StockMarketWire.com - Mining group Pan African Resources said it beat its guidance with a 4.1% rise in annual gold production. It also upped its output guidance for the current financial year.

Gold output for the year through June 2020 rose to 179,575 ounces, up from 172,442 ounces on-year, which the company said was 2% higher than revised production guidance of 176,000 ounces.

Production guidance for the 2021 financial year had been increased to around 190,000 ounces.

'Pan African has demonstrated the resilience of its operations with an improved performance for the year, especially when taking into account the challenges posed by the Covid-19 pandemic,' chief executive Cobus Loots said.

'The flexibility inherent in our operations confirms the quality of these mines and their ability to withstand short term disruptions and still deliver on our targets.'

We expect that we still have a long battle ahead against Covid-19 and will do our part to mitigate the impact as far as possible.'

'Our strategic focus for the year ahead remains on optimising our operations and degearing our balance sheet, with the intent of increasing dividends in the years ahead.'


At 9:11am: [LON:PAF] Pan African Resources PLC share price was +0.13p at 19.98p



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