Pan African  offloads mining projects “Blanket will continue to serve as a solid foundation for this growth, as we look to progress our assets with our long-term goal of becoming a multi-asset gold producer.”

GOLDBARS
Business Reporter

Africa-focused precious metals producer Pan African Resources has completed the disposal of its interest in Auroch minerals and the Manica gold exploration project in Zimbabwe.
The disposal was completed through a deed of mutual settlement with Auroch, which paid Pan African Resources $850 000. “Even though the total settlement amount is less than the $2 million settlement amount previously agreed, the transaction allowed for earlier payment and further allows Pan African to focus on its core asset portfolio,” said the company in a statement.

The company said Pan African shareholders are referred to the announcements published by the company on August 29 2012, December 14 2012 and November 26 2013, regarding the disposal by Pan African of its interests in the Manica gold exploration project and Auroch Minerals NL.

“Pan African can confirm that the company has now completed the disposal of its interest in Manica and Auroch, via a deed of mutual settlement with Auroch (the “transaction”).
“Auroch has paid Pan African a total amount of $850 000 in full and final settlement and to satisfy all of its outstanding obligations, including $350 000 that was paid to Pan African in the last week,” said the com- pany.

Premier African said even though the total settlement amount is less than the $2 million settlement amount previously agreed, the transaction allowed for earlier payment and provided completion certainty to Pan African.

The company said the conclusion of the transaction further allows Pan African to focus on its core asset portfolio.
For the period to September this year Pan African Resources announced a 9,8 percent gross yearly increase in group gold reserves to 10,1 million ounces, up from 9,2 million ounces recorded in the previous period.

The company said 600 000 ounces of this increase was attributable to its Barberton mines and the remainder to its Evander mines.
Pan African also reported a 67 percent increase in platinum group elements reserves to 500 000 ounces, attributable to the restating of the modifying factors in the mineral reserve of the Phoenix platinum mine, in the North West.

The company attributed the decrease in gold mineral resources price.
“Exploration work to increase access and development of ore bodies at the group’s key projects have progressed and have added incremental resource ounces,” Pan African said, adding that the ongoing conversion of resources to reserves was expected to continue to increase life-of-mine production profiles.

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