HomeGoldPan African expects earnings to double

Pan African expects earnings to double

Underground at
Pan African’s New
Consort mine, part
of Barberton Mines
London, England — MININGREVIEW.COM — 28 June 2010 – Mining company Pan African Resources Plc “’ which produces about 100 000 ounces of gold a year, is unhedged and is able to fund all of its current on-mine capital from current cash flows “’ says it expects its earnings to more than double in the current financial year to the end of June.

A statement released here said earnings per share (EPS) for the year in pounds was expected to rise between 148 and 158% from 0.4 pence per share, while EPS in South African rand is anticipated to have grown between 106 and 116%.

However, headline EPS in pounds “’ the main gauge of profit in South Africa “’ was expected to rise by only 16 to 26%.

The company did not provide further details and is set to announce its full-year results on 31 August 2010.

Pan African owns the Barberton Mines in South Africa, after raising its stake from 74%.