Stonefold
27 Sep 2018
Turn around From MCM’s RNS [link] MCM still owe PAF part of the payment for the coal mine. $1.9 million deferred consideration due to be settled on 30 June 2019. The amount is interest bearing and may be paid in advance. Pan African Resources Video – A New Dawn. 13
0 minutes [link] From Sept 2018
Stonefold
07 Sep 2018
RNS Royal Sheba project update Further good news from PAF - Barberton Mines three year wage Agreement sorted. [link] 07-09-2018
Stonefold
06 Sep 2018
RNS Royal Sheba project update Very promising news of potential low cost development. Mineral Resource Estimate for the first 2 phases of exploration drilling at the Barberton Mine’s Royal Sheba Project: "…150% increase in Royal Sheba’s Mineral Resources from 0.36Moz (2.60Mt at 4.32g/t) to 0.9Moz (8.56Mt at 3.27g/t); Near surface resource being 0.35Moz (2.84Mt at 3.81g/t) while the underground resource is delineated at 0.55Moz (5.72Mt at 3.0g/t); The near surface resource of 0.35Moz conducive to open pit mining; The Royal Sheba Project’s surface drilling programme (Phase 1 and 2 - 1,645m of drilling) confirms robust mineralisation extending from the surface along an 850m strike and 150m down dip of the Royal Sheba deposit; Summarised drilling results confirms the mineralisation ranges in a width from 5m to 25m with in-situ gold grades ranging between 0.5g/t to 174g/t and averaging 3.27g/t; and…" Next “…Phase 3 drilling of the Royal Sheba deposit has commenced to test a further 600m strike length, within the Sheba Mine’s mining right. …†In conjunction with the on-going exploration programme, ( they will update further on this in November 2018. They will finalise a definitive feasibility study ( in February 2019), with the view of commencing project development in the near term CEO says " I am also excited at the prospectivity of our mining lease namely; New Consort and Sheba Hills and proving similar near-surface resources from this extended exploration programme." So first an open cast phase lasting a few years ( by my estimate capable of similar production per year as Elikhulu will achieve this month.). Then consideration of going for the remaining 60% of the ore-body via an underground mine if cost effective at that time. Good news for local employment and an increase in the value of the company’s reserves and turnover, and who knows maybe even the share price might be uplifted. More details worth a read [link] 06-09-2018 Also CEO interview video 4:50 minutes. Proactiveinvestors UK Pan African reports significant boost to resource at Royal Sheba project Cobus Loots, chief executive of Pan African Resources plc (LON
AF), tells Proactive's Andrew Scott they've more than doubled the mineral resource estimate at their Royal Sheba gold project in South Africa after results from the latest round of... 06-09-2018
Andy Reilly
11 May 2018
Re: andy CLH_1 - thanks for your comments - I have never been to SA, but my sister has, and her daugter has a very close friend who is a medical Consultant from SA, and it seems that there are a lot of good people and things going on out there, and its important to encourage them along an enlightened route - being disparaging and dismissive will not encourage them - I just hope that SA can get over its past without too much trauma - we give counselling to individuals who have had a traumative time to help them get on top of their problems, so its for that reason I feel that we need to be encouraging and try to understand their point of view. I am certianly no 'bleedig heart liberal', but there will always be folks who will try and use that phrase to disparage a view they dont agree with! Anyway - thanks again, and the best of luck with PAF -
CoolHandLuke_1
11 May 2018
Re: andy Andy,You are so right ....I am no bleeding heart liberal more a red blooded capitalist but having spent time and done business in SA.......it has so much potential to be a brilliant country to work and live in but they need good and honest leadership so that everybody benefits. I am hopeful that Ramaphosa will be a good influence and that he believes that the best means to enrich the country including the poorest is to create wealth and jobs through a perhaps modified capitalist system.CHL
Thedarkkn1ght
06 May 2018
andy Well if SA carry on the way they are with this nationalisation talk, taking land off white farmers without compensation, harsh mining charters, increased BEE + clueless Mantashe and Ramaphosa....well SA will destroy their own economy and drive away foreign investment. The miners with such activist talk are actually shooting themselves in the foot. They would not even have a job if it was not for the shareholders of PAF
Andy Reilly
05 May 2018
Re: Bizarre finish tDK - I hope you heart isnt as dark as your name implies - and worrying about your investment is fair enough, BUT such worries dont come close to the life and death health issues facing the workforce! I wish you well, but a bit of 'perspective' is in order here! ATB
marktime1231
05 May 2018
Re: Silicosis settlement PAF is one of the three smaller gold producers yet to settle but if it needs to compensate in proportion to what has been resolved it implies the impact will be around 1/3 of 1/6th of the figure quoted ... so maybe $20-25M.I can't see whether the silicosis class action has a provision in the 2017 PAF annual report, if not it will have a material effect on 2018 results.
