- South African gold miner Pan African Resources announced Friday that its FY23 headline earnings per share are expected to be between US 2.95 cents and US 3.35 cents, a decrease of between 15% and 25% from FY22.
Meanwhile, the company';s earnings per share are expected to be between US 3.00 cents and US 3.39 cents, a decrease of between 13% and 23% from FY22. Pan African said the decrease in HEPS and EPS is largely the result of a 16.8% depreciation in the average US$/ZAR exchange rate, while earnings in ZAR terms remained “fairly consistent" with that of the previous financial year.
Previously, the company reported that its gold production in FY23 was 175,209oz, down 15% from FY22 and within the revised guidance range. The company said the decrease in gold production was primarily due to slower than anticipated ramp-up of continuous operations at Barberton Mines, lower than expected production from Evander Mines' underground operations, as well as challenges related to Eskom generated electricity supply.Pan African Resources is a mid-tier African-focused gold producer that owns and operates a portfolio of South African operations with a production capacity of more than 200,000oz of gold per annum.