Pan African Resources' South African gold mines Barberton and Evander recovered high grades in the first quarter, according to an operational update Tuesday.
Barberton sold 25,880 ounces in the three months to March, while the newly-acquired Evander sold 25,990 ounces.
The miner said the average recovered grade for the last quarter of the 2013 financial year is expected to be 9.7 grams per tonne (g/t) for Barberton and 4.6 g/t for Evander.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The underground recovered grade, excluding surface sources, for this quarter is pegged at 10.7 g/t for Barberton and 6.5 g/t for Evander.
"The acquisition of Evander has propelled Pan African into a new phase of growth," said Chief Executive Officer, Ron Holding.
"Our current emphasis is the successful integration of the asset into the group. This integration is progressing well and is in line with our expectations. We will continue our efforts to create and maintain a safe working environment, achieve our stated production targets and control costs at all of our operations."
The Evander mine is being equipped with the no 7 Shaft area to retrieve additional ounces from previously mined areas.
Barberton's Tailings Retreatment project remains on track and within budget to start production in the first quarter of the next financial year. The project is expected to increase annual production at Barberton by about 20,000 ounces per year.
Shares jumped 1.67% to 15.25p at 15:52 Tuesday.
RD
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