Thedarkkn1ght
05 May 2018
Re: Silicosis settlement PAF not part of this settlement group so their outcome is uncertain.
marktime1231
05 May 2018
Re: Evander mine closure The NUM in South Africa are still arguing against the Evander closure, obviously concerned at its impact on the workforce and those living in company houses. The government has not responded to the suggestion that it takes over a massively loss-making operation to preserve jobs:"The NUM said if Pan African Resources cannot continue operating Evander Gold Mine the company should surrender its mining licence to government instead of closing down."The legal approvals have been given to retrench (cut) the workforce, including compensation and resettlement plans, by the end of May. It sounds abrupt but this is long overdue, PAF have spent months exploring all the options with stakeholders including the NUM and government departments. PAF has been subsidising Evander for too long already. Local disruption would damage ongoing employment on the tailings projects. No amount of protest will make this go away. Previous protest activity so far has come from local businesses at consequential risk, not the miners themselves.PAF have said they could revisit Evander in the future, but by my calculations it would take the price of gold to double in Rand terms.I don't know what might happen in the months ahead, but I think the share price has already dropped sharply to reflect the risk and uncertainty. The outlook is now more certain, positive numbers from PAF on the way, any wobble in the sp will be another buying opportunity.
marktime1231
05 May 2018
Silicosis settlement I think you may be over-playing fears about any impact on PAF from the silicosis settlementThe following extracts from a Reuters press release"JOHANNESBURG (Reuters) - South African gold producers agreed a 5 billion rand (294.39 million pounds) class action settlement on Thursday with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis, officials said on Thursday. The six companies involved had already set aside the settlement amount in provisions in previous financial statements and it should not affect future earnings, unless the number of claimants who come forward exceed the current provisions. Estimates for the number of potential claimants range from tens of thousands to hundreds of thousands. Three smaller gold producers are not party to the settlement and the class action against them will continue. In addition to the anticipated settlement payout, there is also close to 4 billion rand in a compensation fund which companies have been contributing to for years.The companies involved are Harmony Gold, Gold Fields, African Rainbow Minerals, Sibanye-Stillwater, AngloGold Ashanti and Anglo American South Africa. The latter no longer has gold assets but historically was a bullion producer. "
Thedarkkn1ght
04 May 2018
Re: Bizarre finish How much will this settlement cost the company though? Why has there been no statement about it either?They are already forking out £9M for the redundancies from Evander.Hopefully some of the payments can be deferred.Elikhulu can not come soon enough.NUM threats of seizing Evander take the biscuit.
Andy Reilly
04 May 2018
Re: Bizarre finish Tdk - the health and well bing of the workforce is essential, and hopefully gone are the bad old days when life was cheap, and there was litte protection for workers. Yes it costs to deal with these issues, but that is no bad thing! Just look back at the days in the UK when a lot of Irish workers (my forefathers!) lost their lives bulding the railways in the 1840! The stock market boomed and then crashed..... railways were the latest and most up to date thing to invest in at the time.... it was just like the madness of the Internet Bubble! BUT any co., particularly in mining, should look after their workforce's well being and safety!
Thedarkkn1ght
04 May 2018
Bizarre finish Strange how the SP closed at the UT price.Weird.Jo'burg SP equates to 7.5p still so not sure what's going on here.I hear PAF are also now caught up in the respiratory compensation settlement case along with 6 other larger SA listed gold miners - no details yet though.It never rains but it pours....
Thedarkkn1ght
04 May 2018
Re: Evander mine closure A very poor finish today and some disturbing news that the NUM want the SA Govt to seize the Evander mine - obviously they are upset.
