25 May 2012

Pan African plans separate gold float  

19/08/2011 Robert Tyerman

Precious metals producer Pan African Resources (PAF) plans to float its 2.6 million-oz Manica gold project in Mozambique as a separate entity. The AIM-quoted company, chaired by former South African mineworkers' leader Cyril Ramaphosa, has been in talks with the Mozambique government about this project and says it will seek funds for Manica with the float, though it has not yet decided where to list the project.

London-based Pan African, steered by chief executive officer Jan Nelson, argues a separate listing for Manica will 'unlock optimal value for its shareholders'. On latest estimates, the project holds a measured and indicated resource of 1.3 million oz with a low grade of 1.75 grammes of gold per tonne of ore and a more tentative inferred resource of 1.25 million oz with 1.9 grammes a tonne.

Pan African, which lifted pre-tax profits 69 per cent to £7.6 million in the six months to December, has most of its projects in South Africa, including its one million-oz Barbeton gold mine and Phoenix Platinum, which is due to go into production later this year. Highlighted by Growth Company Investor in July at 10.75p, Pan African shares, which have traded between 6.16p and 13.75p over the past year, now change hands at 12p, where they yield 3.2 per cent, value the company at £173.3 million and offer the prospect of further growth.

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Tags: AIM market, Barbeton gold mine, Cyril Ramaphosa, Jan Nelson, Phoenix Platinum

Sector: Mining

Companies: Pan African Resources

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