- Gold miner Pan African Resources posted a 17% rise in annual profit after it boosted production while gold prices firmed.

Net profit for the year through June increased to $44.3m, up from $38.0m on-year, as revenue jumped 26% to $273.7m.

Gold output rose 4% to 179,457 ounces after final refinery adjustments, exceeding revised full-year production guidance of 176,000 ounces.

'This operational performance was achieved despite the impact of the Covid-19 pandemic and the resultant restrictions imposed to curb the spread of the virus -- a testament to the robustness and operational flexibility of our diversified portfolio of assets,' chief executive Cobus Loots said.

Pan African Resources said it had increased its production guidance for the year through June 2021 to 190,000 ounces.

The company declared a record final dividend of ZAR312.9m for the 2020 financial year (around $18.7m), equal to ZA 14.00000 cents per share or 0.83582 US cents per share.

At 9:20am: [LON:PAF] Pan African Resources PLC share price was +0.4p at 25.5p

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