Pan African Resources expects decline in HY22 earnings on lower gold sales and prices

- Pan African Resources today reported that for the six months ended 31 December 2022 , its headline earnings per share and earnings per share are expected to be between US 1.40 cents per share and US 1.64 cents per share, compared to US 2.39 cents per share for HY21, a decrease of between 31% and 41%.

The company said that the decreases in EPS and HEPS for HY22 relative to HY21 are largely a result of an 19.2% decrease in gold revenue to US$156.5 million , attributable to lower gold ounces sold and lower average gold prices. Earlier, the company reported that its gold production for the six months ended 31 December 2022 decreased by 14.6% to 92,307oz .

The company said the decline in gold production over the past half year can primarily be attributed to the performance of the Barberton Mines underground operations, adding that the balance of its portfolio delivered in line with expectations. 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.

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