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Pan African Resources Plc
Summary
| Project: | Evander Mines | |
|---|---|---|
| Deposit: | Elikhulu | |
| Location: | South Africa | |
| Commodities: | Gold | |
| Date: | 12/5/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Feasibility Study | |
| Project Stage: | Active Mining & Production | |
| Report details: | 5-12-2016: Pan African Resources Plc announces a Feasibility Study report for its Elikhulu deposit at the Evander Mines project. NPV: US$75.9M, Post tax IRR: 23.1%. Pan African is pleased to announce positive results for the independent Definitive Feasibi | |
| Resources: | (Reserve, Prob): 187.1Mt @ 0.29g/t Au for 1.73Moz contained at Elikhulu | |
| CP/QP: | [Resources]: Barry Naicker (Internal) | |
| ABSTRACT: | Pan African is pleased to announce positive results for the independent Definitive Feasibility Study (“DFS”) for its Elikhulu Tailings Project (“Elikhulu” or “the Project”). The Pan African board of directors (“Board”) has approved the construction of the Project, subject to finalisation of the Project financing package. The Project DFS results indicate excellent recovered grades and gold production, attractive financial returns and a low execution risk, with the DFS results surpassing expectations of previous technical and financial assessments of the Project. The DFS was undertaken by DRA Projects SA Proprietary Limited who has reviewed and approved the information contained in this announcement in writing. Pan African endeavours to invest only in projects positioned in the lower half of the cost curve, and only when the project execution and construction risk is within Pan African’s capability. The experience gained in the construction and operation of the Barberton Tailings Retreatment Plant (“BTRP”) and the Evander Tailings Retreatment Plant (“ETRP”) positions Pan African to successfully execute the construction and operation of the Elikhulu project. The Board is satisfied that the Project meets the Group’s investment criteria and that the Group’s track record of successfully operating three tailings plants, all of which were constructed on time and on budget, will be invaluable in the construction and operation of the Elikhulu Project. Pan African funds its capital programmes and acquisitions with conservative debt levels that are appropriate for the specific project, and the Group’s overall level indebtedness. The Project’s execution and operational risk is deemed to be low, and the robust nature of the Project’s cash flow generation allows for a relatively high level of debt funding. | |
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