BRIEF-Pan African Says Underground Mining At Evander 8 Shaft Will Cease

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BRIEF-Pan African Says Underground Mining At Evander 8 Shaft Will Cease
Credit: © Reuters.

May 2 (Reuters) - Pan African Resources PLC PAFR.L :

* FINALISATION OF EVANDER MINES RESTRUCTURE AND OPERATIONAL UPDATE

* HAS CONCLUDED CONSULTATION PROCESS WITH RELEVANT EVANDER MINES' STAKEHOLDERS AS DETERMINED BY SECTION 189 PROCESS

* SECTION 189 PROCESS WAS INITIATED FOLLOWING CONTINUED OPERATIONAL LOSSES, WHICH HAVE BEEN EXACERBATED BY PREVAILING WEAK RAND GOLD PRICE

* PAN AFRICAN RESOURCES - OUTCOME OF THIS PROCESS IS CURRENT UNDERGROUND MINING AT EVANDER 8 SHAFT WILL CEASE AND AFFECTED EMPLOYEES WILL BE RETRENCHED

* PAN AFRICAN RESOURCES - CESSATION OF EXISTING UNDERGROUND OPERATIONS AT EVANDER MINES TO RESULT IN ABOUT 1,700 EMPLOYEES BEING RETRENCHED BY END OF MAY

* IS ALSO IN PROCESS OF FINALISING AN ADDITIONAL STANDBY FACILITY OF APPROXIMATELY R100 MILLION.

* PAN AFRICAN RESOURCES - RETRENCHMENT OF 1,700 EMPLOYEES AT A COST OF APPROXIMATELY R160 MILLION THAT WILL BE FUNDED FROM GROUP'S EXISTING DEBT FACILITIES

* PAN AFRICAN RESOURCES - BARBERTON MINES IS EXPECTED TO PRODUCE 50,000OZ OF GOLD IN SECOND HALF OF 2018 FINANCIAL YEAR, UP 23 PCT RELATIVE TO FIRST HALF

* CONSTRUCTION OF ELIKHULU REMAINS AHEAD OF SCHEDULE, WITH FIRST GOLD PRODUCTION EXPECTED IN AUGUST 2018 AND FULL COMMISSIONING AT END OF SEPTEMBER 2018

* PAN AFRICAN RESOURCES - CONSTRUCTION OF REGRIND MILL AT BARBERTON TAILINGS RETREATMENT PLANT REMAINS ON SCHEDULE AND ON BUDGET

* CESSATION OF UNDERGROUND MINING AT EVANDER MINES' 8 SHAFT WILL ADVERSELY IMPACT GOLD PRODUCTION FOR YEAR

* REVISED PRODUCTION GUIDANCE FOR 2018 FINANCIAL YEAR IS EXPECTED TO BE BETWEEN 156,000OZ AND 158,000OZ

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