Pan African’s interim figurers were better than Edison’s expectations, despite a 9.8% year-on-year decline in the average price of gold. Compared to the prior year period (ie H115) gold produced and sold increased 17.4% (or 15,122oz), while cash costs of production fell by 25.7%, to US$740/oz, aided by, among other things, a 23.9% decline in the rand exchange rate. In generaltherefore, not only were costs lower than our expectations, but depreciation, royalties and net finance cos
16 Mar 2016
Firing on four cylinders
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Firing on four cylinders
Pan African Resources PLC (PAF:LON) | 24.0 0 0.6% | Mkt Cap: 532.4m
- Published:
16 Mar 2016 -
Author:
Charles Gibson -
Pages:
19
Pan African’s interim figurers were better than Edison’s expectations, despite a 9.8% year-on-year decline in the average price of gold. Compared to the prior year period (ie H115) gold produced and sold increased 17.4% (or 15,122oz), while cash costs of production fell by 25.7%, to US$740/oz, aided by, among other things, a 23.9% decline in the rand exchange rate. In generaltherefore, not only were costs lower than our expectations, but depreciation, royalties and net finance cos