- Mining company Pan African Resources more than doubled its annual profit following an increase at production at the Evander gold mine in South Africa.

Pre-tax profit for the year through December increased to $21.9m, up from $9.7m on-year.

Gold sales rose 14% to 90,602 ounces.

The company did not declare an interim dividend.

'Despite some of challenges, including electricity supply constraints and illegal mining, Pan African Resources has demonstrated the ability to operate successfully in South Africa,' chief executive Cobus Loots said.

'We will continue to use our experience and resources to improve the lives of all our stakeholders and grow shareholder value.

'Management's key focus for the remainder of the 2020 financial year includes further improving the safety performance, delivering on production guidance, reducing operational costs, managing cash flow generation and strengthening the group's financial position by reducing senior debt.'

At 8:56am: [LON:PAF] Pan African Resources PLC share price was +0.37p at 12.61p

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