Pan African commences production at BTRP
Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
AIM Code: PAF / JSE Code: PAN
ISIN: GB0004300496
("Pan African")
Pan African commences production at Barberton Tailings Retreatment Project
Pan African, the African focused precious metals producer, has successfully
commissioned the Barberton Tailings Retreatment Project (`BTRP'), at its
Barberton Mines (`BGMO') and on Friday 28th June 2013 undertook its' inaugural
gold pour. The BTRP project, which commenced construction in April 2012, was
completed on schedule and within budget.
Situated adjacent to the Bramber Tailings Storage Facility (`TSF') at the
Fairview Mine, the retreatment project was designed to retreat 100,000 tonnes
of gold tailings per month at an estimated average cash cost of US$800/oz. The
plant utilises a Carbon in Leach process followed by electro-winning and
smelting to produce a saleable gold product. The project will source about
12,000 tonnes per month of current tailings via a pipeline from the Fairview
Concentrator and BIOX® plant and some 88,000 tonnes per month from the TSF.
The BTRP is expected to ramp up to full capacity of 100,000 tonnes per month at
an average recovered grade of 0.52g/t by 2nd quarter 2014. It has a current
life of mine of six years and will provide Pan African with an additional
20,000oz of gold per annum, increasing BGMO's gold output by approximately 20%
to 115,000oz per year.
The total capital expenditure budget of the project was ZAR305 million
(US$31million), of which approximately 90% has been invoiced to date. All of
the construction capital requirements were funded via internal cash flows from
BGMO.
Basil Read-Matomo who successfully constructed Pan African's Phoenix Platinum
Chrome Tailings Retreatment Plant, designed and constructed the BTRP. The
project is managed by an experienced team including BGMO General Manager, Mr
Casper Strydom and Metallurgy Manager, Mr Jonathan Irons. The BTRP has created
an additional 86 direct employment opportunities in the Barberton area.
Ron Holding, joint interim CEO commented: "We are proud to have commissioned
this project on schedule and within budget. The achievement reaffirms our
ability to deliver on our development plans at our operations. It also
demonstrates the potential for future success of our other organic growth
projects at Barberton and Evander."
Johannesburg
1 July 2013
JSE Sponsor
One Capital
Enquiries: UK
South Africa
Pan African Resources Canaccord Genuity Limited - Nomad and
Joint Broker
Mr Cobus Loots
Andrew Chubb / Peter Stewart / Joe Weaving
Non-executive director and
+44 (0) 20 7523 8350
Joint Interim Chief Executive
Officer
+27 (0) 11 305 8900
Mr Ron Holding finnCap Limited - Joint Broker
Chief Operating Officer and Elizabeth Johnson / Joanna Weaving
Joint Interim Chief Executive +44 (0) 20 7220 0500
Officer
+27 (0) 11 243 2900
One Capital St James's Corporate Services Limited
Sholto Simpson / Megan Young Phil Dexter
+27 (0) 11 550 5000 +44 (0) 20 7499 3916
Vestor Investor Relations Gable Communications
Louise Brugman Justine James
+27 (0) 11 787 3015 / +27 83 504 +44 (0) 20 7193 7463 / +44 (0) 7525 324431
1186
For further information on Pan African, please visit the website at
www.panafricanresources.com
Latest directors dealings
- 1 day ago Close Brothers Group
- 1 day ago Savannah Energy
- 1 day ago Mid Wynd International Inv Trust
- 1 day ago Dillistone Group
- 1 day ago SSP Group