Half Year Results 

Pan African sustained for less

Pan African sustained for less

In our full-year review for Pan African Resources (PAF) we wondered how the gold miner would fare given it exited FY2018 with £18.2m in cash, inventory and receivables as a buffer. Credit goes to management. Not only have Cobus Loots and his team increased the cash element, partly on the back of improved working capital management, but operating cash flow of £17m was equivalent to 112 per cent of mining profits, a marked improvement from the year-end even allowing for discontinued dividends.

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