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Friday, 27th February 2009 (1613 views)

Pan African Resources has reported that its gold production for the first half of its financial year rose by 7.8 per cent to 51,186 ounces.

The company also witnessed a sharp 71 per cent increase in its gold sales over the period, compared with the same time last year, to £24.9 million.

Profits after tax more than doubled over the half year to December 31st 2008 to £4.21 million - up from £1.94 million the previous year - and the firm claimed that it is on target to produce 100,000 ounces of gold this year.

Pan African Resources said in a statement that it believes that "global macroeconomic fundamentals support a favourable gold price in the medium term and the combination of activities at our mining and more advanced exploration assets are expected to deliver satisfactory results".

Gold exploration and production specialist Pan African Resources has interests in South Africa, Mozambique, Ghana and the Central African Republic.

 

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