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Pan African to be debt free in 12 months as gold price soars

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Pan African is bringing in new projects and plans more to ramp up gold output and reduce its reliance on Eskom

Pan African Resources expects to be debt free within 12 months as gold output ramps up in a high rand gold-price environment, CEO Cobus Loots said on Friday.

“We are especially pleased to report that the rate of de-gearing has exceeded previous guidance and, at prevailing rand gold prices and guided production levels, we expect to be debt free within the next 12 months,” Loots said in a statement.The rand gold price has traded above a record R1m/kg during the course of 2020 and is close to those levels.

At the Barberton underground mines in Mpumalanga, a study was completed into mining high-grade ore at the Prince Consort shaft in the New Consort mine complex. The timing of the project, which will take 12 months to build, is important because of the recently introduced carbon tax adding an extra layer of cost for energy-intensive mines.

 

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