Pan African Resources achieves record gold production while significantly reducing debt

PAN AFRICAN Resources on Wednesday reported record second-half gold production and a sharp reduction in debt for the 2025 financial year, as the miner looks to ramp up output by more than 40% in the coming year.

- PHILIPPA LARKIN

The announcement, however, was overshadowed by a fatal accident at its Barberton operation earlier this month.

The South Africa-focused gold producer said one employee lost their life at the Sheba Mine on June 6. The company said it will continue efforts to achieve “zero harm” across its operations.

Despite the tragedy, operationally the company ended the fiscal year on a strong note. Gold production for the second half of 2025 is estimated at approximately 112 000 ounces, a 32% increase from the first half (84 705 ounces), driven by improved grades, stronger performance from underground operations, and the ramp-up of tailings retreatment projects. Full-year production is expected at about 197 000 ounces, a 6% increase year-on-year.

Cobus Loots, Pan African’s CEO, said, "I believe the Group has never been better positioned to take advantage of record gold prices, with record second half gold production being testament to that achievement. Increased cashflow generation and de-gearing is allowing our business to continue to invest and grow, whilst also increasing cash returns to shareholders. The share buy back programme approved by our board demonstrates our confidence in the Group and its prospects."