forecast (on an underlying basis, excluding impairments), bottom-line results were significantly ahead of our expectations as a result of a material tax credit applied to Evander. While FY18 was a challenging year, in which the board elected not to recommend a final dividend (as expected), an idea of its future financial potential may be gleaned from the fact that underlying earnings from continuing operations nevertheless amounted to £19.6m, or 1.08p per share (1.60p excluding ‘other’ items).
Elikhulu continues accelerated track to production
Management reiterated its production guidance of 170,000oz in FY19, reflecting the fact that commissioning at Elikhulu is progressing “very well”, with 56kg (1,800oz) of gold produced from 1–19 of September and with a forecast of 90–100kg (2,894–3,215oz) for the month as a whole. By November, the plant is expected to be operating close to capacity of 1Mt and 145kg (4,600oz) gold per month.
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