StockMarketWire.com - Gold miner Pan African Resources booked a substantial rise in first-half profit as it boosted production and benefited from stronger prices of the precious metal.

Net profit for the six months through December has jumped to $$40.8 million, up from $21.9 million year-on-year.

Adjusted earnings before interest, tax, deprecation and amortisation increased 73% to $76.4 million.

Output rose 5.9% to 98,386 ounces and the company said it was on track to deliver full-year production guidance of about 190,000 ounces of gold.

'Pan African's improved operational and financial performance ... continues to demonstrate the resilience and operational flexibility of our multiple producing assets, despite the challenges of the ongoing Covid-19 pandemic,' chief executive Cobus Loots said.

The company had declared a record rand dividend payment in December of $17.8 million.




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