Pan African Resources (PAF) has hit its first-half production goals despite unrest at its Barberton mines operation in South Africa.
The gold company has both mines and retreatment operations, which produce gold from previously processed material.
In the six months to 31 December, Pan African sold 92,941 ounces (oz) of gold, and said it was on track to reach full-year guidance of 185,000 oz. First-half sales were up 15 per cent on the year before. The Barberton strife, which has previously been reported by the company, saw protests hit underground production in July. Police arrested hundreds of people at the time, and Pan African said it was going after the “instigators” in the courts. The company said “challenging geological conditions” also contributed to production coming off 6 per cent on the same period in 2018.
The miner has not completely benefited from gold continuing to climb in the second half of 2019. It forward sold 20,000 oz in July at $1,414 (£1,079) an oz, representing 11 per cent of production. Gold has been above $1,450 an oz since July.
