Information  X 
Enter a valid email address

Pan African Resources PLC (PAF)

  Print      Mail a friend       Annual reports

Friday 01 July, 2011

Pan African Resources PLC

Correction : Statement re Phoenix Platinum Project


Final bullet point has been amended to read
• A final amount of ZAR500,000 (GBP46,000) for the purchase of the CTRP site is
payable upon transfer of the property which is expected to conclude in the last
quarter of calendar year 2011.



1 July 2011

                           Pan African Resources PLC                           

                (`Pan African' or the 'Company' or the `Group')                

Incorporated and registered in England and Wales under Companies Act 1985 with 
              the registered number: 3937466 on 25 February 2000               

                       Share Code on AIM: PAF / JSE: PAN                       

                              ISIN: GB0004300496                               

                  Phoenix Platinum Project Ahead of Schedule                   

                 Concluding Final Commissioning Payment to IFM                 

Pan African Resources, the African focused precious metals producer, announces
that an early settlement payment of ZAR27.29 million (GBP2.5 million) to
International Ferro Metals SA (Pty) Ltd (`IFM') has been made.

As announced on 5 November 2010, the agreement to construct the Phoenix
Platinum (Pty) Limited Chrome Tailings Retreatment Plant (`CTRP') on IFM's
Lesedi property detailed that Pan African would pay the total consideration of
ZAR80 million to IFM in four tranches, as follows:

  * ZAR25 million (GBP2.24 million) payable upon signature of the agreement.
    Payment was made on 9 November 2010;
   
  * ZAR25 million (GBP2.24 million) payable on commencement of the first bulk
    earthworks on the site. Payment was made on 22 March 2011;
   
  * ZAR29.5 million (GBP2.7 million) payable on the commissioning of the CTRP.
    An early settlement payment of ZAR27.29 million (GBP2.5 million) was made
    on 30 June 2011, in accordance with a negotiated 7.5% early settlement
    discount of ZAR2.21 million (GBP203,000) on the commissioning payment,
    which payment was scheduled for January 2012; and
   
  * A final amount of ZAR500,000 (GBP46,000) for the purchase of the CTRP site
    is payable upon transfer of the property which is expected to conclude in
    the last quarter of calendar year 2011.
   
Cold commissioning of the CTRP is ahead of scheduled with first production
expected during December 2011.

Enquiries:

South Africa                           UK                                    
                                                                             
Pan African                            RBC Capital Markets                   
                                                                             
Jan Nelson, Chief Executive Officer    Martin Eales                          
                                                                             
+27 (0) 11 243 2900                    +44 (0) 20 7029 7881                  
                                                                             
Pan African                            St James's Corporate Services Limited 
                                                                             
Nicole Spruijt, Public Relations       Phil Dexter                           
                                                                             
+27 (0) 11 243 2900                    +44 (0) 20 7499 3916                  
                                                                             
Macquarie First South Advisers (Pty)   Gable Communications                  
Ltd                                                                          
                                       Justine James                         
Yvette Labuschagne/ Annerie Britz/                                           
Melanie de Nysschen                    +44 (0)20 7193 7463                   
                                                                             
+27 (0) 11 583 2000