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20 Feb 2019 | 07:53

Pan African Resources profit up 30% on higher gold production

Pan African Resources posted a 30% rise in first-half profit owing to higher gold production.

Pre-tax profit for the six months through December rose to £9.3m, as revenue jumped 47% to £75.3m.

Gold production from the group's continuing mining operations rose 54% to 81,014 ounces.

'Pan African Resources is pleased to report a robust operational, financial and safety performance for the six months ended 31 December 2018,' chief executive Cobus Loots said.

'The group is now positioned as a low cost and long-life gold producer, in line with our stated strategy and our shareholders' expectations.'

Loots said the company remained on track to achieve its production guidance of around 170,000 ounces for the full 2019 financial year.

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